The Fugitive Businessmen

The Rs.12600 crore PNB scam allegedly committed by the fugitive billionaire jeweler Nirav and his associates with the alleged connivance of bank officials, auditors etc. is being subjected to a multi agency investigation with SFIO, ED and CBI engrossed in the investigation. In the case of the elusive business ‘tycoon’ Vijay Mallya, the British courts, ED and CBI are occupied with his financial crimes. In all probability, bringing the real culprits to justice would take a very long time, going by the complexity of the financial frauds and the ‘profile’ and connections of the accused.

In this context, one is reminded of the case of Harshad Mehta and his associates who siphoned off whopping funds from inter-bank transactions and bought shares heavily at a premium across many segments, triggering an astronomical rise in the BSE Sensex in 1992. When the scheme was exposed, banks started demanding their money back, causing the collapse. He was later charged with 72 criminal offences, and more than 600 civil action suits were filed against him. Unlike Vijay Mallya and Nirav,  Harshad Mehta did not take to fleeing the country. Still the litigation took about one decade before the Supreme Court confirmed Bombay High Court’s judgement convicting Mehta and sentencing him to five years rigorous imprisonment. However, by that time Mehta had attained ‘salvation’ in 2001, though his death happened while in criminal custody.