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By:

Divyaa Advaani 

2 November 2024 at 3:28:38 am

When Growth Confuses Markets

In business, growth is often associated with expansion. As companies evolve, founders naturally begin exploring additional services, new verticals, and complementary offerings that can strengthen revenue and create larger opportunities. From a business standpoint, this progression appears logical. The entrepreneur sees the connection clearly because the new service often emerges directly from existing expertise. However, markets do not always interpret expansion the way founders expect them...

When Growth Confuses Markets

In business, growth is often associated with expansion. As companies evolve, founders naturally begin exploring additional services, new verticals, and complementary offerings that can strengthen revenue and create larger opportunities. From a business standpoint, this progression appears logical. The entrepreneur sees the connection clearly because the new service often emerges directly from existing expertise. However, markets do not always interpret expansion the way founders expect them to. Recently, during a conversation with an entrepreneur, this reality became particularly evident. She explained that despite putting significant effort into growing her business and introducing additional services connected to her current work, she was struggling to attract clients for these newer offerings. What surprised her most was not the lack of effort being made, but the lack of understanding from the market itself. People were becoming uncertain. Existing clients no longer clearly understood what exactly she should now be known for. And in business, the moment perception becomes unclear, trust begins weakening faster than most founders realise. The services were related, the value proposition made sense internally, and from her perspective the transition felt natural. Yet externally, the audience struggled to clearly understand what exactly she now represented. Existing clients knew her for one thing, while her newer positioning was attempting to communicate something broader. This is becoming increasingly common among founders and business owners operating at substantial levels of turnover. At earlier stages of business, growth is often driven by activity. More services, more offerings, and more visibility appear to create momentum. But as businesses scale, particularly beyond the ₹5 crore mark, perception begins playing a far more significant role in determining growth. The challenge is not always capability. Very often, the challenge is clarity. Many entrepreneurs underestimate how quickly confusion weakens trust. Audiences today process information rapidly and make judgments even faster. They do not spend long periods trying to decode a founder’s positioning. The moment the messaging feels inconsistent or overly broad, attention begins to drift elsewhere. This creates a hidden business problem that many founders fail to recognise immediately. The entrepreneur continues investing more effort. More meetings are scheduled, more marketing is executed, more content is created, and more explanations are repeatedly given to the market. Yet despite all this activity, conversions remain inconsistent because the underlying issue has not been addressed. The market does not clearly understand where to place the individual. This is where personal branding becomes a business necessity rather than a visibility exercise. A strong personal brand creates strategic clarity. It allows people to immediately understand not only what an entrepreneur does, but why the additional services make sense within the larger identity of the founder and the business itself. Without this alignment, even valuable offerings begin to feel disconnected. Over time, this confusion creates broader consequences. Opportunities become slower to materialise. Referrals reduce because people struggle to explain the business clearly to others. Premium positioning weakens because clarity is directly connected to authority. In many cases, founders begin questioning their marketing strategies when the actual issue lies in how their positioning is being perceived. This becomes particularly dangerous in today’s environment where visibility is abundant but attention is limited. The founders who continue to grow are rarely the ones trying to communicate everything simultaneously. They are the ones who build a clear identity first and then strategically expand around it. Their audience understands not only what they currently offer, but also why future offerings naturally belong within their ecosystem. This distinction changes everything. Because in business, people rarely buy what confuses them. They buy what they can quickly understand and confidently trust. For founders and business owners who feel they are putting in increasing effort yet still struggling to position newer services effectively, this may be an important moment for reflection. Sometimes the issue is not the quality of the offering, but the clarity of the perception surrounding it. I work with a select group of founders and entrepreneurs to help them identify these positioning gaps, refine how they are perceived in the market, and build personal brands that create stronger authority, trust, and business growth. Those who wish to explore this further may book a complimentary 30-minute Founder Brand Audit here: https://calendly.com/divyaaadvaani/founder-brand-audit In the end, businesses rarely lose only because of weak services. Increasingly, they lose because the market understands someone else faster. In a world overwhelmed by options, clarity is no longer just a branding advantage. It is becoming one of the strongest competitive advantages a founder can build. (The author is a personal branding expert. She has clients from 14+ countries. 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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