From Rags to Riches and Reverse

Punit just came out of the examination centre. This was his umpteenth time appearing for an exam to secure a job in the government banking sector. After completing his diploma in civil draughtsman course, Punit had tried hard to get a job as a civil engineers Assistant. A job he managed to get but the pay was cruelly too little for him to fulfill his life's desires. So on a senior's advice, Punit was trying to get a job in a bank to secure his salary. Somehow, he wanted to work in the bank as a cashier and get a feel of the currency notes. Soon fortune smiled on Punit and he got the job of a junior officer in a government bank. He felt he had achieved big but he wondered what surprises life had laid out for him in future.

Punit was placed in the trade finance section of the bank and was posted in the head office. He learnt the nuances of foreign trade and fine tuned his knowledge of export and import. After working here for sometime, he was given a posting in the back office section of the treasury department. Here the settlements were made of the trade done by the treasury dealers. Being a part of this team was considered to be fortunate because people with extra talent and ability were entrusted to work here. Because high level of IQ and alertness and presence of mind were the special characteristics needed as a qualification to work here. As the settlements concerned were of large monetary value and big volumes were undertaken and so a high degree of accuracy was a predetermined requisite. The responsibility therefore was also huge. Punit soon settled down well in this demanding position. Here he could get a chance to interact with his foreign counterpart. So slowly he became friends with one such fellow banker on the other side. Punit became so familiar with his counterpart that he got an invitation to visit his friend on the other side. Slowly and steadily his friendship grew stronger. Listening to stories of their life and living, Punit had become curious to know more. So he decided to go to his counter part's country whenever he got a chance. Going there would not be easy. He had his passport but he had to get visa and the permission from his authorities to allow him to travel abroad, which he doubted getting.

From across the other side, Punit came to know that now there was in circulation another type of currency which was not issued by any central bank. Some countries were recognising this as a valid and alternative currency which was beyond the purview of their central banks. Although they were not being allowed immediately as a legal tender. But they were of immense value and were being called as crypto currency or digital currency. This currency was not like physical currency but were being used online in digital format. A block chain technology was the basis of these currencies accounting and a highly secret password was used to make payment and receive funds. Influenced by his counterpart, Punit had made a token investment in this digital currency. He had kept the knowledge of this investment secret. As this currency value was very volatile, there was rapid upward and downward movement of it's price. But initially, Punit was enjoying it's upward journey. In no time, Punit had made a fortune and his wealth had swelled sky high.

Punit did not wait further. He gave his resignation and did not wait to complete his notice period and immediately took a flight out of the country. He flew to a small Carribean island where there was visa on arrival.

In the meanwhile the tax authorities had found out that there had been a high value cross border transaction by Punit for which no tax had been paid. But before the tax sleuths could corner him, Punit had flown out of the country. The national tax authorities had alerted the international police force or Interpol, and issued a red corner notice for his arrest. But before the international police sleuths could catch hold of Punit, he had taken another flight for the small Carribean island.

Before his plane landed on the small airport beside the sun baked beach and azure blue sea, Punit had transferred a huge amount from his crypto account to this island's government account to secure his citizenship. The citizenships of these small islands could be purchased by ultra rich high networth individuals and these principalities showered on them royal welcomes and gave them bona-fide status. Because our Punit was now an ultra rich high networth individual due to his crypto currency astronomical value surge.

The next few years saw a mercurial rise in the wealth status of Punit. His crypto currency war chest was doing exceedingly well as their value had gone through the roof. This new country of his domicile had now declared the crypto currency as their legal tender and had done away with their sovereign currency. So the financial position of Punit had now become more secure than ever. He began making big investments in the island much to the delight of their government officials He had bought over a few sugarcane plantations and some of the mines with it. He had become a billionaire both in terms of crypto assets and otherwise conventional assets valuation. 

The home country of Punit had issued a red corner arrest warrant for his capture. As there was no extradition treaty between his parent country and his adopted country so Punit was enjoying somewhat diplomatic and political immunity. Also as he was a big investor in his new country so Punit was treated royally. He now led a lavish life by living in big furnished exclusive mansions full of liveried staff and a fleet of high end limousines. He had kept a horde of beautiful damsels as his mistresses to look after his day and night needs. 

Alas all good things come to an end someday. The crypto market worldwide faced a terrible slump. Now this technology was learnt by many and others started 'mining' new cryptos. As a result the value of these crypto currencies started its downward movement due to the sudden glut in the market and very rapidly lost it's earlier sheen and values. As his adopted country had made this crypto it's legal tender therefore this country's wealth was going down the hill at a very fast pace. Within a very short time huge wealth of the country and Punit as well had evaporated and within days they were all biting the dust. Such was the volatility of the crypto currency. Highly unpredictable. The country had to make a huge borrowing from the world finance agencies to bail itself out of this crisis. Those investors who still had wealth and could help bail out the government in times of trouble were permitted to stay and others were told to leave immediately. Punit could not capitalise the situation and his huge wealth was drained and he became almost a pauper. The government told him to leave the country within a short period of time and his parent country was notified.

His parent country made arrangements for his repatriation at the earliest. Punit returned home like a villain and marked as an anti national. The leading newspaper reported his amazing story the next day with the heading - - '' From Rags to Riches and Reverse ''.