Covid-19 first and second waves have extremely badly impacted India in many ways. Firstly, they have claimed more than two lakhs valuable lives. Secondly, the lockdown imposed to prevent the spread of the virus triggered the closure of many industries which left thousands of people jobless. The rate of unemployment also increased to unprecedented levels up to more than eleven percent. The Indian economy has been oscillating between bad and worst. Finance minister Nirmala Sitaraman has announced a scheme of the bailout but it is as usual only a flora of words with not any concrete package to the commoners and poor. In all these odds, bad news has come from our rich class. During the two waves of COVID-19, wealthy Indians picked up second homes in Dubai, lured largely by its tax-friendly laws and the availability of immediate residency status through real estate investments, not to mention an international lifestyle and the distance from Indian shores. This means, our rich are driving out their money in abroad and we may face a liquidity crunch in near future. Dubai’s real estate market has been booming over the past five months due to the influx of foreign investors, of which Indians pumped in six billion dirhams (Rs 12,100 crore) compared with two-point nine billion dirhams by UK investors and one point four billion dirhams by Chinese investors. This should worry our government as we are losing our favorite place for investment not only by Indian investors but foreign investors. Our laws are not tax-friendly and rigid regulations and harassment by tax officials is the main reason for our rich people opting out for foreign investment. It is not important that they are going to this or that country. The worrisome thing is that our money is going out of India and to that extent, our economy is tottering. Prior to the havoc created by Coronavirus, already Indian economy was in bad shape and FM or PM have not taken any cognizance of the dilapidating economy. The recession had hit us hard and the final whammy was done by Corona's first wave followed by a more severe second wave which crushed our fragile economy. In such a situation, when the country needs capital from the rich to invest in India, these rich people are running to Dubai. Actor Sanjay Dutt has already got a golden visa in May of Dubai. The reason told for the reason for Indian rich class’ decision to go to Dubai for investment is that they are not satisfied by the handling of the Corona situation by the Modi government. The result:  Investment from both NRIs residing in UAE and HNIs from India totalled around six billion dirhams in the last five months. While in Mumbai, the economic capital of the country, the land sale market is already facing slack, the numbers from Dubai real estate markets are very disappointing from an Indian point of view. When rich people invest their money in markets, the economy gets more money and demand is created which further brings more jobs and opportunities of employment. This is precisely not happening in India. There are some reasons also and the major reason is our tax laws are just to extract money from taxpayers without giving them any relief. Tax deductions are given in very less scale and so naturally affluent class is attracted towards Dubai or like destinations. As the Indian investment is going out of the country on a large scale, India will have to face the consequences now. If the government wants to reverse the trend, the government should bring transparency and more benefits to taxpayers.