An interesting recent report, in the Economic Times talks about the big rogues of corporate India, who have now been languishing in jail. It says that since 2011, over thirty top-line promoters and corporate executives have been arrested on criminal charges, that include forgery, bribery, defrauding banks in a big way, money laundering and financial violations that span the globe. Their blatant and huge financial crimes have attracted criminal investigation and prosecution under various laws, which include the Companies Act, Income Tax Act, FEMA, PMLA, IPC for cheating, fraud and forgery, Benami Act, Black Money Act, SEBI regulations etc. For example if they illegally siphoned away Rs 100 cr to a tax haven abroad, then for that single transaction, they will be investigated and prosecuted by many agencies, which include the CBI, ED, SFIO, ITD, SEBI and the economic offences wing of the local police also. In this episode of the Business Tit-Bits, our Business Editor Mr Akhilesh Bhargava shares his take on the matter.
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