An IIT Bombay undergraduate degree, followed by a Masters in a prestigious university. Membership in several policy-setting bodies, think tanks, research organizations. Spouse, who happens to be a classmate, equally driven. Treated as media darlings as they created algorithms and “helped” the Ministry of Finance in setting policy for India’s financial markets. Impressive. But… (and in such cases, there is always a but)
In order to understand how the premier stock exchange in India operates, the husband-wife team were given time series data of trading activity at the said exchange. This was provided to them purely for academic purposes because they were part of a prestigious Policy making body attached to the Finance Ministry, which in turn is the final authority on all things related to Finance in India[1]. But they turned this into a huge money-making opportunity!
Wife and her sister, who happens to be married to the head of trading of the said Stock Exchange (Conflict of Interest a million times over), formed companies that used the above-given data to come up with strategies that could predict how stocks would behave. These algorithms were then sold for profit (and perhaps a cut of the proceeds) to several brokers and this went for several years when a select few made humongous profits out of this white-collar crime. To ensure the desired outcome, the hardware at the Stock Exchange too was rigged to allow the said brokers first access.
And now, this husband is moving heaven and earth to save his (and her) skin by clinging on, hoping somehow that all this will blow away. His godfather is running from pillar to post, trying to save his own skin and all the other king’s men have been summoned to help this team.
The Prime Minister and the current Finance Minister should go by the facts of the case and not let any interference from any babu, howsoever high he or she is. It is a shame that this husband-wife team has not stepped down from any of their posts and continue to live in la-la land. When a person is named in a CBI-FIR, it behooves this person to set an example of probity for others to follow.
To know who this husband-wife jodi is, search in the series Anatomy of a Crime that appeared in PGurus in Sep-Oct 2017.
References:
[1] Anatomy of a crime P4 – Who benefited from the HFT scam? Oct 4, 2017, PGurus.com
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Congress was shreud enough to share the booty along with those who helped to loot. If any one of the congress mam is booked under corruption , all these moles willbevomr active and save the culprit.
When a common person know the all the notorious wrong doings of previous Congress led UPA I & II coalition government, it is unbelievable that Government of the day [ BJP led NDA Govt ] is not aware of their misdeeds. What has prevented them from initiating appropriate legal action against the serious offenders of previous regime, during the last four years ? It only proves the dictum that those who are in glass house should not throw stones at others. You cover me when you are in power and I will cover you when we are in power. One small incident to prove that there is no distinction between the ruling dispensation and opposition party. This was narrated by Shri Arun Shourie, the famous investigate journalist and Former Union Minister for disinvestment, when he was in Rajya Sabha as an MP, he was to speak on the Union Budget, which contained certain concessions for Reliance group. On the day of Budget discussion in the Rajya Sabha, Arun Shourie was to discuss / speak / criticise budget proposals on behalf of BJP, but surprisingly he was replaced with Shri M Venkaiah Naidu [ Presently Rajya Sabha Chairman & Vice President of India ] to speak in the Rajya Sabha on Union Budget on behalf of BJP, at the instance of Congress / Reliance combined pressure . Such is their mutual understanding and bonhomie between them underneath beyond public comprehension. All this has happened, when Great Bhishma Pitamah of BJP & Loh Purush Shri Lal Krishna Advani was reigning the BJP. Rest, if you ask Shri Arun Shourie he will tell the readers tons of news of mutual give and take nature of understanding existed between Khangress and BJP. Long Live Indian Democracy. Gandhi Naaaaaaaaaaaaaaaaamam Vaaaaaaaaaaaazhga. Namakku / i.e. Makalukku Moonru Naaaaaaaamame. That is Theen Chaaaaaandlaa on the forehead of common people.
Team PGurus should pose this question to Modi. Why are so many BLACKSHEEP babus still continuing in various Ministries?
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Now that AJ is recuperating & expected to join back soon, Chidambaram will have a field day.
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AJ & OP. Saini will ensure the Chidambarams are not touched at all!!
I wish we can seem some politicians to be in Jail for 10 years / Life.
This has never happened in India.
They get bail and they are off.
Everything serves as a news and after that all is gone in thin air.
Let me see if something will happen this time.
BJP is not above Khangress, the IAS babus enjoy cosy bed relationship with their political masters, unless entire generation of Babus are removed & replaced with young technocrats, the situation will remain same. i.e. first disband the UPSC board for selecting the IAS or IFS officers. Select only technocrats. Change the employment rules that all posts are for a period of FIVE years only & based on individual performance it shall be extended & no one would serve more than THREE terms. So that the rotten stuff are rermoved.
PMO should identify these moles of PC and boot them out immediately. Looks like he has planted many of his well wishers in almost all the govt departments very tactfully.