“Scumsters”, How Willful Defaulters Steal From “We The People”, Penguin
Citation
Subramanian, Krishnamurthy. “Scumsters”, How Willful Defaulters Steal From “We The People”, Penguin .
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Abstract
From 2009 to 2014 in India, the invisible and sneaky hands of the scumsters—our label for crooked promoters like the Mallyas, Modis, Mehtas and Ruias—has surreptitiously stolen money that rightfully belongs to us—the taxpayers and depositors. In this book, we highlight the nefarious ways scumsters employ to swindle our money by dodging repayment. We describe that the recipe for willful default as comprising three critical ingredients: (i) accounting mischief, (ii) worthless collateral, and (iii) misuse of funds. We also describe the enormous costs that these scumsters impose on our nation’s economy.

Prof. Krishnamurthy V. Subramanian is a Professor of Finance at the Indian School of Business. He served as the 17th Chief Economic Adviser to the Government of India (2018–2021) and as Executive Director at the International Monetary Fund, representing India and South Asia. His work is distinguished by the application of first-principles economic reasoning to high-stakes policy challenges in emerging economies.

In 2026, Prof. Subramanian was selected as the first Indian economist in the 85-year history of the University of Chicago Alumni Award for Professional Achievement, a tradition that has previously honoured at least 14 Nobel laureates, including Paul Samuelson, Herbert Simon, Gary Becker, Myron Scholes, and Claudia Goldin, alongside global thinkers such as James Watson (co-discoverer of DNA), astronomer Carl Sagan, and marketing pioneer Philip Kotler. He belongs to an elite group of individuals to have received Distinguished Alumnus honours from all three of his alma maters: IIT Kanpur, IIM Calcutta, and the University of Chicago.

In its official citation, the University of Chicago described Prof. Subramanian's three Economic Surveys of India as "landmark" documents that provided "the intellectual foundation for India's approach to self-reliance, anchored in competitive markets, policy autonomy, and inclusive growth." The citation further noted that his early public articulation of a V-shaped economic recovery "helped anchor confidence in India's economic resilience at a time of deep global uncertainty.

As India's Chief Economic Adviser during the once-in-a-century COVID-19 crisis, Prof. Subramanian worked with senior political leadership to help design the macro-financial and public-health architecture of India's response and to conceptualise Atmanirbhar Bharat (Self reliant India). He was among the few policymakers among G-20 economies to correctly diagnose the crisis as a supply-side disruption and articulated a balanced policy framework that delivered non-inflationary growth while preserving macroeconomic stability. His thematic Economic Surveys, a departure from past practice, introduced new frameworks emphasising ethical wealth creation, supply-side reform, and public-investment-led growth, and continue to guide India's economic approach. The scale of these decisions, affecting 1.4 billion people, underscored the real-world stakes of economic reasoning.

At the International Monetary Fund, Prof. Subramanian engaged directly with sovereign leadership during major balance-of-payments crises in South Asia, contributing to the design, negotiation, and oversight of stabilisation programmes that balanced fiscal credibility, social protection, and climate resilience. Across engagements with multilateral institutions including the United Nations, he has advanced data-driven reforms in global economic governance aimed at fairness, transparency, and institutional credibility.

Prof. Subramanian's scholarly research in financial economics has appeared in the world's leading journals. He is the author of India@100, a national bestseller presenting an evidence based framework for India's long-term growth trajectory toward its centenary in 2047, and Money: A Zero-Sum Game, which develops a first-principles, balance-sheet-based framework for understanding money creation and monetary transmission. Known for his ability to translate complex economic ideas into accessible language while remaining grounded in scholarly rigour, he has been described in the media as "the common man's economist," a reflection of his ability to combine scholarly rigour with public clarity.

His work reflects a central conviction: that rigorous economic reasoning, when combined with the courage to act under uncertainty, can shape outcomes for hundreds of millions of people.

Prof. Subramanian holds an MBA and a PhD from the University of Chicago Booth School of Business, an MBA from IIM Calcutta, and a B.Tech from IIT Kanpur.

Krishnamurthy Subramanian
Krishnamurthy Subramanian