Toying with public funds

A special court has awarded four years imprisonment to four prominent city shares broker including Ketan Parekh for misappropriation of public funds meant for investment in mutual funds. Three bank officers also got as many as six months to one-year jail term for facilitating fraud by putting public money on wrong path. The court also observed that had the guilty got punished in initial stage, other frauds would have been avoided. Marathon proceeding of court indirectly assisted these brokers to carry out same kind of modus operandi in order to cheat people through luring with some smart investment options. Similar to this case a city based Suvarna Sahakar Bank’s director also misuse public funds by allegedly investing in his own business without showing any mortgage property, which is compulsory as per the investment law.
We have witnessed hundreds of such examples of exploiting public funds by prominent brokers and bank officials for their gain. And they have been freed even after such financial crimes because they are influential and can throw money to get scotch free. They are well aware of loopholes of our laws and ignorance of people while putting money in market. People should be extra vigilant when they want to invest their earning. Some people even don’t go through terms and conditions and history of any company before taking crucial decision of buying shares. We have to be a watchdog for ourselves.
We don’t have strict laws to punish guilty people as early as possible once the fraud comes to light. Lack of such laws indirectly empowers ill minds of such brokers to carry out antisocial activities. They are sure that their crime would be over look or they would be able to get out of it easily.
But this is not a case with other countries. They have strict laws to punish finance guilt in order to preserve public faith in investment procedure. China has been superseding the strict punishment cause as their court can announce even capital punishment for financial irregularity. We don’t want such extreme level of punishment but seedy judgment is expected.
Once people come to know such crimes they don’t dare to invest in volatile market or co-operative banks those are lifelines of over economy. Once money get stick in public hand economy has to suffer in liquidity and movement of funds. Money should flouts in every corner of economy like blood in our body. Then only we would be able to achieve double figure in GDP growth. We need to have some kind of proper mechanism to prevent such frauds and boost up public faith in financial institutions.