Praise for
Where Angels Prey
“
Where Angels Prey
is an engaging and touching story of the collision of altruism and aspiration. Its narration of how the Indian rural poor suffer from this collision, in the context of the spectacular growth and equally spectacular crisis of the Andhra Pradesh microfinance industry, shocks and moves. I found it a most enjoyable, but also most disturbing, read!”
Matthew Gamser,
C
EO, SME Finance Forum, International
F
i
nance Corporation, Washington DC, USA
“During the very spectacular implosion of microfinance in Andhra Pradesh in 2010, Ramesh Arunachalam was merciless in his analysis. Combining field trips, secondary research and his experience in the rural development space, he stripped bare the malaise in the sector. It is excellent that he has now parsed all that knowhow into this racy entertaining novel.”
M Rajshekhar
, Senior Journalist, Scroll.in and former Senior
Assistant Editor (Rural India, Environment),
The Economic Times
“This novel is a brilliant piece of work from a person who has seen at close quarters the microfinance industry’s rise and fall in Andhra Pradesh. The plot, fit for a movie, is beautifully woven into all the happenings that have plagued the sector. It makes for such a compelling read that it can’t be put down even once!”
Madhusudhan Lagisetty
, Assistant Vice President,
Tata AIG Life Insurance Co Ltd
“Money is trust encrypted; the story of how it can be used to destroy trust in the name of the poor is vividly portrayed in this highly entertaining book…the title says it all.”
Al Fernandez
, Chairman NABFINS Ltd and
P
admashree Awardee 2000
“Where Angels Prey
is art imitating life ... a great read the first and the second time around.”
J
ami Solli,
E
xecutive Director of the Global Alliance
for Legal Aid (GALA), USA
“Really enjoyed the novel
Where Angels Prey...
. Its unique plot and fast pace make it a very entertaining and smooth read.”
P
rof M S Sriram,
formerly Professor at IIM (Ahmedabad) and
currently Visiting Professor at IIM (Bangalore)
“Where Angels Prey
is wonderfully written and captivating. I thought I’d read a chapter, but the narrative was so gripping I went through the whole book at one stretch.”
V Ramamurthy,
I
.
A
.S. (Retd), 1959 Batch
“Where
A
ngels Prey
pulls and absorbs you into its plot and holds you there from start to finish.”
J
oy Deshmukh-Ranadive
, Global Head, Corporate Social
R
e
s
ponsibility, Tata Consultancy Services
“A Brilliant Read—
Where Angels Prey
blurs the line between fiction and truth. From a man who understands money as well as anyone I know, this book paints the two worlds that wrestle in India in the 21st century. Descriptive, taut, with well-etched- out characters, and most importantly entertaining. This book is crying out to be made into a film!”
A
n
s
human Jha,
A
ctor
“Riveting…. Designed to be the ideal solution to meet the financial needs of the poor, somewhere the microfinance sector
decided to change course to be in the commercial, profit-making zone, placing millions of lives at the risk of failure and complete bankruptcy. Many sector leaders became the same demons, if not worse, that they swore to slay. The book beautifully highlights the interconnectedness of issues and actors, helping the reader analyse the situation on the ground and questioning many of the so-called ‘accepted’ truths. Congratulations to Ramesh for having successfully converted his long-standing experience with the sector into a gripping narrative that will have readers asking for much more.”
M
outushi Sengupta
, Director–India,
M
acArthur Foundation
“From rural Andhra Pradesh to the shiny lobbies of Wall Street, this financial thriller is a must read for everybody. Don’t worry if you’re not familiar with microfinance because Ramesh Arunachalam breaks down the concepts and the scams associated with microfinance in this entertaining saga. This book boasts of Arunachalam’s sheer brilliance as a writer and as a financial expert. Smooth, fast and nail-biting! I wonder when the movie is going to be out!”
Anand Bhaskar
,
Musician
“Fantastic storyline, but startlingly realistic; written racily, yet in impeccable English. Interweaving fact and fiction, this novel is a creative and compelling read.”
G R Swaminathan,
Assistant Solicitor General of India
“No one doubted the power of microfinance in pulling millions out of poverty. But, a spate of suicides by the borrowers in 2010 raised more questions than answers. For an inside story of what happened and why, you don’t need to go farther than this
brilliant
yet entertaining novel
, which is so hard to put down. Ramesh’s idea to write the microfinance story as fiction is ingenious. The intrigue behind the rise and fall of the sector could be brought out no holds barred. It’s a must read. Like one of the characters in the book said, ‘We owe it to them—to each of those fifty plus people who have been robbed of their lives, and to the hundreds of thousands of others whose trust has been violated’.”
S Sivakumar,
A
rchitect, ITC e-Choupal
“
Where Angels Prey
is really an excellent read! This graphic exploration of the once universally-lauded microfinance industry is bang on target. It works not just as a great read but as something to make you think a little deeper along the way. Written with flair, verve and a superb eye for detail—which is not surprising as Arunachalam is India’s leading microfinance analyst—this gripping novel is a trip into the darker side of the poverty industry as it rampages and careens through the lives of the poor under cover of actually helping them. I look forward to the film in due course—it will be India’s very own ‘Wall Street’!”
M
ilford J. B. Bateman
P
hD
,
Freelance consultant on local
e
conomic development, Visiting Professor of Economics, Juraj
D
o
brila at Pula University, Croatia and Adjunct Professor of
De
velopment Studies, St Marys University, Halifax, Canada
“This rip-roaring piece of fiction races the reader through the halls of the Mumbai and New York Stock exchanges and into the villages of Andhra Pradesh.
W
here Angels Prey
exposes the worst of what can happen when commercial interests and desperation collide: a train wreck tragic in every way. At the heart of the story, as two journalists work unstoppably to interpret a rain of motives, they uncover why and how the angels prey.”
Kim Wilson,
Faculty, The Fletcher School, Tufts University
The endorsements expressed in this book are strictly opinions of the individuals concerned. They are not the views of the organizations/institutions that these individuals represent and/or positions that these individuals hold.
First published in India in 2015 by:
Ramesh S Arunachalam
[email protected]
Copyright © 2015 Ramesh S Arunachalam
Print Book Indian Edition ISBN: 9789384439347
Print Book International Edition ISBN: 9789384439378
eBook ISBN: 9789384439361
Ramesh S Arunachalam asserts the moral right to be identified as the author of this work.
Publishing facilitation: AuthorsUpFront
Cover design: PealiDezine
This book,
Where Angels Prey
, is a work of FICTION loosely inspired by events that took place in the microfinance sector in India and also other parts of the world. Therefore, the names, characters, businesses, places, institutions and incidents are primarily the product of the author’s imagination and resemblance (if any) to actual persons, living or dead, or actual institutions is purely coincidental. This book of FICTION does NOT purport to be a direct representation and/ or depiction of any particular individual/MFI/institution in India or elsewhere, existing or past.
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior written permission of the AUTHOR, or as expressly permitted by law, or under terms agreed with the appropriate reprographic rights organisations. Enquiries concerning reproduction outside the scope of the above should be sent to the AUTHOR.