Ramalinga Raju- billionaire to pauper: What lesson should we learn from him?

There is lot to learn from this saga , specially the young entrepreneurs who blindly follow tax consultants who listen to save few bucks which piles up and goes out of hand but forget that tax is the form of income for our government and if all the rich pays it, India would become a G10 country too. But the problem with Indian people are that they never want to manage taxes but only not pay taxes. I know a lot of companies who cut TDS from their payments but do not pay that amount to the government. The explanation given for not paying taxes is that the government does not utilise these funds for the development of the nation. Most of these tax amount is spend and acounted on books, but is it actually being spend for the country. But I still believe that we should pay our taxes because only then a small percentage gets converted into development. So please young entrepreneurs, have transparency in all your dealings and help India by paying your taxes on time.

I don't think Raju is a pauper.  He will have enough for few generations - slashed away.  There will be lot of assets he can fall back on.  He did not expect things will go wrong as badly but he is not a total idiot. Now for the lesson to be learnt - there is not much for general public or the entrepreneur class.  But for the auditor cross section, this will be a lesson for their entire professional life!!