“White collar criminals are worse than blue collar criminals. The latter rob you with a gun, but the former rob you with a pen.”
-Vicki Robin
Financial scammers like Vijay Mallya and Nirav Modi are often referred to as white-collar criminals, who use their influence and financial power to deceive people and cheat the system. Although they may not use violence, their actions can cause harm and suffer to countless people. In many ways, financial scammers can be considered worse than terrorists. In this article, we will explore why financial scammers like Vijay Mallya and Nirav Modi are worse than terrorists.
- They cause economic damage
Financial scammers cause economic damage on a massive scale. They manipulate financial systems and create false transactions to siphon off funds from banks and financial institutions. This creates a domino effect that leads to the collapse of banks, loss of jobs, and a severe impact on the economy. The damage caused by financial scams can be felt for years to come, and it takes a long time for the economy to recover.
2. They deceive and exploit people
Financial scammers use their charm, influence, and power to deceive and exploit people. They make false promises and offer deals that are too good to be true. They take advantage of people’s trust and emotions to cheat them out of their hard-earned money. The people who are targeted by financial scammers are often vulnerable and financially insecure. They are left with nothing when the scam is exposed, and the scammers disappear with the money.
3. They undermine the integrity of the financial system
Financial scams erode the public’s trust in the financial system. When people lose faith in the financial system, they withdraw their investments, and the economy suffers. The integrity of the financial system is vital for the growth and development of any country. Financial scams create a perception that the system is rigged, and only the wealthy and the influential can benefit from it.
4. They enjoy a luxurious life with stolen money
One of the most significant differences between financial scammers and terrorists is that the former enjoy a luxurious life with stolen money. They use the money to buy expensive cars, yachts, and mansions and travel in private jets. They live a life of opulence while the people who invested in their scams suffer. In contrast, terrorists often live in hiding, and they do not enjoy the fruits of their labor.
5. They have a long-lasting impact
The impact of financial scams can last for years, if not decades. The people who lose their life savings may never recover from the financial loss. The families of the people who lose their jobs may struggle to make ends meet. The damage caused by financial scams goes beyond just the monetary loss. It affects the mental and emotional well-being of the people who are impacted by it.
In conclusion, financial scammers like Vijay Mallya and Nirav Modi are worse than terrorists because they cause economic damage, deceive and exploit people, undermine the integrity of the financial system, enjoy a luxurious life with stolen money, and have a long-lasting impact. It is essential to hold financial scammers accountable for their actions and ensure that justice is served.
Dive Deeper
BOOK RECOMMENDATION
“Flawed: The Rise and Fall of India’s Diamond Mogul Nirav Modi” by investigative journalist Pavan C. Lall is a highly recommended book that delves into the massive fraud committed by Nirav Modi, the Indian diamond merchant who defrauded Punjab National Bank of over $2 billion.
The book provides an in-depth look at Modi’s rise to power, his glamorous lifestyle, and his complex web of businesses and relationships. It also details the intricate scheme that Modi and his associates used to defraud the bank and the Indian government.
“Flawed” is a well-researched and compelling book that sheds light on the inner workings of the diamond trade and the culture of corruption in India. It is also a cautionary tale about the dangers of unchecked greed and the importance of accountability in business and government.
Another book that covers a similar subject is “The Banks: The Tri-Colour Story of Banking in India” by Tamal Bandyopadhyay, which covers not only Nirav Modi’s scam but also the scams committed by Vijay Mallya and other prominent figures in the Indian banking industry.
I hope you find these recommendations helpful!
DOCUMENTARY/ VIDEO
“Bad Boy Billionaires: India” is a Netflix documentary series that covers the scams committed by Vijay Mallya and Nirav Modi, as well as two other Indian business tycoons.
The series includes interviews with victims, investigators, and experts, as well as archival footage and reenactments of key events. It provides a detailed and engaging look at the scandals that rocked the Indian business world and the impact they had on the people involved.
Here’s a link to the series promo episode of Nirav Modi on Youtube: https://youtu.be/Fh3BUC7azh0
“Bad Boy Billionaires: India” is a well-made and informative series that provides a comprehensive overview of the scams committed by Vijay Mallya and Nirav Modi, as well as the broader issues of corruption and fraud in the Indian business world. Whether you’re interested in business, finance, or true crime stories, this series is definitely worth a watch.