Another Scammer of India | Nirav Modi

New Scammer of India

After a full week of research and allegations on the Rs 11,300-crore Nirav Modi scam, government officials are no closer to finding all those who were responsible. Clearly, bank officials and their political godfathers are all corrupt. Openly, our banking systems and administration are full of loopholes. But still we have no big names yet.

Gitanjali Gems and many other corporations are under the scanner along with Nirav Modi. A massive bad debt of over Rs 3,000 crore by pen-maker Rotomac has suddenly been exposed. Everyone is fuming that these businessmen could borrow such enormous sums, often without collateral or any indemnity. Now, who is guilty?

                                             

Well, everyone, and I also think so that finance minister is responsible for all the major scams arising. No finance minister can be expected to administer every bank deal, but the liability stops at the top. This relates both to the current finance minister Arun Jaitley and his pre-decessor P Chidambaram. Nirav Modi made merry days during both their tenures.

Next arises Reserve Bank of India, direct superintendent of banks. Specified the long antiquity of bank scams, the RBI should by now have conceived ways to quickly detect and stop such frauds. In the Nirav Modi case it found nothing incorrect. It is assumed to watch high-value foreign exchange transactions, but saw nothing. Its bank audits found nothing. How’s it possible?? Only god knows.

Next come the chairman and board of PNB (Punjab National Bank). No hefty loans can be indorsed without their authorization. Rules are supposed to confirm that no assistants can sanction large sums on their own. These rules and their execution have been failed. Their internal auditors were fast asleep.

Poorer, the PNB management failed miserably to follow anti-corruption strategies on staff rotation. No manager is supposed to stay in a post for more than three years. The fact that a deputy manager, Gokulnath Shetty, managed to stay in his post for seven years and keep continuing over loans to Modi without collateral, is shameful. This must be having two reasons only, first did Shetty have political godfathers who helped him escape? Or is used to sanction such bulky loans to everyone? That cries out for investigation.

The bank’s monetary systems were so fragile that Shetty was easily able to bypass with freedom the normal SWIFT system tracking foreign allowances. Nobody observed the non-match between the bank’s books and the huge sums Shetty submitted overseas. So what we say about it is it Negligence or collusion?

    Instead of finding scammer Nirav Modi congress government started blaming the Modi government that they are responsible for letting the big fish escape abroad. The BJP says the whole scam started under Congress rule, and the BJP is now scrubbing up the mess it inherited. It will take period to unearth the actuality.

 We should not rule out that this matter will fizzle out. Our corrupted politicians, CBI, Enforcement Directors, and courts are simply not equipped or concerned in chasing down and imprisoning the high and mighty. Most criminal cases fail. Most guilty persons die of old age before being condemned beyond all appeals and  I dam suspect this will too  happen to Vijay Mallya, even if he returns to India.

 In the current case, PNB has lost enormous sums. Only a fraction of that will be recovered from detained assets. But I don’t think so that the track record of the CBI, ED, public prosecutors and courts give us sureness that the guilty will be found and convicted?

“Only an incurable optimist will think that government officials will     give us sureness that the guilty will be found and convicted”