Team-BHP > Shifting gears


Reply
 
Thread Tools Search this Thread
Old 19th February 2018, 21:05   #31
BHPian
 
Join Date: Jun 2012
Location: Traveller
Posts: 143
Thanked: 280 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

The dust of this scam is still to settle. If this was in any other country there will be plethora of Class action lawsuits by minority shareholders under The Companies Act, etc. We have everyone here ridiculing the system, but system surely is in place, just awaiting the trigger.
ritz3645 is offline  
Old 19th February 2018, 22:20   #32
Senior - BHPian
 
Join Date: Apr 2010
Location: EU - Nordic
Posts: 1,868
Thanked: 2,060 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

I hope this crook too ends up behind bars and rots in jail for the rest of his life. I have (almost) first hand experience of being on the receiving end of his franchisee scam.

The entire scheme is set up for cheating. Everyone from their area business manager upwards know fully well that they are taking the prospective franchisee owners for a ride, when they offer the terms for the franchise. Even if you demand the moon on the franchisee agreement, they will happily sign as they know they are not going to honour any commitments and can get away with it too. In the end they all wash their hands off saying, "I would like to help you, but Mr.ABC who is from XYZ department is not approving your request." Each one is a thief and deserves to go to jail.
StarrySky is offline  
Old 19th February 2018, 22:42   #33
BHPian
 
Join Date: Aug 2009
Location: Kolkata
Posts: 25
Thanked: 10 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

I feel very sad that these scams keep happening time and again. I am sure such incidents are creating huge trust deficits in the governance model of our country. The chants for MAKE IN INDIA sound more hollow and uninspiring after such incidents. I feel the Judiciary must step in to hold the government accountable for the recurring failure to identify the guilty and such people responsible should be charged with sedation as they are the reason that the real culprits go scot free.
AD007 is offline  
Old 20th February 2018, 02:33   #34
BHPian
 
Join Date: Apr 2009
Location: ROI-PRC
Posts: 125
Thanked: 361 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

The mess in judiciary is also responsible for this. The system has no accountability.
Theyota is offline  
Old 20th February 2018, 03:03   #35
Senior - BHPian
 
maddy42's Avatar
 
Join Date: Aug 2007
Location: Coorg
Posts: 1,977
Thanked: 845 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

Till our courts keep taking forever to even resolve a theft case, we can expect these guys to get away scotfree. Many Netas, their Betas, top shot lawyers will line their pockets and public will be shown a tenga!

PNB showed that PSU banks are nothing but glorified sarkari banks, where Nirav Modi can sit in the bank managers chair and use their systems to process his loans himself. Anything more needs to be said?

I hope a cleanup or an audit is done on all PSU banks balance sheets before giving one cent more of taxpayers money to them. Why should the common hardworking individual need to loose even a cent to fund some ridiculous scamsters lifestyle?

I am surprised the usual moral police of india like the roaring tiger of maharastra or the valentines police has not whimpered or shattered some glasses yet?

Hate to say this, "India hai, yahan babu log and neta log milke lootne main lagi hai and public ko dhoka de rahe hain".

I see a france style guillotine ceremony happening soon if this continues on this trajectory!

Maddy
maddy42 is offline  
Old 20th February 2018, 06:36   #36
Senior - BHPian
 
Join Date: Jul 2009
Location: Pune
Posts: 2,665
Thanked: 1,766 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

India does not do bloody revolutions of the kind France/Russia did. It could be that "Indians are like that only". Or, it could be that for even the poorest Indian, sheer survival isn't the issue, being blessed with a benign natural environment, compared to those countries where for six months of the year, survival needed good shelter, adequate clothes and decent food to keep both winter and wolves at bay. It takes far less effort in India to just survive; for most of the year, for most the country, sleeping in the open isn't life threatening. It is probably a combination of factors that make us who we are.

And we haven't the courage to take even simpler radical steps against anyone in power. I was reminded of this again a few months ago, when I proposed in the building society AGM that all societies in the area - ironically the smart city pioneer - needed to get together as one collective body and refuse to pay property taxes to Pune Municipal Corporation till we get what we pay for in terms of water, trash clearance and road maintenance. Because that is the one language the corporations and corporators will understand very fast. There was not one taker for this suggestion; people were in a hurry to move to the next agenda topic. Basically, middle class Indian salarymen don't do even such minor acts of civil resistance, let alone revolutions. We would rather just complain.

Unless we demand accountability from all elected public servants, from corporators to MPs, versus just rants in forums like this one and in newspaper letters asking that everyone except us do something about the situation, nothing will change in India. And then we deserve what we get and will have to pay our way out of it, again and again. Exercising our right to vote alone is no longer enough, and many of us don't bother to even do that.
Sawyer is offline  
Old 20th February 2018, 08:51   #37
BHPian
 
Nohonking's Avatar
 
Join Date: Mar 2017
Location: UK-08 and HR-26
Posts: 195
Thanked: 764 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

Quote:
Originally Posted by GTO View Post
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.
...And perhaps that was 'THE MOST' important thing.

Apparently, none ever taught them back in their childhoods:

Money is lost, nothing is lost (as money sounds everything for them)
Time is lost, something is lost (for sure their bad time has already started, and bad time slow & it sucks)
Character is lost, everything is lost (no ethics, lost everything today to land in the bad books)

Last edited by Nohonking : 20th February 2018 at 09:02. Reason: Adding more content
Nohonking is offline  
Old 20th February 2018, 09:24   #38
Distinguished - BHPian
 
selfdrive's Avatar
 
Join Date: Apr 2010
Location: Pune
Posts: 2,942
Thanked: 3,252 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

Quote:
Originally Posted by Sawyer View Post
And we haven't the courage to take even simpler radical steps against anyone in power.... There was not one taker for this suggestion; people were in a hurry to move to the next agenda topic. Basically, middle class Indian salarymen don't do even such minor acts of civil resistance, let alone revolutions. We would rather just complain.
Our housing society is bordered by a local school which plays songs on the speakers in their ground all day long throughout the year (from 7am till 5pm). There is always some practice or some nuisance going on. Most of the members here are intimidated by the fact that the school board trustee would have connections with higher ups, so they dont lodge a formal complaint. In provate they all whine and whinge, but they would not even bother to go the school and request them to move the ruckus to one of their auditoriums; leaving the school playground for play activities only.

'Tu jaanta hai kya main kaun hoon' attitude (dont you know who I am) is destroying whatever little moral fabric we had left. Most of these guys will be seen in their 'goon cars' with 'goon number plates' openly disobeying traffic rules. Are there any consequences for them? I am beginning to think that the rules are designed only for the tax paying class. No one else bothers to follow them.
selfdrive is offline  
Old 20th February 2018, 09:40   #39
BHPian
 
Join Date: Jan 2010
Location: Andromeda
Posts: 325
Thanked: 90 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

Came across this news article:

https://www.ndtv.com/india-news/pnb-...home-topscroll

What is suspicious to know is that this guy left with his family to the US in January So there must be some sort of information to him that the scam is about to burst. How is this possible?
joe1980 is offline  
Old 20th February 2018, 10:04   #40
Distinguished - BHPian
 
Join Date: Sep 2010
Location: All over!
Posts: 5,462
Thanked: 9,233 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

Look at the swag!! He now blames the bank's "zealousness" to claim the money for the trouble the bank will now face in recovering the dues.

Quote:
On the valuables worth Rs 5,649 crore that CB and ED searches had yielded, he wrote, "These, and other assets of the group and the three firms could have settled all the amounts due to banks. However, now that stage appears to have passed."
Quote:
"Whatever may be the consequences I may face for my actions, the haste was, in my humble submission, unwarranted," Modi wrote, requesting the bank to permit payment of salaries to 2,200 employees from the balance lying in the current accounts.
https://timesofindia.indiatimes.com/...w/62990137.cms

Quote:
Originally Posted by joe1980 View Post
What is suspicious to know is that this guy left with his family to the US in January So there must be some sort of information to him that the scam is about to burst. How is this possible?
After all the instances we've had (Ottavio Quattrocchi, Vijay Mallya, Lalit Modi); how are you even asking such a question!
libranof1987 is offline  
Old 20th February 2018, 10:24   #41
BHPian
 
aniyo's Avatar
 
Join Date: Nov 2015
Location: Bangalore
Posts: 527
Thanked: 1,437 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

With one scam coming out after another, my fear is re-confirmed it is we the common man who are funding all this big companies. We pay taxes, these scamsters loot the bank, the loan goes NPA and then the government with our taxes re-capitalizes the banks and the sad joke repeats every now and then.
I feel so cheated to pay taxes, get poorer to make filthy rich people more rich.
George Carlin is so right about the state of affairs, the masters of the country have us caught by the B***s and we can't do anything about it.
aniyo is online now  
Old 20th February 2018, 10:25   #42
Distinguished - BHPian
 
selfdrive's Avatar
 
Join Date: Apr 2010
Location: Pune
Posts: 2,942
Thanked: 3,252 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

Quote:
Originally Posted by libranof1987 View Post
Look at the swag!! He now blames the bank's "zealousness" to claim the money for the trouble the bank will now face in recovering the dues.
I do not support this arrogance in any way. But in terms of the bank trying to recover any money, I wonder if they would be better off trying to recover the money while the brand has some value left in it. Take the example of Kingfisher; the brand had negative value associated with it when the banks turned up to as for their money. Essentially the entire concept of brand value does not really work as a tangible asset would.

Again, no excuse for this type of assumed arrogance, which is seen almost as an entitlement from these crooks nowadays. The only thing which seems equally bad is the total inefficiency or ineptitude shown by the banks. Headless chickens is the term that comes to mind.
selfdrive is offline  
Old 20th February 2018, 10:26   #43
Senior - BHPian
 
Join Date: Jul 2009
Location: Pune
Posts: 2,665
Thanked: 1,766 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

Quote:
Originally Posted by joe1980 View Post
What is suspicious to know is that this guy left with his family to the US in January So there must be some sort of information to him that the scam is about to burst. How is this possible?
More the point is the question that also arises from the Mallya episode; that there was a scam of sorts, and that the perpetrators are likely to fly from India was known to the ED/CBI, and yet these people flew away. How else except with the connivance of THESE enemies of the people?

And reading about the English judge comments about both the tardiness of the CBI responses and on the poor quality of the evidence presented in the Mallya case in England by the CBI, and obvious questions arise, taking account the fact that the CBI is alway the tool of the party in power. Every party that comes to power blames the one preceding that was ruling for anything that is presently wrong in the country. But no party in power has ever done anything to bring back major fugitives from Indian justice back to India to face the consequences of their crimes except Abu Salem as far as I can recall. All the power of the Indian state seems to be employed only to coerce hapless Indian citizens to obey the diktats and ordinances of their rulers.

Contrast this with the Israelis who have a long reach. They have even once kidnapped and brought a Nazi hiding in Argentina back to Israel to face trial and subsequent execution for his part in the Holocaust. Or, see the movie Munich.

Quote:
Originally Posted by selfdrive View Post
Most of the members here are intimidated by the fact that the school board trustee would have connections with higher ups, so they dont lodge a formal complaint. In provate they all whine and whinge
Many years ago, I was taught the lesson by a senior citizen: " Don't equate courtesy with cowardice". The hypocrisy that many have instead learnt is to hide their cowardice by calling it courtesy.

Last edited by Sawyer : 20th February 2018 at 10:41.
Sawyer is offline  
Old 20th February 2018, 10:32   #44
Distinguished - BHPian
 
Join Date: Sep 2010
Location: All over!
Posts: 5,462
Thanked: 9,233 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

Quote:
Originally Posted by selfdrive View Post
But in terms of the bank trying to recover any money, I wonder if they would be better off trying to recover the money while the brand has some value left in it. Take the example of Kingfisher; the brand had negative value associated with it when the banks turned up to as for their money. Essentially the entire concept of brand value does not really work as a tangible asset would.
Lol. One can be reasonably sure PNB tried to recover dues from Mallya/Modi legally and lawfully before they made a tamasha out of it.

From the article,

Quote:
The letter also referred to the extended discussions between him, his representatives and bank officials, as well as his emails on February 13 and 15.
Considering that most of the banks that have been a victim of Mallya/Modi's way of business are publicly listed, it is their legal duty to inform the stock exchanges of any such fraudulent activity.
libranof1987 is offline  
Old 20th February 2018, 10:57   #45
Distinguished - BHPian
 
selfdrive's Avatar
 
Join Date: Apr 2010
Location: Pune
Posts: 2,942
Thanked: 3,252 Times
Default Re: The talented scamsters: Nirav Modi, Ashish Chordia & others

Quote:
Originally Posted by Sawyer View Post
Many years ago, I was taught the lesson by a senior citizen: " Don't equate courtesy with cowardice". The hypocrisy that many have instead learnt is to hide their cowardice by calling it courtesy.
That pretty much summarises what I wanted to say about the attitude of these people.

Quote:
Originally Posted by libranof1987 View Post
Lol. One can be reasonably sure PNB tried to recover dues from Mallya/Modi legally and lawfully before they made a tamasha out of it.
If I compare the situation with the oft-quoted example of a middle class home loan; what is the due diligence done in these cases? Where is the tangible collateral? A lot of the decisions have been influenced by the razzmatazz of the showrooms or projected business models and not really on how the business model will make money. Almost eerily similar to some startup stories or even the dotcom boom and bust.

Non recovery in such cases is almost a given considering the irreversible blunders were already done way earlier. No wonder most of the people I know rely on keeping their assets outside of banks, perhaps in real estate or solid gold. Heck, even the equity markets seem less risky than keeping your money in a bank these days. A long overdue revamp of the banking system is needed especially when the banks may soon start wondering how or where they are going to make their profits if people continue moving their money out of the banking system altogether.
selfdrive is offline  
Reply

Most Viewed
Thread Tools Search this Thread
Search this Thread:

Advanced Search

Copyright 2000 - 2021, Team-BHP.com
Proudly powered by E2E Networks