Well, to begin with.. this ain't a spoof-spoof. But its definitely awe-inspiring and hilarious (What a combo!)
What Anil Ambani's Reliance Capital did is.. purchased a block of 14 lakh odd shares of J&K bank at Rs450/share from US-based Smallcap World Fund Inc, a part of the gigantic Capital Group of Companies of the US. This block was sold by one of Smallcap's New York fund managers to Reliance Capital. The deal was made on August 12th.
On August 31st, however, the same ADAG led Reliance Capital sold the shares back to Smallcap at Rs600/share. This block was purchased by one of Smallcap's Singapore fund managers!
Now whether the New York and Singapore fund managers were in contact or not, is not known!
Guess ADAG firms have no complaints after making Rs 21 crore in 20 days!