Lessons from bank frauds by Dr Anindita SharmaPosts by JSB
The scenario which is going on in India about Banks is really disheartening. All the scams of bank are making us feel that we are left with no money. The level of fraud that the people of India are facing is really consuming. The quantum of fraud that one individual has done with the bank is beyond imagination by any individual, the testimony to which is that one day after the fraud happened I was taking one personal interview for admission in JSB. My question to the student was about the name of the person and amount involved in the fraud. His answer was Nirav Modi and the amount involved is approximately Rs 1100 crore. When I questioned on the amount and corrected him then he sulked and said “Ma’am Rs 11000 crore is the amount…?, err…I knew it but I thought Rs 11000 crore would be a wrong answer, maybe I have read it wrong and that’s why I said Rs 1100 crore. Actually Ma’am the amount of fraud is beyond my imagination. How can one individual commit such fraud?”
These are not his words; this represents the words and feeling of the masses. The underline question is… Are the banks in India now safe and it is still our strength…
No matter how one person is trying to consolidate and knit the threads of all macroeconomic variables and working towards the growth of the economy the other person as powerful as him is siphoning off all the money and showing how hard he tries they, the few powerful Indians will bring everything down.
Their challenge to the government is “Your strength is the common people of India and my strength is some powerful people at the helm. May you try hard, we will bring everything down”.
About the Author
DR. ANINDITA SHARMA
Dr. Anindita is an associate professor in Jaipuria School of Business