The latest scamster Nirav Modi who has eaten up Rs. 11,4000 crores in last 7 years is indeed a quick reminder of Vijay Mallya. The main reason for comparing Nirav Modi with Vijay Mallya is that Vijay Mallya is the most recent biggest scam we all know.
Well, how can India forget Rs. 4000 crores of financial scams plotted by the Big Bull Harshad Mehta during 90s. Unfortunately, the list of the financial scams in India is very big. We have also seen the likes of Ramalinga Raju of Satyam and Abdul Karim Telgi.
But here we are putting Nirav Modi against Vijay Mallya and the comparison is made by many as soon as the PNB fraud was unearthed.
Comparison Between Nirav Modi & Vijay Mallya
However, we took it from a different perspective. At this juncture, all we can see are the stark similarities these barons share in their distinct industries.Deep down there are some miserable facts related to such people and our system that provide fertile land for such scams to germ up.
So here is our Nirav Modi vs Vijay Mallya brief.
- Both were product of human greed
- Both lived luxurious lifestyle
- Both were very intelligent and ambitious
- Both were clever enough to find defects in the existing banking system to exploit it to the hilt
- Both vanished cleverly from the country. Yet again a big blow on our faith in the system
- Both are looters of common men’money and faith in our financial backbones
And this is not the end of the story. Such incidents will again happen in future if no corrective measures are taken.
When we talk about the corrective measures, immediately Nirav Modi and Vijay Mallya come to our mind as bad boys deserving strictest punishments.
Both the barons have sparked similar reactions from the public. And trust us, these reactions are rather against our financial system.
- Why do such incidents happen?
- Even if they happen, why it takes so long to detect them?
- In spite of many such things happened in past, why we are not able to curb them?
- Once detected after terribly long time, why the criminals getto run away?
In past few years, we have seen many fraudsters facing punishments. But many are still free. We hope Indian judicial system will not spare such fraudsters for playing with the public money in coming future.
How Do We Feel About the Financial Scams
Be it share market or jewellery or aviation or any other industry, India has seen enough of financial disasters. Now as we know this latest scam in the line, do you also feel the same like we do? O Lord..it’s enough now. For how long common people’s hard earned and taxed money will be tossed away by such launderers. What we have to do? Can we just watch this and wait for another new scam until it is discovered?
Isn’t There a Way Out
Don’t we have a way that would stop such things before they happen? There can be a way only if the problem is solved in its right perspective.
But how…??? Yet again a million dollars question. Since it is all about a flaw in our system, the solution is also possible only by the system. Such incidents happen because of the systematic failure and exploitation of our banking norms and procedures. Complete elimination of state control or political interference in the baking decisions should be the real remedy. The banking decisions should be on the basis of economic wisdom instead of patronages. Enhancing accountability and transparency on the part of the authorities can avoid such repetitions.
Nirav Modi vs Vijay Mallya is the most natural comparison in the current scenario. Because both the scams are due to the defective systems and few corrupt officials that allow such things.
But we believe in hoping for good things. We can surely hope we don’t get to know many more Nirav Modis and Vijay Mallyas.
Thank You for Visiting Nifty Trading Academy