Goldman Sachs got more than it bargained for when it opened a new office in India last May.
It didn’t take long for the criminal nation of India to start stealing from Goldman too.
One would think Goldman would have learned its lesson from the 2008 Wall St. India Inc outsourcing debacle, but now, it just keeps asking for more hurt.
“Indian police arrested a Goldman Sachs vice president on Tuesday after the Wall Street bank complained that he had tried to siphon more than $5 million of its funds, a police official said on Tuesday.
Ashwani Jhunjhunwala, part of Goldman’s Bengaluru operations in southern India, last week used the computers of three junior employees to transfer 380 million rupees ($5.3 million) of the bank’s money, according to the complaint filed by Goldman”.
Goldman’s Bengaluru operations have roughly 5,000 employees largely in engineering, technology and back-end roles. The New York-headquartered firm had 36,600 employees globally as of end-2018″.
This gives new meaning to the battle cry of most Indians in Silicon Valley: “Loot and remit, die for dollars, outfox the Yankees!”.