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

'Enough evidence' in Indian tradition to support legal basis for same-sex marriage

By Iyce Malhotra, Joseph Mathai, Sandeep Chachra*  The ongoing hearing in the Supreme Court on same-sex marriage provides space for much-needed conversations on issues that have hitherto remained “invisible” or engaged with patriarchal locker room humour. We must recognize that people with diverse sexualities and complex gender identities have faced discrimination, stigma and decades of oppression. Their issues have mainly remained buried in dominant social discourse, and many view them with deep insecurities.

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".

Swami Vivekananda's views on caste and sexuality were 'painfully' regressive

By Bhaskar Sur* Swami Vivekananda now belongs more to the modern Hindu mythology than reality. It makes a daunting job to discover the real human being who knew unemployment, humiliation of losing a teaching job for 'incompetence', longed in vain for the bliss of a happy conjugal life only to suffer the consequent frustration.

Victim of communal violence, Christians in Manipur want Church leadership to speak up

By Fr Cedric Prakash SJ*  The first eleven days of May 2023 have, in many ways, been a defining period of Indian history! Plenty has happened in a rapid-fire stream of events. Ironically, each one of them are indicators of how crimes and the criminalisation of society has become the ‘new norm’; these include, the May Day rallies with a focus on the four labour codes which are patently against the rights of workers; the U S Commission on International Religious Freedom (USCIRF) released its Annual Report on 1 May stating that conditions for religious freedom in India “continued to worsen in 2022”; the continued protest by the Indian women wrestlers at Jantar Mantar for the expulsion of the chief of the Indian Wrestlers Federation on very serious allegations; the Elections in Karnataka on 10 May (with communalism and corruption as the mainstay); the release of the fake, derogative and insensitive film ‘The Kerala Story’; the release of World Free Press Index on 3 May which places India

Unlike other revolutionaries, Hindutva icon wrote 5 mercy petitions to British masters

By Shamsul Islam*  The Hindutva icon VD Savarkar of the RSS-BJP rulers of India submitted not one, two,or three but five mercy petitions to the British masters! Savarkarites argue: “There are no evidences to prove that Savarkar collaborated with the British for his release from jail. In fact, his appeal for release was a ruse. He was well aware of the political developments outside and wanted to be part of it. So he kept requesting for his release. But the British authorities did not trust him a bit” (YD Phadke, ‘A complex Hero’, "The Indian Expres"s, August 31, 2004)

Polygamy in India "down" in 45 yrs: Muslims' from 5.7 to 2.55%, Hindus' 5.8 to 1.77%, "common" in SCs, STs

By Rajiv Shah Amidst All India Muslim Personal Law Board (AIMPLB) justifying polygamy, saying it “meets social and moral needs and the provision for it stems from concern and sympathy for women”, facts suggest the the practice is down from 5.7 per cent of Muslim families in 1961 to 2.55 per cent in 2006.

India joining US sponsored trade pillar to hurt Indian farmers, 'promote' GM seeds, food

Counterview Desk  As many as 32 civil society organisations (CSOs), in a letter to Union Commerce Minister Piyush Goyal on the Indo-Pacific Economic Framework (IPEF) and India joining the trade pillar, have said that its provisions will allow the US to ensure a more favourable regulatory regime “for enhancing its exports of genetically modified (GM) seeds and GM food”, underlining, it will “significantly hurt the livelihoods of Indian farmers.”

Modi govt 'wholly untrustworthy' on Covid data, censored criticism on pandemic: Lancet

By Rajiv Shah*   One of the world’s most prestigious health journals, brought out from England, has sharply criticised the Narendra Modi government for being “wholly untrustworthy on Covid-19 health data”, stating, the “official government figures place deaths at more than 530 000, while WHO excess death estimates for 2020 and 2021 are near 4·7 million.”

Savarkar 'opposed' Bhagat Singh's, Netaji's dream of India, supported British war efforts

By Shamsul Islam* In a shocking development, the student wing of the RSS put the busts of martyrs Bhagat Singh and Subhash Chandra Bose with Savarkar's on one pedestal at the University of Delhi late in the night on August 20, 2019. Bhagat Singh sacrificed his life for a socialist-democratic-secular republic and Netaji raised Azad Hind Fauj (INA) consisting of people of all religions and regions for armed liberation of India.

Undermining law, breastfeeding? Businesses 'using' celebrities to promote baby food

By Rajiv Shah*  A report prepared by the top child welfare NGO, Breastfeeding Promotion Network of India (BPNI), has identified as many as 15 offenders allegedly violating the Indian baby food law, the Infant Milk Substitutes Feeding Bottles, and Infant Foods (Regulation of Production, Supply and Distribution) Act 1992, and Amendment Act 2003 (IMS Act), stating, compliance with the law “seems to be dwindling by the day.”