The D in the Crisis

‘A person who fails to fulfill a duty, obligation, or undertaking.’

By the way, that’s the definition on Google. But no matter wherever you would look that’s the definition you would get. The D word has been in the news lately. Albeit, for all the wrong reasons. You could hand it over to Vijay Mallya for giving it some swag and popularizing it more so than ever. 

A breed that has gained notoriety dreaded and feared most by lenders. A recent news article drew attention to one of the largest defaulter in the NSEL crisis hoarding money in Dubai. ARK Imports owes more than INR 700crs to investors and has parked most of the money in immovable assets in India and abroad, particularly Dubai. The investigating agency has arrested promoter of the company, Kailash Agarwal, for the second time. But Rhino skinned as they come, no offence to Rhino’s, Agarwal and his band of cronies have no intention to pay. This is the intention of most of the 24 Defaulters of the NSEL Exchange. The law and regulatory bodies surprisingly are yet to take any coercive stand against these. 

These defaulters go about their business as if above law. Scant regard for the law or those whom they have affected i.e. the investors, Defaulters seem be enjoying their spoils to the hilt. 

Keeps of law have to be thorough, fair and quick in their investigations to build watertight cases against such financial criminals. The courts must dispose cases on a fast track basis so justice is delivered and not prolonged. 

Broking Bad!

           A descript title for a nondescript bunch of financial hooligans called the Brokers. It’s a known fact this well-knit and extremely well connected community have been at the center of financial doomsdays this country has witnessed. 

By a show of hands if you ask any corrupt politician, builder, gangster, bureaucrat or babu who has a broker ‘friend’ tucked away in his pocket of illicit gains, all of those hands would never go up. You know why? Because there is a broker tucking away at it in his/her pocket. 

Hawala will not be hawala if it were not for the brokers. Let’s take the instance of the NSEL crisis; brokers are equally at fault for being in the thick of all the illegal action. SEBI has ordered a through probe into the ‘alleged’ role of 5 major brokers into the machinations of the crisis. Renowned and well established brokers such as Motilal Oswal, Anand Rathi, IIFL are among those that are on the regulatory radar. 

These & some more brokers are known to have indulged in rampant client code modifications, benami transactions, investing illicit money on the exchange, duping gullible investors with false promises of returns, among others. These are just some of the allegations against these financial pigs rolling in the pig sty of financial calamities.