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

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 business celebrities 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, Nirav Modi and Mehul Choksi.

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

---

Letters can be mailed, faxed or e-mailed to: 

The Editor, Business Standard

Nehru House, 4 Bahadur Shah Zafar Marg 

New Delhi 110 002 

Fax: (011) 23720201  ·  E-mail: letters@bsmail.in

All letters must have a postal address and telephone number