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Old 19th February 2018, 10:04   #16
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Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

Such people exist and I'm sure there will be many such folks out there. The only reason for the blatant confidence is the lack of any foreseeable action from the government.

Today, the government needs to make an example of Nirav Modi as well as PnB. It has been said that PnB will get an infusion from the govt. But instead, I'd say let the bank face the music and let them go bankrupt. Yes, people will lose money, but since RBI insurers some money kept in the banks, account holders can get some money back.

These people need to be shown that you do not do such scams and get away. Mr. Mallya too was involved in a similar scam, but again, it was the mistake of the bank. They didn't keep enough co-lateral with them. Today, if I go and ask for a home loan, there are so many checks and verifications for a paltry Rs. 1-1.5 crore - whereas these guys got thousands of crores just like that.
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Old 19th February 2018, 10:13   #17
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Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

As long as loopholes and corrupt officials exist, there will always be "smart" people willing to exploit it.

Everyone needs to pay the price in my opinion.
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Old 19th February 2018, 10:21   #18
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Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

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Originally Posted by blackwasp View Post
Today, the government needs to make an example of Nirav Modi as well as PnB. It has been said that PnB will get an infusion from the govt. But instead, I'd say let the bank face the music and let them go bankrupt. Yes, people will lose money, but since RBI insurers some money kept in the banks, account holders can get some money back.

These people need to be shown that you do not do such scams and get away. Mr. Mallya too was involved in a similar scam, but again, it was the mistake of the bank.
I don't agree because people will get a very small part of their deposits made in the first place on the basis that PnB is a nationalised bank, as good as any other such bank, and implicitly, as good as the Central Government. By now having only them lose their money, it would mean the breaking of this implicit promise. The only people that will face the music of this action will be the many small depositors, for having taken this promise of GoI at face value.

On the other hand, I would like to see senior CBI officers marched to jail. For letting Mallya leave, for making a mess of his legal case and now for letting Modi leave the country as recently as Jan 2018. Or senior directors of ED be similarly jailed. But this won't happen because as soon as this is done, they will squeal the name of their patrons who can't afford that have that happen.

I would also like the PnB MD be charged with fraud and brought to court in six months. Again, he will squeal, so that won't happen. Ditto for those PSU Bank MDs that lent money to Mallya.

The mistake isn't just of the banks; it is a mistake of the system and finally, of all citizens of India for tolerating leaders for decades that are cynical, and far less concerned about our welfare than the rajahs/maharajahs of the past. So it is only right that all of us have to pay the price for this via ever more rigorous TDS/enforcement of income tax and GST.

Mods, to please merge posts; I can't quite figure out how to do this with an earlier one with a quote in it.
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Old 19th February 2018, 10:31   #19
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Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

Its a joke and the joke is on the public, not on the bank or the fraud. I also wondering how is enforcement directorate coming up with recoveries of "more than 5000 crores". I mean if the guy had "more than 5000 crores in assets" why fraud at first place.

P.S. Nothing is going to happen. He is connected to the the richest family in India, a parallel government in itself or perhaps the government. 70% of the wealth being concentrated in the top 1% is actually depressing.

Last edited by extreme_torque : 19th February 2018 at 10:33.
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Old 19th February 2018, 10:54   #20
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Yes, people will lose money, but since RBI insurers some money kept in the banks, account holders can get some money back.
Why should people lose their money? For trusting the banks and the governments? I would rather close all the bank accounts rather than crooks getting their hands on my hard earned money. The very system has become a sham to the core. Time for me to unlearn all the things taught about the banks, financial systems, investments...



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The mistake isn't just of the banks; it is a mistake of the system and finally, of all citizens of India for tolerating leaders for decades that are cynical.
+1 to that. The more I understand the rot that pervades the system, the more skeptical I become and cannot help feeling that the life of a common man is being sucked into the system with no escape.

Last edited by AltoLXI : 19th February 2018 at 11:05.
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Old 19th February 2018, 17:43   #21
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Nirav looks to be in a different league altogether, and his deeds look to be touching more sinister domains, of course with huge political connections. Nirav himself not so big in the whole scheme of things.
THIS.

I find this horrifying. Call me paranoid but This whole politician-industrialist nexus with the intention of literally ‘looting’ sounds like some Bollywood style evil plan to hurt the country

Last edited by Elito11 : 19th February 2018 at 17:44.
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Old 19th February 2018, 17:45   #22
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Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

New word is 750kg worth jewellery imported without duty. Imagine !
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Old 19th February 2018, 17:46   #23
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I am afraid, the skeleton's keep falling off. One more addition to the list. Only saving grace is that they acted a bit pro-actively and caught hold of guy. Perhaps media played a role since i was reading this for past 3-4 days in local papers.

Is our banking system so fragile that anyone can come and commit such huge frauds. While banks check a mango man;s what not before sanctioning a loan, don't they have such due diligence for like of such scamsters.

Rotomac loan default swells to Rs 3,695 crore, CBI files case against Vikram Kothari

Last edited by .sushilkumar : 19th February 2018 at 17:48.
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Old 19th February 2018, 18:36   #24
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Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

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Notice the use of the word talented in the title. These guys were clearly that. On the face of it, they had everything going for them:

Just wondering how they could have really *made it* if they had their moral system in place. That was the only thing lacking in their business.
I strongly believe that they are benamis of some politico big shot. Who never thought they will run out of money.
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Old 19th February 2018, 18:39   #25
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Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

There is a cardinal rule of lending : "If you owe the bank 1 crore, its your problem. If you owe the bank 1000 crores, its the bank's problem."

The lack of internal controls at Financial institutions is mind-boggling.
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Old 19th February 2018, 18:56   #26
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The day I read this news I was very happy, happy because the banks were cheated.
Reason for this is a simple fact that these guys working at the banks are so reluctant to help a person who is a victim of an online or similar frauds. Even if a small amount of customers' hard earned money is lost due to no reason of the customer, there is so much of reluctance to help them. They pay a large amount of money to celebrities for advertising the non existent features of their banking system and make a fool of innocent people.
Walk into a bank to ask for a loan of even INR 50k and the kind of documents and gaurantees they will ask will make you feel as if your intentions for asking a loan were to make the bank go bankrupt.
It's the people like these fraudsters who get all the respect and benefits and not the genuine and humble common people. I don't need to mention that these scamsters walk into the same bank now they will still get a royal treatment, hail banking system
Hope there are a lot of friends here who share the feeling.
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Old 19th February 2018, 19:27   #27
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Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

Now it seems that not only banks but buyers of the products have also been duped:

http://www.moneycontrol.com/news/bus...s-2511027.html

Claimed that Nirav Modi sold fake diamonds!!
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Old 19th February 2018, 19:53   #28
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Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

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The day I read this news I was very happy, happy because the banks were cheated.
But being a public sector bank it all comes back to us commoners. Bank will probably get an infusion from the Govt using tax payers money. And the scamster? We have liquor baron as an example.
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Old 19th February 2018, 20:05   #29
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Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

I really don't understand how naive or foolish both the scamsters and the officials are. They really think it never comes out and will remain hidden ? That they can go on doing this and do they plan to pay off later so they are confident to keep doing such things ?
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Old 19th February 2018, 20:11   #30
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There is a cardinal rule of lending : "If you owe the bank 1 crore, its your problem. If you owe the bank 1000 crores, its the bank's problem."
Quite. And the one preceding: "It is a lot easier to borrow Rs 1000 crores than to borrow Rs 1 crore". For the latter you have to jump through hoops. For the former there will be an array of senior bank executives lining up in your reception to do just that.
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