Ricoh India saga: Avoid direct investments if you aren't doing own research

Ricoh India's impending troubles could only have been spotted by investors willing to dig deep into the financial statements of the company

Through an order dated February 12, 2018, the Securities and Exchange Board of India (Sebi) barred seven key management personnel of Ricoh India from accessing the securities markets. The regulator will also conduct a detailed forensic audit of the company's books to understand the full extent of the accounting scam at the printer seller that later forayed into information technology services (ITS). The scam once again emphasises the need for direct stock investors to develop the ability to spot troubles early through a close reading of financial statements. 

Playing fast and loose with numbers: Through a letter dated April 20,