Happy New Year - a story

Happy New Year - a story

8 Oct 2000

There is a gentle sea breeze spreading its magic to the air and making me feel vivacious. I got out of auto in front of my office. I had recently shifted to Mumbai from Vadodara on an offer given to me by CEO Harshad Gupta which was too good to be ignored. He had offered me five times of my previous salary and a 1 BHK apartment to live while working in “Fairdeal Securities”. 

I was put on an important assignment to bring onboard three stars of Indian cricket and Bollywood, Yash Sharma, the captain of Indian cricket, Umang Kapoor a popular action hero and finally Sahil Khan, known for his romantic roles. This was going to be the biggest project in my career

I dialled the number for Amelia Waters, Senior executive from Panther Advertisers, who handled the contracts for these stars and exactly at 1:30 and Amelia came online.

 “Good morning, Amelia” I said.

“very good morning to you too” Amelia said.

“As I already explained in my mail, I need these three to endorse our company”.

“It will cost you money” she said.

“We have done our homework and only then have we zeroed in on these three. So don’t worry about the budget.”

“Look Radhika it is more complicated than just budget.”

“What?”

“Let me explain. These three are not just any other models. They are role models for Indians and a brand in themselves. So they just can’t endorse any company. There is a strict screening process. We have to see whether the product or company is trustworthy, has quality and most importantly fits their image. The mail you sent was very sketchy on details. Tell me exactly what your company does?” she asked

“Ours is a company with a billion Rupees turnover. We deal in government securities. Our investors are government cooperative banks and Singapore based Mr Ketan Gupta who is elder brother of our CEO Harshad Gupta. And our slogan is SAFETY IN SECURITIES, which we want to promote” I thought my explanation was sufficient but my misconception was cleared by Amelia’s next sentence.

“Radhika these are still fuzzy details. I am sorry. You have to be more thorough and specific.” 

“I joined the company only about a couple of months back and I don’t carry much knowledge about financial details of the company but I will discuss it with my boss and will get back to you soon. Though how much is their average fees?” I asked.

“Somewhere in the range of 10 to 15 million Indian Rupees but that is secondary.” She signed off with that.

“May I come in sir?” I asked.

“Please, do come in.” Harshad Gupta said. 

At a very young age of 35, Harshad was successful, sophisticated, urbane, cultured and I was in awe of him.

“Sir, I talked to panther Advertisers and they want more details than what I had already provided.”

His phone buzzed before he could reply and as soon as he saw the number ,turned pale. He did not receive the call. 

“I hate these media people. They are parasites who feed on people like us” He said in irritation “Any way coming back to your question. Look I don’t have time to educate you. You can discuss these with our financial head Mr Murthy.”He took a sip of water and continued “If you notice you will see all our colleagues are young people like you. I hire young people because they have a fire in their belly and are uninhibited. I thought you were a bright girl but today I am a little disappointed in you,Radhika. Listen, you prepare your details with Murthy and I give you authority to quote up to 17 million for each of them. Now tell me can you get them for me? And remember SAETY IN SECURITIES” He said with a smiling face.

“Sir I will not disappoint you.” I said with resolution in my voice. In hind sight it was going to be the biggest mistake of my life.

I had not liked Murthy from day one. He always appeared to be very secretive, arrogant and silent and as expected of him, he rebuffed me by saying that he neither had the time nor the authority to apprise me but eventually relented when I told him that Mr Harshad himself had ordered it.

“I have serious doubts whether you can understand our complex operations.” He said haughtily.

“Try me. I am an MBA graduatefrom ISB, where guys like you can only dream to enter.” I said as calmly as possible.

“We deal in Government securities on behalf of general public, investors and co-operative and other banks. Government Securities are securities issued by the Government for raising a public loan or as notified in the official Gazette….” Murthy paused for air while I was feeling irritated since I knew very well what a security is. But I did not dare interrupt him.

“Our biggest investor is Sahaskar Cooperative bank whose chairman Mr.Tukaram Bhonsle is a good friend of our boss and he is also cousin of Mr Suresh Gaikwad, MP Nagpur. Second big investor is Mr Ketan Gupta who has invested Rs 100 Crores through Mauritius route to save on taxes. In total small and big 20 co-operative and other banks have invested to the tune of Rs 400 crores. Add to this around Rs 500 Crores of general public and you got a 1000 crores company. We trade for all of them and we take our commission at different rates from different investors.” He looked at me to check whether I am following.

“Please proceed.” I said encouragingly.

“Now Harshad Gupta wants to go public and list our company at BSE and NSE and for that we need promotion from these pseudo heroes. Personally I find it wastage of money but as they say boss is always right.” said a somber Murthy “So, you can boldly tell your Angela that we are a very strong and legitimate company and People all over India trust us with their money.”

“Thanks Murthy. That will suffice and by the way she is Amelia.” said a confident me

I mailed the details very same day and voila! I got her confirmation the next day. I wish I knew that day what Ajay Singh from CBI told me one year later.

20 Oct 2000

The promotional event was launched with much pomp and fare and was a huge success. It was attended by Mr Ketan Gupta, Mr Tukaram Bhonsle, Mr Suresh Gaikwad, MP Nagpur and of course Yash Sharma, Umang Kapoor, Sahil Khan and Amelia Waters All of whom chanted together “SAFETY IN SECURITIES”.

Though that was the zenith of mine and Harshad Gupta’s career, everything went downhill from that day onwards and one year later Ajay Singh cornered me.

20 October 2001

It had been one year since that eventful launch. The business had soared initially but started to deteriorate in the last five months. There were rumors that there was an ongoing investigation on our firm. 

I had got a call from Ajay Singh, ACP who asked me to meet him alone at Marine drive and was waiting for him, when somebody tapped on my shoulders. 

“Ms Radhika Patel you misled three icons of our country. A formal complaint is filed against your firm and you have been named a perpetrator along with your boss and others like Murthy. You are in a soup.I can arrest you right now” Ajay Singh said menacingly.

“What crime did I do?” I asked with apprehension.

“It is called criminal complicity. And it doesn’t matter whether you do a crime knowingly or unknowingly. You are an accessory in crime. Ignorance of law is no defense.” 

I could not believe that I was named in a FIR. I looked at Ajay with tears in my eyes. Not that I expected any sympathy from him as I knew most of the police persons are very insensitive. But the very thought of all the humiliation and hardships for me and my family was unbearable and I started crying uncontrollably.

Ajay Singh sat stoically till I composed myself. When he spoke I could not believe my ears. 

“The investigation started six months back and backgrounds of all persons involved have been thoroughly checked by us when a complaint was filed in West Bengal. As the crime was international in nature, the case was handed over to CBI from Bengal Police. Your family background and educational qualification along with your career graph proved that whatever you did, you did unknowingly. I did not wanted to make you cry but was a mere tactic to make you cooperate.” He said in a reassuring tone.

“What do you mean? Does it mean I won’t go to Jail?” I asked incredulously.

“On the contrary you can be awarded. But you have to do exactly what I say. Are you ready to trust and co operate with me?” He asked.

“Give me some time to think. Right now I just want to resign and go back home to Ahmedabad. Can I reply after reaching there?” I asked.

“Radhika you can be of no use to CBI if you resign. You have to endure this ordeal for some more time.”

“Ok give me time till tomorrow. We can meet here at Marine drive again and decide future course of action.”

“See you tomorrow” he said and left.

21 October 2001 

“So what have you decided?” Ajay asked.

“I will do whatever you want me to but I need a written assurance that I will get full protection and immunity.”

“Fair enough. You got it. Now listen very carefully. You have to be my eyes and ears inside Fairdeal Securities. Tell me what you know.” He said.

“Recently I started to feel something is amiss. We have not received our salaries for last three months. Harshad explained on account of recession but it seems there might be another reason behind it. The fall started when BSE rejected the public listing after just one week of accepting it. But if you want any papers I will get them for you.” I told.

“That is OK for now. Keep yourself aware of transactions and dealings. I also want you to monitor his dealings with Tukaram Bhonsle, Ketan Gupta and other investors. Radhika, the complaint of those three are not enough to nail him. Investigation and prosecution of financial crimes is complicated and tricky. I have to build a foolproof case and as you are an MBA you can be a perfect accessory. And don’t worry you will get full protection” He was smiling again and my perception of policemen was changing fast.

25 December 2001

 “Radhika did you know that Mr Tukaram Bhonsle, has been replaced by Mr Chintan Joshi. Chintan has filed a case against Fairdeal securities and Tukaram for non-receiving of securities worth Rs 100 crores. Now I can move swiftly against your CEO, Murthy and others. Any news from your side?” Ajay asked.

“I can tell that Ketan Gupta has started divesting his money and this is leading to trouble for Harshad. Till date he has divested more than Rs 120 crores. Murthy and Harshad are very secretive. Fairdeal claims to be a professional firm dealing in government securities and would lure the general public, brokers, sub-brokers dealing in Gilts. But the government securities never existed and were actually bought from some third party and the whole deal was meant to bejust a show on papers only. There is probable violations of foreign exchange regulations, as Ketan Gupta allegedly remitted Rs 120 Crores to Mauritius through Mauritius Bank. I heard that he keeps important details at his bunglow in Andheri.” I told him.

“We can nab them before new year. You will have to go to his bunglow with a wire and get a confession on tape. My team will be just outside and if he tries to harm you we will intercept.” He said.

“I trust you completely and will do it. When do you want me to do it?” I asked.

“Subhshya Sighram. Tommorrow.”

26 December 2001

I pressed the bell of Harshad’s bungalow at 7 PM. I had a champagne bottle in my hand and I almost force invited myself into his home, albeit he thinks he asked me to come. I was wearing a dark red loose fitting shirt and black jeans to hide the wire. 

Harshad looked like tired and seemed to have aged almost 10 years in just a year. He ushered me in and we opened the bottle. Plan was to get him drunk so that he will talk freely and getting the conversations recorded. 

At 9 the doorbell rang and I observed him carefully as he walked to the door. I knew that time was running out but suppressed the urge to check my watch. I took a deep breath and started counting in reverse under my breath. "Ten, nine, eight, seven..." and I pressed the record button at zero.

He opened the door and took the delivery of the dinner we had ordered earlier 

He took a bite and smiled for the first time in two hours. I started “I know all about your ordeal and want to help you if you ask me.”

“Radhika I am a go getter. But now my family and friends have deserted me. I can no longer continue.” He said in a rueful voice.

And then he confessed all and I recorded. By ten Ajay felt he had enough to implicate him and his accomplices.

They moved in and arrested him, got the papers from his bunglow and later on from our office.

1 January 2002

I am sitting with my parents and brother in our Ahmedabad home and watching the events unfold on national television. 

Harshad Gupta was remanded to ten days judicial custody. Tukaram Bhonsle was arrested as was other banks chairman who had helped Harshad in getting loans.

 Yash Sharma, Umang Kapoor and Sahil Khan were saved only because of their earlier complaint which distanced them from this sordid saga. 

Ketan Gupta was nabbed by Interpol and process to extradite him was underway. 

Union finance minister declared that Fairdeal securities is more than 2000 crores scam and process was underway to attach the properties of all the culprits so that the innocent small investors can be compensated. 

Suddenly my phone buzzed. It was Ajay.

“Congratulations! You have been chosen for cash reward of Rs 1 Lakh and commendation medal. I also have an offer for you for the post of consultant in CBI, and FYI, I am promoted out of turn and thank you for that. 

My eyes welled up with tears of both relief and joy and I shared the news with my parents and brother after ending call and we wished each other a Happy new year 

Jai Bajrang Bali