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It Is Not So Easy To Let Off Fraudsters Who Repay The Money

By Our Editorial Team
First publised on 2022-02-03 03:19:41

About the Author

Sunil Garodia The India Commentary view

What should be the first priority in a case of financial fraud? Obviously to get the money back, as quickly as possible. In this respect, the suggestion by a Supreme Court bench that the government should consider stopping criminal proceedings against fraudsters who pay up must be given a serious thought. The court made this suggestion in the Sterling Biotech fraud case when the offender claimed that he was willing to pay back the entire amount if that would stop his prosecution and 'harassment' from investigating agencies.

There is no doubt that criminal proceedings against economic offenders are time-consuming and costly affairs, whether in India or abroad. Since the cases drag on for years, even if the money is recovered in rare cases, say after 10 years, the value is greatly diminished. Often, the defrauded entity has to take a huge haircut as only a part of the sum is recovered. Hence, logically, if the fraudster pays back the amount, he or she should not be prosecuted further.

But that is only one part of the story. Often, the defrauded entity is as worried about the lost money as about the systemic loopholes that allowed the fraud to happen. If the money is recovered and the prosecution of the fraudster is stopped, it might not help in unraveling the larger conspiracy. For instance, a bank will never get to know how insiders (if any) helped the fraudster and how they managed to run over the checks and balances in the system.

Hence, even if an amnesty from prosecution is granted to fraudsters if they pay back the defrauded amount, their cooperation in the investigation will be required at every stage. That, for the one who pays back, will be like 'harassment' and they might not agree to it or may not cooperate. Granting full amnesty from prosecution and harassment is not as easy as it seems for the simple reason that recovering the money is only one, although a major, part of the prosecution proceedings. Unraveling the larger conspiracy and discovering the systemic loopholes that allowed it to happen are also equally important. 

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