Skip to main content

Banks are easy targets for tapping huge funds, as influential politicians care little for irregularities

By Adv Masood Peshimam*
The saying goes that there is always a crime behind every big money. Indeed, criminals care a hoot for law as they feel that they can play havoc with justice by purchasing it. They don’t fear the consequences as they know that they can be steered clear of the blame put on them as they have the potential and clout to grease the palm at the right corner. Those becoming rich overnight are least concerned with the devastating effects of their criminal acts, as the same can be neutralized with corrupt means.
Muscle power follows money power. The twin power of money and muscle draws its strength from proximity to the political class. In the given situation it’s easy to promote fortunes very fast. The story of rags to riches with an enormous speed reflects deceit, fraud and chicanery. Prominent poet late Zafar Gorakhpuri of Bollywood’s “Bazigar” fame can be quoted here:
“Kal tak jo the mere sath bhikh mangne wale,
Aaj ek raat me amir kaise ban baithe.”

(How is it that those who were begging till yesterday have become so rich to today)
It is ironical that criminals making fast buck care a hoot for the stigma attached with a scandal. They often engage in charitable activities to counter balance the scope and magnitude of crime. These charitable activities include meeting medical expenses or supporting some sort of educational cause or financially supporting the marriage of the needy and the poor. This way crooks seek to enhance their social career graph. A case in point is the financial help rendered to the poor and needy by well-known politician of UP Raghuraj Pratap Singh alias Raja Bhayyia, whose alleged crimes include horrendous murder of a journalist. Proximity to the Yadav clan in UP made him a minister in the erstwhile Samajwadi Government. It was the prowess and courage of Mayavati which put him behind the bars.
The new name emerging in the list of such philanthropists is that of financial czar Nirav Modi, associated with the huge scam of Punjab National Bank. He is also known for being helpful to poor and needy students. His charitable activities are a camouflage to wash out his sins; they helped in expanding his social space. In this context it is worth quoting the dialogue of late Tabish Sultanpuri in the Bollywood film “My Friend” in which the legendary music director Naushad has given music. The dialogue in Hindi with the English translation runs as follows, “With the loss of some respect, amass a vast fortune, and out of that huge fortune do some charity, and with that paltry charity, earn huge respect”. Ultimately, money reigns supreme in social mobilization.
What is no less disheartening is the fact that crass materialism has plagued our society to the extent that those with shady present and past earn a lot of respect due to their vast riches. Money is the biggest talent. How money is earned is of no consideration. Means hold no relevance whatsoever. The environment has gone so degradingly materialistic that even friends are selected on the basis of good looks, personality and financial clout. More emphasis is placed on maintaining swanky and affluent life style rather than meeting liabilities. Meanwhile, woes of victims keep mounting, as justice is not only lethargic and slow but there are different yardsticks for judging the situation and delivering justice.
In contrast to unearthing of corporate frauds, which are a tip of the iceberg, our country's middle class has proved that it is a good tax payer. The business class has its own CAs who are tasked to prepare accounts. Accounts are created with the insertion of fake bills. Fake bills are created to reduce the scope of transaction and show decline in the margin of profit. The reduced margin of profit attracts reduced tax liabilities.
Hence, in the given situation, it is the crooks and the criminals who have the field day. Banks are easy targets to tap huge funds, as influential politicians ask them to disburse funds despite irregularities. Adv Jarande of Kalyan Court in Maharashtra has strongly condemned the unfair practices indulged by some CAs to understate the margin of profit to evade the taxes which is not in national interest. Failure of our banking system was fairly evident with one of the biggest frauds that occurred in Punjab National Bank. The embezzlement is worth Rs 11,300 crore at its Mumbai branch.
The Bank lodged a complaint with CBI on January 31, 2018 naming billionaire diamond merchant Nirav Modi and few others, including his wife Ami Modi, his brother Nishal Modi and his uncle Mehul Choksi, MD of Gitanjali Gems. Two Bank officials, Gokulnath Shetty and Manoj Kharat, have also been named. It is alleged that the billionaire diamond merchant collected huge borrowing on the basis of a fake letter of undertaking. Ironically, he along with his accomplices left India before the registration of FIR.
Abu Zaid, an advocate practicing in Mumbai Civil and Sessions Court, referring to the fleeing of Nirav Modi, believes that criminals during investigation are asked by the investigating officer not to leave the jurisdiction, whether city or village. The police keeps a tab on their activities. Zaid wonders if Nirav Modi was warned by the investigating authority not to leave the country without informing. He further suspects if the departure was facilitated.
The Punjab National Bank scam created a fresh controversy, with BJP stalwarts stating that the scam was going since the UPA days. The question arises as to what was the NDA government doing when the scam was going on under its very nose. The NDA government cannot play safe stating that it was not in the know of the situation. Question arises about the competence and credibility of the regulatory authority under NDA.
The raging political battle took a further twist with the Congress releasing a video in which Prime Minister Narendra Modi is allegedly seen hosting Choksi at his official residence. What is the explanation of the accused Choksi in company of the Prime Minister?
No less ironical is the group photo of the Prime Minister featuring Nirav Modi in Davos. Without the clearance from the security agencies how could Nirav Modi feature in a photo with the Prime Minister? Security clearance cannot materialize without the nod of some higher ups.
With Nirav Modi’s reputation at stake Bollywood actress Priyanka Chopra would like to disassociate as the brand ambassador of his jewelry. She should have checked the credentials before being roped in by the billionaire's business. One has only to recall that a few years back actress Tabassum, who was campaigning for Dr Munir’s medicines on TV, was criticized when he got prosecuted for alleged misinformation about his medicines.
Be that as it may, the cold reality is that the rich and the mighty with political backing appear to be larger than law, involved in some shady scandals or social or communal conflict. Therein lies the tragedy of our country.
---
*Based in Kalyan, Maharashtra

Comments

TRENDING

Insider plot to kill Deendayal Upadhyay? What RSS pracharak Balraj Madhok said

By Shamsul Islam*  Balraj Madhok's died on May 2, 2016 ending an era of old guards of Hindutva politics. A senior RSS pracharak till his death was paid handsome tributes by the RSS leaders including PM Modi, himself a senior pracharak, for being a "stalwart leader of Jan Sangh. Balraj Madhok ji's ideological commitment was strong and clarity of thought immense. He was selflessly devoted to the nation and society. I had the good fortune of interacting with Balraj Madhok ji on many occasions". The RSS also issued a formal condolence message signed by the Supremo Mohan Bhagwat on behalf of all swayamsevaks, referring to his contribution of commitment to nation and society. He was a leading RSS pracharak on whom his organization relied for initiating prominent Hindutva projects. But today nobody in the RSS-BJP top hierarchy remembers/talks about Madhok as he was an insider chronicler of the immense degeneration which was spreading as an epidemic in the high echelons of th

Central pollution watchdog sees red in Union ministry labelling waste to energy green

By Chythenyen Devika Kulasekaran*  “Destructors”, “incinerators” and “waste-to-energy (WTE) incineration” all mean the same thing – indiscriminate burning of garbage! Having a history of about one and a half centuries, WTE incinerators have seen several reboots over the 19th, 20th and 21st centuries. 

First-of-its-kind? 'Eco-friendly, low cost' sewage treatment system installed in Gujarat

Counterview Desk Following the installation of the Unconventional Decentralized Multi-Stage Reactor (UDMSR) for sewage treatment, a note on what is claimed to be the  first-of-its-kind technology said, the treated sewage from this system “can be directly utilized for agricultural purposes”, even as proving to be a “saviour in the times of water crisis.”

A Hindu alternative to Valentine's Day? 'Shiv-Parvati was first love marriage in Universe'

By Rajiv Shah*   The other day, I was searching on Google a quote on Maha Shivratri which I wanted to send to someone, a confirmed Shiv Bhakt, quite close to me -- with an underlying message to act positively instead of being negative. On top of the search, I chanced upon an article in, imagine!, a Nashik Corporation site which offered me something very unusual. 

Indo-Bangla border: Farmers facing 'illegal obstacles' in harvesting, transporting yields

  Counterview Desk  In a representation to the chairperson, National Human Rights Commission, human rights defender Kirity Roy, who is secretary, Banglar Manabadhikar Suraksha Mancha (MASUM), has said that Border Security Force (BSF) personnel are creating "illegal obstacles" for farmers seeking to harvest their ripened yields and transport them to the market in village Jhaukuthi of Cooch Behar district.

Wasteland, a colonial legacy, being used to 'give away' vast tracts to Ratnagiri refinery

By Fouziya Tehzeeb* William D’Souza, a 55-year old farmer from Kuthethur, Mangalore, was busy mixing cattle feed when we arrived at his doorsteps. Around 25 km from the bustling city of Mangalore, Kuthethur is a lush green village with thick vegetation. On the way to William’s house the idyllic view gets blocked by the flares and smoke arising from the Mangalore Refinery and Petrochemicals Limited (MRPL).

'Flawed' argument: Gandhi had minimal role, naval mutinies alone led to Independence

Counterview Desk Reacting to a Counterview  story , "Rewiring history? Bose, not Gandhi, was real Father of Nation: British PM Attlee 'cited'" (January 26, 2016), an avid reader has forwarded  reaction  in the form of a  link , which carries the article "Did Atlee say Gandhi had minimal role in Independence? #FactCheck", published in the site satyagrahis.in. The satyagraha.in article seeks to debunk the view, reported in the Counterview story, taken by retired army officer GD Bakshi in his book, “Bose: An Indian Samurai”, which claims that Gandhiji had a minimal role to play in India's freedom struggle, and that it was Netaji who played the crucial role. We reproduce the satyagraha.in article here. Text: Nowadays it is said by many MK Gandhi critics that Clement Atlee made a statement in which he said Gandhi has ‘minimal’ role in India's independence and gave credit to naval mutinies and with this statement, they concluded the whole freedom struggle.

CAA disregards India's inclusive plural ethos, 'betrays' ideals of freedom struggle: PUCL

Counterview Desk    "Outraged" at the move of the Central government to implement the Citizenship Amendment Act, 2019 (CAA 2019) weeks before the election, the top rights group, People's Union for Civil Liberties (PUCL), has demanded that the law be repealed. 

Buddhist shrines were 'massively destroyed' by Brahmanical rulers: Historian DN Jha

Nalanda mahavihara By Our Representative Prominent historian DN Jha, an expert in India's ancient and medieval past, in his new book , "Against the Grain: Notes on Identity, Intolerance and History", in a sharp critique of "Hindutva ideologues", who look at the ancient period of Indian history as "a golden age marked by social harmony, devoid of any religious violence", has said, "Demolition and desecration of rival religious establishments, and the appropriation of their idols, was not uncommon in India before the advent of Islam".

Sections of BSF, BGB personnel 'directly or indirectly' involved in cross border smuggling

By Kirity Roy*  The Border Security Force (BSF) of India and the Border Guard Bangladesh (BGB) of Bangladesh met for 54th Director General level meeting at Dhaka, Bangladesh, on 5th to 9th March, 2024 to discuss on minimizing killings at border area, illegal intrusion, trafficking of drugs and other narcotics, smuggling of arms and ammunitions and other crimes at bordering areas. Further, the summit had an agenda to discuss on overall development in 150 yards area at both sides of the border and design an activity plan for the same.