Sir,

The recent Income Tax and ED raid in Bowring Institute (a reputed Club in Bengaluru), wherein three lockers belonging to one Avinash Amarlal Kukreja, a city-based financier was forcibly opened by Club authorities, throws up interesting aspects of human greed and avarice.

The Club had sent him a routine notice asking him to pay up Rs. 150 for three lockers after increasing the rentals from  Rs. 5 per locker to Rs. 50. This gentleman refused to pay the increased rentals to save just Rs. 150 (!) which warranted the  Club officials to break open his lockers and found cash, jewellery, diamonds and land documents worth nearly Rs. 850 crore! This greedy, super-rich gentleman eminently deserves to be rated as the world’s biggest miser!  For all I know, this chap perhaps did not pay a single rupee Income Tax so far!

Let us hope the IT and ED officials concerned eventually prosecute all the culprits involved and the case does not meet the same fate as earlier IT cases.

This in a nutshell is the height of being Penny Wise, Pound Foolish !! Any learners from this sordid episode?

– K.C. Biddappa, Retd. Sr. Vice-President, ITC Ltd., Mysuru, 24.7.2018

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