planned loot

Source: The Hitavada      Date: 08 Mar 2018 11:32:13

Nakshatra Anuradha 24H 42M

Moon Vrischika (Rajandekar Panchang)
Paksha Falgun Krishna Tithi Saptami 27H 42M
Bhadra ends 14H 50M,
Muslim Jamadilakhar 19th Hijree 1439

THAT some public sector banks, and even private commercial banks, advanced loans to Mehul Choksi to the tune of over Rs. 4000 crore against the collateral of a pittance of Rs. 100 crore, to say the least, is shocking and is nothing short of a loot planned by the diamond businessman and those in the banking industry with the political community lending due weight. It is now that executives in the banking industry are revealing that their banking entities had advanced loans to these business people in total and brazen violation of all banking norms. Both the bankmen and the borrower were clear in their minds that the funds that were taken from the public sector banks were not meant to be returned.

It is, therefore, not surprising that all those involved in this fraud heaped on the nation by the crafty duo Mehul Choksi and nephew Nirav Modi, kept quiet even while a planned loot of public money was being deftly executed. Hence, if the duo of Nirav Modi and Mehul Choksi are guilty of doing a clean job of looting the bank in broad day light and vanishing in thin air, the bank officials were no less guilty of participating in the planned loot, not unknowingly but with full knowledge of the implication of their acquiescence in the crime against the nation and its gullible people. The officials were equal partners in the crime that the two businessmen planned and executed.

This clearly shows that bank officials have their own favoured clients whom they are willing to oblige come what may, even if that means trampling upon the well laid down cautionary norms of advancing loans and safety measures. This was also borne out by the fact that multi-millionaires got their high denomination demonetised currency exhanged without shedding a drop of sweat courtesy the bank officials while the common man stood for hours in long-winding serpentine queues in banks to get their money converted to new currency notes. This is the glaring example of how close relations the business people have established in the banking corridors to serve their vested interests with generous help from willing hands.

Not that Nirav Modi and Mehul Choksi are the only crooks who have defrauded banks and other financial institutions who have helped them grow in their businesses. There have been several such vultures who devoured the hands that fed them. Following these some episodes semblance of rules and regulations and oversight mechanisms are supposed to have been put in place. However, the planned loot by Nirav Modi and Mehul Choksi shows how fickle those mechanisms are and how bank officials are willing to show them wastepaper basket when it comes to favouring the likes of Choksis, Modis and Mallyas.

Had bank officials been vigilant and committed to their responsibility to safeguard public money, the defaults would not have mounted to a staggering Rs. 8,38,000 crore. Now the banks are seeking to recover a mere Rs. 2,65,908 crore from 17,000 defaulters through court cases which would take legions to conclude with the hope of the money coming back to bank coffers remaining a distant dream. To add to the woes of the public sector banks, which are already wilting under the burden of NPAs (Non-Performing Assets) and with the Government required to pump in money from its budget to keep them afloat, Finance Minister Mr. Arun Jaitley informs that public sector banks have written off Rs. 81,683 crore loans in 2017. The story seems endless.

While fraudsters like Nirav Modi and Mehul Choksi plan and execute their loot and vanish in thin air overnight to safe havens, the Government is left with no choice but to close the stables while the horses have already bolted. The Vijay Mallyas, Choksis and Modis keep on mocking at the establishment for its naivete.