Skip to main content

PNB saga: A wonderful excuse being offered by banking experts and financial wizards is, it's a systemic failure

By Mousumi Roy*
Heartiest Congratulations to the Government of India. They have allowed the second billionaire who has done the biggest fraud of India to leave the country. Where are those who are charged with the responsibility of keeping an eye on the financial institutions in the country, like the revenue intelligence wings in Banks, RBI, ED and others?
Why the Government of the day did not act on the basis of complaints sent by certain individuals or in some case even by Director of Allahabad Bank? When the RBI conducts its audit of the Bank finances how could they not detect it? Scam after scam no one knows what happened, why it happened and how to plug it?
No learning, no analysis and also no one to blame except the invisible and dumb system. What a sad state of inequality, fraud and nepotism in one of the largest sham democracies in the world which is being looted by just 100 odd billionaires and politicians on a daily basis while hundreds of millions have no food, no toilet, no healthcare access, no electricity and no water and millions eat from garbage across India. But some billionaires can spend a billion dollars on a house or millions of dollars on a party in one evening.
Like Vijay Malaya in London, Nirav Modi will be sitting in a nice Swiss Chalet enjoying some fine wines while the losers called the tax payers of India enjoy the bullshit media news stories and get robbed every single day by the politician-businessman-banker-police nexus. And enjoy sending Whats app videos all day long else the Gods will be angry on them and not give them money while the billionaires on Earth rob them dry.
The super elite who control this world will continue to do whatever it takes to protect their own assets. No one cares about the masses and the while world is in a doom and gloom scenario from corruption scandals, to money printing to massive job cuts. There may be many such cases yet to come to light. Example of Crony capitalism.
All LOUs issued by any bank in India has to be reported to RBI on a quarterly basis. Why is it that when the first LOU was issued way back in 2011, without entering into the CBS, it was ignored by RBI and the PNB top management despite the amounts being so huge. How were the LOU’s honored by the other banks if they were not through CBS and no record of these LOU’s was present in the Banks ledgers.
Where these LOU’s issued without any reference number or authorized signature or on plain paper as a hand written note and hence without any printed record? When these LOU’s were presented by the fraudsters to the other banks abroad did they not raise demands from PNB after the payments were made by them?
When an LOU is issued by one bank to another, the receiving bank sends a letter of confirmation to the issuing branch and it’s controlling office like Regional or Zonal office. Did Axis Bank and Allahabad Bank do so. If so, then why didn’t anyone in the PNB controlling office raise an alarm. Apart from PNB, the other organization who should be answering a lot of questions in this matter is the RBI…
PMO refused to a RTI petition to inform who are all accompanied PM during his abroad trips. A complaint petition was filed with PMO to look in to the irregularities in PNB as early as July 2016 and why no action was taken by RBI and FM. Nirav Modi’s brother is married to Mukesh Ambani’s niece. Any explanation? The CBI received a complaint from PNB on January 29 and a case against Modi was registered on January 31.
However, by the first week on January, Nirav Modi and his family had already fled the country. His brother, Nishal, a Belgian citizen who is married to the daughter of Mukesh Ambani’s sister, left India on January 1. Modi’s wife, Ami, a US citizen, and business partner, Mehul Choksi of Gitanjali Gems, fled on January 6. 
What has happened to Robert Vadra-DLF investigation? Where is Lalit Modi? Where is Vijay Mallaya? To top it all now we find the father of big scam Massive PNB scam which is to the tune of 110000 crores and it also involves major Public sector banks. What is Rafale deal?
Whenever a SWIFT message is sent it is verified checked and authorised at various checkpoints by personnel in various capacity and heirarchy. Why no one from the forex dept of PNB raised an alarm. This seems more like a top level collaboration than a branch level fraud. Whenever such huge amounts are sent through SWIFT, bypassing CBS, it generates daily reports.
Were the concurrent auditors of PNB sleeping for seven years that they could not go through these daily reports. While the PNB management would like us to believe that the whole fraud has been committed by a DGM rank officer or few officials of the bank and the vigilant Directors were able to unearth this fraud now.
How the taxpayers' money has been swindled so blatantly, why these same banks have been recapitalized Rs 80,000 crore once again without any recovery of earlier NPA? What is the social structure? Why in spite of so much of warning Aadhar is blatantly imposed on gullible citizens of the country? PNB and government are so broke that they have now decided to sell almost all real estate owned by PNB. This fraud is moving and spreading rapidly.
The fatcat billionaires of India have “loans” in thousands of crores each that they have siphoned off into their own pockets and nicely run away in connivance with the ruling Govt while average loan of farmers is just 200,000 EACH ($3,125) and 3,000 – 4,000 farmers commit suicide every year.
The political parties on every media channel and even in press have drowned the debate by blame game and rhetoric so that no one can get to the truth. It’s high time to question crony capitalism which has engulfed us in lust of greed and money power? Let us think, or we are beyond repairs? Four of India’s top jewelers are involved in the largest ever fraud in India’s history. Gitanjali Gems (Mehul Choksi),Ginni (Choksi subsidiary), Nakshatra jewelers (Choksi subsidiary),Firestar Diamond (Nirav Modi and his wife and his brother),
All put together they have siphoned off $1.8 billion of tax payer money from India’s banking system. This is the largest ever scam in India. The wonderful excuse being offered by the banking experts, financial wizards and even bureaucrats is that it is a “systemic failure”. So now we are left to curse the system and let go of these worthies because they are innocent and the bad system is at fault.
---
*Freelance journalist. Source: https://countercurrents.org/

Comments

TRENDING

Allow international human rights observers, media to access Kashmir: US lawmakers

Counterview Desk
In a letter to US Secretary of State Mike Pompeo, two members of the American Congress, Pramila Jayapal and James McGovern, raising "significant concerns" about what they call "humanitarian and human rights crisis in Jammu & Kashmir”, quoting "credible reports" from journalists and advocates on the ground" have said that "the Indian government has detained thousands of people with no recourse, imposed de facto curfews on residents' and cut off internet and telephone access in the region.”

Rescind Gates Foundation award to Modi, demand three Nobel Peace laureates

Counterview Desk
In a major boost to those opposing the award to the Gates Foundation’s proposed to be awarded to Prime Minister Narendra Modi for his Swacch Bharat Abhiyan, three Nobel Peace Prize laureates, Mairead Maguire (1976), Tawakkol Abdel-Salam Karman (2011) and Shirin Ebadi (2003), have in an open letter called upon Milinda and Bill Gates to withdraw their decision, stating Modi is allegedly involved in human rights violations.

US Kashmiri diaspora body: World leaders, UN 'not acting', India enjoys total impunity

Counterview Desk
Ahead of the United Nations General Assembly session, to begin on September 17 in New York, Dr Ghulam Nabi Fai, secretary-general of the World Kashmir Awareness Forum, a non-profit organization based in Ohio, US, claiming to focus on providing information on Kashmir, has regretted that despite "violent" behaviour of Indian authorities in Kashmir, they enjoy "total impunity" across the world.

TN woman's No Caste, No Religion struggle 'follows' ideals of Marx, Ambedkar, Periyar

By Sheshu Babu*
In these days of rising communal tensions, a courageous woman from Tamil Nadu achieved her dream of obtaining 'No Caste, No Religion' certificate through persistent struggle. This is quite a significant achievement. It comes alongside some colleges in West Bengal introducing 'humanity', 'agnostic' , 'secular' or 'non-religious' in the application forms for online submission for students who are unwilling to disclose their faith.

Jharkhand riverine terminal: 485 families 'displaced', lose land, livelihood in Sahibgunj

Counterview Desk
Even as Prime Minister Narendra Modi proposes to inaugurate on Thursday India’s second riverine Multi-Modal terminal (MMT) at Sahibganj in Jharkhand, built at a cost of Rs 290 crore reportedly in a record time of about two years, several civil rights organizations* have said that the government has failed to address the high-profile terminal’s social and environmental concerns.

Now clampdown on rally, arrest of pro-freedom activists in Pak-occupied Kashmir

Counterview Desk
In a fresh evidence, international human rights organizations are not just confining their attention on the Indian state of Jammu & Kashmir (J&K), whose special status was taken away by the Government of India in early August, leading to an unprecedented clampdown on the region. They have simultaneously begun focusing on the Pakistan-occupied Kashmir (PoK), where the situation is said to be worsening.
Thus, the International Human Rights Council ((IHRC) Hong Kong (HK), a top human rights organisation, said to be working towards to the promotion peace, equality, fundamental rights and social justice “as enunciated in the UN Human Rights Charter and other instruments of human rights”, has noted now a new wave of independence movement has struck PoK.  With offices in US, UK, Switzerland and Hong Kong, and having Kirity Roy and Lenin Raghuvanshi as IHRC office bearers from India, in a statement, it has claimed that on September 7 one of the biggest pro-Independenc…

Govt of India 'moves' to hold Assam-type foreigners' tribunals across India, warns report

Counterview Desk
A People’s Tribunal on the National Register of Citizens (NRC) has warned in its interim jury report that two recent notifications of the Government of India may lay down the groundwork for triggering an NRC process in different parts of the country, pointing towards recent moves towards this.

New sample suggests high pollution off Vadodara effluent channel, 'requires' action

Counterview Desk 
Gujarat’s top environmental group Paryavaran Suraksha Samiti (PSS) has sharply criticized the Gujarat Pollution Control Board’s (GPCB’s) “on-serious, casual letter” dated September 5, which allegedly suggests that the top state state agency does not favour taking any action Central Gujarat’s effluent treatment plant, Vadodara Enviro Channel Ltd (VECL).

Modi used to 'run errands' during Emergency, his role was that much: Top JP associate

By Rajiv Shah
In a sharp exposure, well-known Gujarati critic, journalist and activist Prakash N Shah, who had been among the main contact persons of Jay Prakash Narayan (JP) in Gujarat, has recalled that Prime Minister Narendra Modi was “merely running errands” during the Emergency (1975-77) period, adding the PM’s stature has been “sought to be unnecessarily inflated”, though adding, he is not saying this to “belittle him.”

South Gujarat wastewater carrying pipeline damaged, 'harming' farmlands

The pipeline carrying industrial wastewater to the Gulf of Khambhat from Jhagadia industrial estate in Bharuch district has been found to have damaged for the eighth time over the last one and a half months. The crack, says a local environmental organisation, has occurred at Hansot, endangering agricultural farms.