Capital Punishment for Financial Fraudsters or Euthanasia for Sufferers

@communalsandeep

 

Media reports say that the CBI is set to invoke Section 409 of the Indian Penal Code that could potentially hand a life sentence to people arrested in the Punjab National Bank (PNB) scam. Gokulnath Shetty, former PNB staffer, and Mehul Choksi, the absconding promoter of Gitanjali Gems, could be in prison for life if found guilty after a special court on Tuesday allowed CBI to incorporate Section 409 in the second FIR filed by the agency. Section 409 deals with criminal breach of trust by a public .. a public servant, banker, agent or merchant and the maximum punishment is life imprisonment.

For defrauding a developing country with thousands of crores for only a life sentence is like going for a walk in the park. A country which is struggling to juggle budget allocation between defence, education and health affecting the lives of millions, is defrauded of thousands of crores and guilty can walk away with only a life term is nothing but a criminal.

What is hilarious is the fact that “The finance ministry has asked all state-run banks to ensure that names and photographs of all wilful defaulters are put on their websites.

In a directive issued to all state-run lenders on Tuesday, the ministry reiterated the guidelines issued by the Reserve Bank of India on the publishing of photographs of wilful defaulters.

 

“We are tightening the noose around wilful defaulters and with their pictures available online and on the bank’s website, it will be another attempt by the banks to name and shame them,” said a finance ministry official, who did not wish to be identified.”

If the government thinks that steps like “name and shame” and “life imprisonment” will act as a deterrent then it is fooling itself and the citizens of India. In fact, such measures will only encourage people to do more scams. One can’t have a more apt example than that of Lalu Prasad Yadav. He is out on bail most of the time, running politics of Bihar.

In contrast to this let’s look a recent example of scams and dealing of scamsters in another country.

Prominent Saudis held in what Riyadh dubbed an anti-corruption campaign were subjected to coercion and physical abuse, the New York Times reported. The newspaper said at least 17 detainees were hospitalised after facing abuse, while a Saudi general later died in custody with what witnesses said appeared to be a broken neck, many were deprived of sleep, roughed up, interrogated with their heads covered. Many of the 381 suspects, including princes, ministers and tycoons, remain under military surveillance and some have been forced to wear ankle bracelets that track their movements, the newspaper said. Officials have said they are in the process of recovering $107 billion (87 billion euros) seized in the crackdown, in the form of property, securities and cash, handed over by the suspects in exchange for their freedom. The detainees included billionaire Prince Al-Waleed bin Talal, former National Guard chief Prince Miteb bin Abdullah, construction magnate Bakr bin Laden and media mogul Waleed al-Ibrahim of the regional MBC cable network.

(https://timesofindia.indiatimes.com/world/middle-east/saudi-graft-suspects-were-physically-abused-report/articleshow/63268208.cms)

In Asia, China and Vietnam have hanged individuals for financial frauds which include both businessman and bankers.

In 2015 Report, 262nd Report of Law Commission on ‘The Death Penalty’, under the chairmanship of Justice (retd) Ajit Prakash Shah, recommended the abolition of capital punishment “for all crimes other than terrorism-related offences and waging war”. Most of the state government in India believe that the death penalty serves to act as a deterrent in cases of heinous crimes such as murder and rape.

Financial frauds of gigantic proportion in a developing country are no less than an act of terror, waging war against the country, murder and rape of its poor citizens. In fact, it is worse than one-time murder or rape. A person and his family who suddenly loses his job or becomes penniless are in a worse situation than a murdered person. He and his family have to die a tortures slow death. Following are few examples of the same:

• Sushmita Chakraborty, the 45-year-old wife of Manas Chakraborty, a Kingfisher Airlines staff committed suicide citing non-payment of salaries,
• Asim Bera, managing director of chit fund company AMCO, died after consuming poison in the garage of his house at Chinsura in Hooghly district following threats by depositors.
• As per May 2013 media reports, there have been 12 other cases of suicide mostly by agents or depositors in other districts, including North and South 24 Parganas.
• Mehul Choksi after committing frauds worth thousands of crores tells employees to look for jobs elsewhere.

If the government can’t make the financial frauds a case for capital punishment then it should give the sufferers an option to opt for passive euthanasia. After all, stating that human beings have the right to die with dignity, the Supreme Court allowed passive euthanasia. One of the fears in case of passive euthanasia is that for the property; relatives might force old people to opt for it. But in case of sufferers of financial frauds, this will not be applicable, making passive euthanasia easier.

So it’s time for, capital punishment for financial fraudsters or euthanasia for sufferers.