Thursday, January 15, 2009

25 crore fine for 8000 crore fraud - great deterrent

As per ET, maximum fine that Raju can get is 25 crore. In addition to this the paper states that he can avoid prison by turning approver. What shit !!!.
A poor thief gets much bigger sentence. This criminal has spoiled life of so many invsetors and mental pressure to so many employees. His risk taking could lead to lot 50K employees loosing their jobs. Punishment for financial crime should be mandatory prison sentence if proven guilty of direct knowledge of fraud, irrespective of profiting from it.
I don't buy Rajus statement that he did not profit from the highe stock price. As HT pointed out, he used the higher stock prices to get leverage for his other business (greedy) ventures. He did profit.
I empathize with Raju and his current state of affairs. I can understand that he is going through hell now. But he deserves most severe punishment for what he did. Given Indian sentiments to big people, I won;t be surprised if Raju turns politician :). He will be an asset to any political party ;).

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