“Two roads diverged in a wood- and I
I took the one less travelled by
And that has made all the difference”
While the common practice that we are all into ( I hope we are!) is to pay our debts, abide by laws and be responsible citizens, some Indians took the path less travelled by and managed to dodge laws for long periods before the we got to know. And look how famous these 5 Thugs (to name a few) are today!
Nirav Modi, PNB Fraud Case
The diamond merchant, net worth $1.8 billion, has lately been accused in the Punjab National Bank( Brady House Branch) Fraud Case, worth a whooping 11,400 Crores.
When Modi’s companies asked for LoUs( Letter of Understanding) for raising buyers’ credit, the PNB sought a 100% cash margin issuing them. (By now the angel employee who was primarily helping Modi, Gokulnath Shetty, had retired). The firms then said that they had been availing this facility since 2010.
This episode brought the fraud to light.He had acquired at least 150 fraudulent LoUs from the PNB to get loans from Indian banks overseas, for which he was ineligible. This was possible because PNB was not linked to the software system SWIFT.
A case under the Money Laundering act has been registered against him and raids have been conducted across his residences in the country.
Nirav along with his brother,wife and business partner Mehul Choksi, the Indian promoter of Gitanji Gems, fled the country in January this year.
He has been on the run and is perhaps chilling with his family over a cricket match. (Oops,no! That was Mallya!)
Modi has told the agency that he can’t return to India due to CBI seizures (What do you expect, Sir?) and in hiding, is now indirectly challenging the PMLA case through his firm.
Vijay Mallya, Kingfisher
Sir needs no introduction. Embroiled in controversy for a long time now since 2012, the once “King Of Good Times” left India for Britain( he is a citizen of Britain) in April 2016, after a non bailable warrant was issued against him. This was for failing to appear in the court to answer the allegations of cheating issued by the GMR Hyderabad International Ltd for issuing a dishonoured cheque of Rs 50 Lakhs to it.
On June 13, 2016, he was declared a ‘proclaimed offender’ for money laundering in the loan default case of Kingfisher, where he was a guarantee for the loan and now owes the banks (17 banks including SBI) around Rs 9000 Crores.
However, what has gained him worldwide acclaim is his skill in taking bearing all the accusations with a smile and confidence. ( When Steve Jobs said,“ Don’t let the noise of other people’s opinions drown out your own inner voice”, he was clearly not meaning this, guys!)
Presently, the Case against Mallya is being heard in the Westminster Magistrates Court in UK and the Crown Prosecution Service(CPS) is arguing on the behalf of the Indian government.
His Barrister is defending him with tact. She denies the allegations of overpayment to Sahara Force India,his F1 team and one of the reasons she cites for his refusal to return to India is because of the “poor and unhygienic conditions” of the Indian jails. ( If only every criminal had such options!) (Thug life! 😎)
Presently out on strict bail conditions, the latest update in the case came when the UK Court declared that it was obvious that the ‘Indian Banks’ had broken rules. Can this turn the case in his favour? We’ll know only in the final hearing in April.
Sahara Chairperson, Subrata Roy
Picture Credit: Deccan Chronicle
The Chairman of Sahara Group, he was accused of failing to repay his 30 million small investors, whom he had collected through two unlisted companies by using Sahara’s brand name. The unpaid money amounted to around Rs 20,000 Crores. The SEBI ordered Sahara to pay the investors with interest. Roy was arrested on 28 February, 2018.
Picture credit: Faking News
The founder of Satyam Computers, he admitted to inflating the revenue and profit margins of the company consecutively for a period of 5 years from 2003 to 2008. The misappropriated amount was Rs. 7,200 Crores. He was sentenced to 7 years of imprisonment and a fine of Rs 5.5 Crore in April,2015.
Picture credit: LiveMint
The Saradha Chit (or Cheat?) Fund of West Bengal had collected nearly Rs 300 Billion from investors, who were promised high returns. The company, having massive political backing, collapsed in 2013 and Sen, who had fled to Kashmir, was caught there. ( Patriotism points! He didn’t fly abroad.) He was sentenced to a 3 year jail term in February, 2014.