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Letter to BS: Rapid success, impunity motivate businessmen to commit fraud

This gives them time to transfer ill-gotten gains to their various sources making the process of tracing them difficult

Business Standard 

Indian fugitives: Nirav modi, Lalit Modi, Vijay Mallya

This refers to “White collar crime: why they do it” (January 9). In addition to what Shyamal Majumdar shares in his column, there are some other factors because of which even top commit fraud and other crimes aimed at making personal gains. Unlike developed countries, it takes a long time in India to investigate the crime and punish such offenders. Moreover, they manage to get bail and continue to enjoy the “fruits” of their labour.

This gives them time to transfer ill-gotten gains to their various sources making the process of tracing them difficult.

The ease with which officers and politicians can be bribed here also add to the problem. Such transfer of money helps them to settle abroad and lead a lavish life after easily escaping from India. And that is when we have cases such as those of Vijay Mallya, and

Compare this to the number of directors and executives who were sentenced to prison for fraudulently concealing large losses in Enron Corporation’s projects.

While the honest are motivated by money up to a point, there is no limit to the greed of the dishonest. Rapid success and no fear of punishment make them reckless.

Y G Chouksey, Pune


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First Published: Wed, January 09 2019. 23:26 IST
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