#Throwback 2018: What the Rotomac, Nirav Modi, and Sterling Biotech Scams Cost India in 2018

Money Matters

#Throwback 2018: What the Rotomac, Nirav Modi, and Sterling Biotech Scams Cost India in 2018

Illustration: Arati Gujar

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f 2016 was all about trying to figure out how Paytm works while standing in long ATM queues, and 2017 was about constantly hitting refresh on the GST website and going through bills thinking “Itna sara tax?”, 2018 was the year to borrow-and-run — rich people borrowed thousands of crores from the banks and fled the country as our childhood chor-police game went global.

Who pays for these scams? The scamsters defraud the banks, the banks are too big to fall and the government has to eventually bail them out with taxpayer money. In short, you and I. Yes, your ₹14 GST collected on a sada dosa at Vaishali Pure Veg Restaurant that should have been used to build a flyover (or a statue) will be used to bail out a struggling bank because some asshole at the upper-management level of a Fortune 500 company decided to game the system. Let’s look at how much 2018 cost us in scams.

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