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By:

Dr. Kishore Paknikar

29 January 2025 at 2:43:00 pm

The W2K Problem

Most people have heard of the Y2K problem. But recently, I found myself thinking about a different problem altogether. I call it the W2K problem. W2K stands for a surprisingly simple but unsettling idea: the average person may have only around 1800 to 2000 truly productive working weeks in an entire career. At first, the number sounds absurdly small. But the arithmetic is straightforward. A person who begins serious professional work around the age of twenty-five and retires near sixty-five...

The W2K Problem

Most people have heard of the Y2K problem. But recently, I found myself thinking about a different problem altogether. I call it the W2K problem. W2K stands for a surprisingly simple but unsettling idea: the average person may have only around 1800 to 2000 truly productive working weeks in an entire career. At first, the number sounds absurdly small. But the arithmetic is straightforward. A person who begins serious professional work around the age of twenty-five and retires near sixty-five has roughly forty working years. Once weekends, holidays, leave, illness, and various breaks are excluded, the number of active working weeks shrinks dramatically. Suddenly, an entire career no longer feels endless. Now imagine that instead of working weeks, you were given Rs. 2000 for your entire professional life. Not Rs. 2000 per month or per year, but for everything you would ever need throughout your career. Every rupee would matter. You would think carefully before spending it. You would avoid unnecessary commitments and impulsive decisions. Most importantly, you would repeatedly ask yourself whether each expense was genuinely justified. Fruitless Activity Yet when it comes to working weeks, most of us behave very differently. We spend them casually. We postpone meaningful work endlessly. We assume there will always be enough time later. Entire weeks disappear in activities that add little value to our lives, careers, relationships, or inner growth. We treat working weeks as if they are renewable resources, even though they are among the least renewable things we possess. Once a week is gone, it never comes back. Modern working life quietly encourages this carelessness. Whether one works in business, education, government, medicine, technology, banking, administration, media, or industry, the pattern looks remarkably similar. There are deadlines to meet, targets to achieve, meetings to attend, emails to answer, reports to prepare, and endless notifications demanding attention. The workday gets fragmented into small tasks, interruptions, and constant reactions. As a result, many people live with a permanent feeling of incompleteness. Even after working long hours, there remains a sense that something important is still pending. One task ends only to make room for several more waiting in line. Interestingly, this pressure does not necessarily reduce with success. In many cases, success intensifies it. The efficient employee receives additional responsibilities. This creates one of the strangest paradoxes of modern life: the more efficient people become, the busier they become. Technology was supposed to save time. Yet many people today feel more rushed than ever before. Work travels home through laptops and mobile phones. Messages arrive late into the night. Vacations remain interrupted by calls, alerts, and emails. The deeper problem is not laziness or poor time management. The deeper problem is that modern work expands continuously. Every increase in efficiency creates new expectations. Greater productivity creates higher targets. Instead of reducing pressure, efficiency often multiplies it. Many professionals feel permanently behind as they believe that if they organize themselves better, work harder, or become more disciplined, they will eventually catch up. But catch up with what? The stream of demands never stops. The list grows faster than it can ever be completed. The W2K problem is therefore not merely about shortage of time. It is about misunderstanding the nature of working life itself. Many people quietly spend decades waiting for life to begin properly. They spend weekdays “getting through work” while waiting for weekends. They postpone hobbies, friendships, travel, health, and personal dreams until some future stage when life becomes less busy. Young professionals wait for promotions. Middle-aged employees wait for financial stability. Older workers wait for retirement. But if we truly have only around 2000 working weeks, then this way of living becomes deeply questionable. There are no ordinary weeks. Every week is a part of life itself, not merely preparation for life. This does not mean that every working week must be perfectly productive or intensely meaningful. Human beings need rest, entertainment, leisure, and even occasional aimlessness. The problem is unconscious spending of time without reflecting on what genuinely matters. Continuous Distraction One reason this happens is that modern culture measures success largely through visible activity. Long working hours are worn almost like badges of honour. Many professionals move endlessly from one meeting to another without pausing to ask whether these activities are actually improving the quality of their work or lives. In such an environment, responsiveness increasingly gets confused with usefulness. Replying quickly, staying permanently connected, and remaining constantly available create the appearance of productivity while leaving very little room for deep thinking, creativity, or reflection. Yet meaningful work in almost every field requires uninterrupted attention. Important ideas, careful decisions, and genuine understanding rarely emerge from continuous distraction. Unfortunately, modern work culture leaves little space for such reflection. People are expected to react continuously rather than think deeply. As a result, many remain busy for years without feeling fulfilled. The W2K problem forces us to confront an uncomfortable truth. We cannot do everything. We cannot attend every meeting, accept every opportunity, answer every message instantly, or satisfy every expectation. Every commitment quietly consumes a portion of a limited professional life. Once this truth is accepted, priorities begin to change. The question slowly shifts from “How can I do more?” to “What is truly worth doing?” Perhaps we also need to rethink how success itself is defined. Higher salaries, promotions, designations, and social status cannot compensate for years spent in chronic stress, exhaustion, or emotional emptiness. A successful career is one in which working weeks have been spent consciously and meaningfully. The W2K problem ultimately reminds us of something simple but profound. Every week spent carelessly is permanently lost. If people treated working weeks with the same seriousness with which they treat money, many decisions might change. Meetings would become shorter. Distractions would reduce. Relationships would receive more attention. Health would no longer be endlessly postponed. Meaningful work would receive greater priority over endless activity. The W2K problem is not really about shortage of time. It is about the quiet and irreversible way in which life gets spent. (The writer is an ANRF Prime Minister Professor at COEP Technological University, Pune, and former Director of the Agharkar Research Institute, Pune. Views personal.)

India waits to lasso diamantaire Mehul Choksi

Mumbai: India rubbed its hands gleefully as the Belgium Police honoured its request to arrest the absconder diamantaire Mehul Chinubhai Choksi – more than seven years after he, along with his nephew Nirav Deepak Modi - allegedly duped the Punjab National Bank of nearly Rs. 13,800-crores.

 

The scam involving the ‘Mehul Mama-Nirav Bhanja’ erupted in Jan 2018, after the PNB lodged a complaint with the Central Bureau of Investigation (CBI).

 

By then the kin, along with many of their family members, winked and slipped out of the country, leaving a rattled India rubbing its palms in disappointment.

 

A political-cum-financial storm raged, embarrassing the Bharatiya Janata Party government of Prime Minister Narendra Modi a year before the Lok Sabha elections.

 

Multiple agencies launched a multi-pronged probe into what became the biggest banking scam in the past quarter century – and almost four times bigger than the stock market-cum-banking fraud the late Big Bull Harshad Mehta had inflicted on the Indian economy 33 years ago (in April 1992) – when it was just opening up.

 

In Belgium

According to official reports, Choksi was living with his Belgium citizen-wife Preeti in Antwerp, a global diamond hub, presumably for the past 18 months on a ‘residency permit’ acquired through questionable means, for medical reasons.

 

Earlier, he shot to the headers (June 2021) while being taken in a wheelchair to a court by the Dominican Republic's Police on charges of sneaking into the small country in the Caribbean Sea, North America.

 

Interestingly, as the Antigua & Barbuda government initiated the process to cancel his citizenship acquired through an investor visa, Choksi had suddenly gone ‘missing’ till he surfaced in the Dominican Republic.

 

The April 2025 action by Belgium followed a request by India’s CBI and the financial frauds specialist Enforcement Directorate (ED) to nab Choksi as the InterPol had revoked his Red Corner Notice in 2023.

 

Mama and Bhanja

‘Mama’ Choksi is the founder-owner of Gitanjali Group while ‘bhanja’ Nirav’s Firestar plus other companies – and the duo, with some PNB officials hand-in-glove – conspired to make a ‘mamu’ of not only PNB, but other banks, as it subsequently tumbled out.

 

After making a quiet exit, Choksi was detected living in the verdant Antigua & Barbuda Isles (West Indies), then attempted entry to the Dominican Republic, was sent back to Antigua & Barbuda and then went to Belgium where he was nabbed on Sunday.

 

Similarly, Modi was found sauntering on the streets of London and nabbed in March 2019. He remains in jail there since India's extradition is still pending.

 

However, India is keeping its fingers crossed that it may finally lay hands on Choksi, bring him to India and face trial in the PNB scam, though it may take time.

 

Born in Mumbai (1959) and educated in Gujarat, Choksi, 66, and wife Preeti have three children.

 

The Rs. 13,800-crore PNB scam

In the modus operandi revealed after India’s second-largest PSU bank PNB admitted it was scammed, Choksi and Modi used fraudulent Letters of Undertaking (LoU) to get overseas credits or loans from Indian banks.

 

The PNB first informed the Reserve Bank of India (RBI) of the fraud and then lodged a criminal complaint with the CBI in Jan. 2018, plus another CBI complaint in Feb, that led to a FIR against Modi and Choksi and their companies.

 

The ED entered the scene to probe the allegations of money-laundering through the LoUs – which they allegedly misused to avail short-term business finances from foreign branches of Indian banks.

 

The probe said that the duo were availing the LoUs from the PNB’s Brady House Branch from March 2011, and over the next six-seven years, managed to get a whopping 1,200-plus LoUs like a breeze with the help of some friendly bankers within.

 

Post-scam, the gold-diamond companies Gitanjali Group and Firestone Group with multiple operations in India and abroad have largely wound up, while some personal assets of the mama-bhanja have been auctioned to recover a part of the dues.

 

ED's plea to declare Choksi fugitive stuck for seven years

Even as absconding diamantaire Mehul Choksi, a key accused in the Punjab National Bank loan fraud case, has been arrested in Belgium, the ED's plea to declare him a fugitive economic offender has been pending before a court in Mumbai for nearly seven years.


Choksi, 65, and his nephew diamantaire Nirav Modi are the prime accused in the Rs 13,000 crore PNB bank loan fraud case. Choksi was arrested in Belgium following an extradition request by Indian probe agencies, official sources said on Monday.


The Enforcement Directorate had filed the application in July 2018, seeking to declare Choksi an FEO and confiscate his assets under provisions of the Fugitive Economic Offenders Act.


However, the matter has witnessed repeated delays owing to a barrage of applications filed by the accused in the PMLA court and the Bombay High Court alleging procedural lapses in the Enforcement Directorate's plea.


"The court is kept busy with frivolous applications, and hearing on our application to declare him (Choksi) an FEO has been adjourned for the past seven years,” an ED officer had said after the hearing was once again deferred this February.


"The court should have continued the hearing and taken a decision on the future course of action once the application was moved," the officer had said.

He had urged the court to take note of the repeated filing of similar applications and to not entertain them.


Choksi's lawyer had informed the court that the accused was undergoing treatment for suspected cancer in Belgium and intended to file an application in connection with his health.


Under the FEO Act, an individual can be declared a Fugitive Economic Offender if a warrant has been issued against him for an offence involving Rs 100 crore or more and he has left India while refusing to return. Once declared an FEO, the person's property can be confiscated by the investigating agency.


Choksi had challenged the ED's application in the Bombay High Court, alleging that the agency "had not followed proper procedure before filing the application and, hence, it stands vitiated".


However, in September 2023, the High Court dismissed his plea, ruling that the ED had adhered to the prescribed format under the FEO Act. It also vacated a stay on the special court's proceedings.


Despite this, the hearing on declaring Choksi FEO could not commence, with Choksi continuing to file applications before the special court through his lawyers.


While most of these pleas have been dismissed, a few remain pending. His latest attempt to stall proceedings through a plea to recall the notice issued on the ED's FEO application was rejected in December 2023.


According to ED officials, Choksi left India under suspicious circumstances in early January 2018.


Shifting stance

Choksi's counsel has argued that the ED kept shifting its stance on the material grounds for declaring him an FEO and that the suspension of his Indian passport made it impossible for him to return for investigation.

The court, however, rejected this argument, stating that the notice was issued based on accurate information and not based on "wrong facts or mistaken assumptions".


ED claimed the accused left the country under suspicious circumstances in the first week of January 2018.


Nirav Modi has already been declared as an FEO by the special court. He has been lodged in jail in London since 2019.

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