Nirav Mdi Fraud Analysis
When it Comes to Fraud, Strike the Shepherd, and the Sheep will Scatter.
A few weeks ago, the story of Nirav Modi, an Indian jeweler turned scammer, hit the global headlines with the local dailies reporting that he had defrauded the Punjab National Bank a whopping $1.73 billion. Even more amazing is the fact that the fraud did not happen overnight but in six years and under the watch of bank officials.
Questions have been raised about how such a blatant scam would happen undetectably and without raising the alarm even to one of the many people involved in the process. Normally, financial institutions are required to conduct rigorous due diligence to any person or institution taking a loan irrespective of the social standing or worth.
As is with Nirav Modi's case, it seems …show more content…
This is because people tend to feel more ashamed when their family and friends witness their bad actions and question them.
Imagine your son or daughter telling you that they say you with handcuffs being escorted by the police. Won't this make you fear to get on the wrong side of the law? I firmly believe that by shaming the accomplices to fraud, we would make the bankers and other parties involved more fearful of assisting fraud.
In massive fraud like the one of Nirav Modi, there is usually legion of bankers and government officials involved. Dealing with these individuals decisively is the only way to stop such fraud from happening in the future. Pursuing the billionaire alone is futile since he already has his billions and can easily circumvent justice using his wealth and connections. I know it is painful to think that money has the power to circumvent justice but it is the reality of the world. The best way, therefore, is to punish severely those who help the rich and the powerful to defraud our
A few weeks ago, the story of Nirav Modi, an Indian jeweler turned scammer, hit the global headlines with the local dailies reporting that he had defrauded the Punjab National Bank a whopping $1.73 billion. Even more amazing is the fact that the fraud did not happen overnight but in six years and under the watch of bank officials.
Questions have been raised about how such a blatant scam would happen undetectably and without raising the alarm even to one of the many people involved in the process. Normally, financial institutions are required to conduct rigorous due diligence to any person or institution taking a loan irrespective of the social standing or worth.
As is with Nirav Modi's case, it seems …show more content…
This is because people tend to feel more ashamed when their family and friends witness their bad actions and question them.
Imagine your son or daughter telling you that they say you with handcuffs being escorted by the police. Won't this make you fear to get on the wrong side of the law? I firmly believe that by shaming the accomplices to fraud, we would make the bankers and other parties involved more fearful of assisting fraud.
In massive fraud like the one of Nirav Modi, there is usually legion of bankers and government officials involved. Dealing with these individuals decisively is the only way to stop such fraud from happening in the future. Pursuing the billionaire alone is futile since he already has his billions and can easily circumvent justice using his wealth and connections. I know it is painful to think that money has the power to circumvent justice but it is the reality of the world. The best way, therefore, is to punish severely those who help the rich and the powerful to defraud our