India’s second largest bank, PNB, has been duped with a massive amount of 11400 cr by a billionaire jewellery designer Nirav Modi, now a fugitive. Before being named and investigated in the mega- bank-fraud, the celebrity designer has been featured in Forbes India's Richest People List 2016. Not to mention, Mr Modi has been seen in the World Economic Forum summit at Davos with PM Modi himself. It explains his network.
There must be multiple levels of corruption involved in Nirav Modi scam — from the highest management in the bank to bureaucracy, all must have colluded together to make this scam come true. Netas, too, are part of big businessman-banker nexus as they are the ones who fund the election campaign secretly. To reiterate, political parties fundings still do not come under the scanner of RTI.
Indian Banking Exposed
PNB, in a statement, said that fraudulent transactions took place in one of its branches in Mumbai with their apparent connivance. A single branch has been able to give away a loan amounting to more than 8 times PNB's annual net profit of Rs 1,324 crore during 2016-17. Yet, they have used the word 'apparent'. And the action PNB has taken on the wake of this scandal is hilarious. It has suspended 18 lower and middle-level officials. Is it that difficult to discern that such a huge scam can only be possible with the approval of higher banking authorities? Or, PNB still wants to cover up something?
The fake LoU generated on which the bank has sanctioned a loan as high as 11400 Cr exposes the prevalence of corruption in India’sbanking industry, which isn't generally perceived as corrupt by the public like other public institutions. Though, it is still not corrupt for small transactions done by aam aadmi (not to be confused with aam aadmi party). AAP doesn't make small transactions.
No lesson learnt from Vijay Mallya
Vijay Mallya’s company getting bankrupt has a long history. His case had been highlighted in the media from time to time, it was at its peak when the salary of employees of Kingfisher airlines was stalled and Mallya, at the same time, is doing some photoshoot. Also, Vijay Mallya took loans from almost every single bank in India (cheated SBI the most). He had been a politician himself with the backing of both major national parties. It is a well-established fact that only Mallya’s company can go bankrupt, not Mallya himself. He is famous for his lavish lifestyle and hence known as the ‘King Of Good Times’.
But, how Nirav Modi has been able to pull off such massive scam without much apparent political power comes as a surprise (here, the use of word ‘apparent’ can be justified). Modi's singling out PNB, that's too just a branch in Mumbai, indicates that he has a deep connection with the top management of the bank. The connection appears to be unholy with the particular Mumbai branch.
If you think you are living in India where the law is supreme, sorry to say this but you are wrong. In India, money is supreme. And in a contest between law and money, it is the money that seems to be emerging out as the ultimate winner. It might not happens only in India, but it happens in India!
So, does it mean that businessmen today are even more influential than politicians? The answer seems to be affirmative. It can’t be ruled out if there are other con men emerge in the very near future, burning a hole in some other PSB's pocket, the probability is quite high. Who knows if your favourite bubble-gum brand is running on the loan or, the worse if the bubble-gum brand you hate is running on the loan from your bank. It is even worse, if the company you invest in, too, is nothing but a brainchild of a scamster in which a bunch of fraud people are in company to run their fraud company.
PNB scam has been the biggest scam in the banking history of India. It would be interesting to note the further development in this case.
Also read: Modigate And The Modi Brand — How One Affects The Other
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