NPA SCAM AND EXTRADITION ORDER OF UK COURT: WHO WILL BEAR THE EXPENDITURE?

Each time only after the money laundering accused people were left the country, Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) start their swooping action-action-action. Now it is time for their grand come back. It starts with the latest extradition order of the Westminster Magistrates' Court in UK.

 But can anybody imagine what could be the total cost to the Government exchequer for this high-profile extradition trial that lasted over a year? And who's money is lost not only in the NPA scam but in these court cases and its ancillary activities in a foreign country for such a long period? And who is responsible for these loss? It is coming mainly from the poor people who stood under the scorching sun throughout the day to get their hard earned notes exchanged during the demonetisation period and paying GST on safety pin (I think 18%) to anything else including the GST on penalty on their savings bank account due to deficiency in minimum balance. And who are the beneficiaries for letting these persons escape? Identify them and saddle them for the cost incurred.

We are already acquainted with such actions in many of the cases where the accused fly away just before the filing of FIR. Whether these cases are mere coincidences, or a deliberate silence to facilitate them to escape from the scene thinking that the general public ignorant, that too when the present Government is affirming and telling every now and then “the Government is corruption free”? If these two assumptions are not the case, then definitely it could be the miracles happened because those accused persons are devotees of some supernatural power and they came to their rescue by making these agencies unconscious till they left the country.

N.B:-

(To read free part of the book "A FRAUD IN THE INDIAN CONSTITUTION" based on scams of India as part of my autobiography, go inside:- https://www.amazon.in/FRAUD-INDIAN-CONSTITUTION-M-P-JOSEPH-ebook/dp/B00SQKTADY/ )

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NPA SCAM - A WELL PLANNED SCAM WITH THE ACTIVE KNOWLEDGE OF BANK OFFICIALS, RBI, ETC.

NPA is a well-planned scam with the active knowledge of Bank officials, RBI etc. RBI conducts periodical inspection in all banks. Is it not including checking the adequacy of the security against loan? If so what they are checking while bank inspection. This is not a new issue. Even in the middle of 1990s, I pointed out many such NPA scams while I audited the Government part of the loan schemes administered by banks when I inspected the Deposit Insurance and Credit Guarantee Corporation (DICGC), a wholly owned subsidiary of the Reserve Bank of India. But all are ‘R.I.P.’ in the cupboard of CAG of India. I am nearing completion of the second part of my book, "A FRAUD IN THE INDIAN CONSTITUTION" in which a detailed account would be incorporated on the modus operandi of the scam of bad loans (NPA) thereby sucking the financial health of the country by certain people to become rich.

N.B.:-

To read free part of my book (autobiography) ‘A FRAUD IN THE INDIAN CONSTITUTION’, go to the below link and click “LOOK INSIDE” button: http://www.amazon.in/FRAUD-INDIAN-CONSTITUTION-M-P-JOSEPH-ebook/dp/B00SQKTADY/

To know about my Blogs, Pages etc. go to my web: www.manjaly.net

BUDGET 2016-17: WHY NOT START NEW BANKS WITH THE SAME MONEY INSTEAD OF FEEDING THE SCAM BANKS?

There is a proposal in the budget 2016-17 for further funding to the already scam affected banks. The amount is a staggering Rs.25,000 crore  From the recent utterances of the Finance Minister, it appears that the major necessity for the fund is to feed the public sector banks who distributed soft loans to the rich and affluent persons who have no history of repayment and know the ways and means to manage the things in their favour. For arranging this huge amount to feed the rich, poor people are being squeezed with high tax rates mainly in indirect taxes. Instead of catching the rich defaulters, who syphoned off the money to other companies and abroad, blame is shifted to the farmers who take petty loans. Is there any action taken against those people who sucked the blood of the nation by granting such soft loans as well as those are not repaying it? Why the government is silent on the issue. What is the indication of all these? Is it not robbing the poor to feed the rich? Instead of feeding the scam affected banks, why not start new banks with the same money instead of pumping it into the same banks filled with such people?

Also read my book  ‘A FRAUD IN THE INDIAN CONSTITUTION’ :( http://www.amazon.in/FRAUD-IN-THE-INDIAN-CONSTITUTION-ebook/dp/B00SQKTADY )

Also read my other blogs:

http://indiantravelexperience.manjaly.net

http://publiccause.manjaly.net

http://cagreport.manjaly.net

http://centralemployeesnews.manjaly.net

https://www.facebook.com/afraudintheindianconstitution

GOVERNMENT IS PAYING BACK BAD LOANS OF DUMMY COMPANIES IN DISGUISE

There are newspaper reports that the Union Finance Minister sought Parliament's approval on Friday 31/07/2015 to increase the budget allocation for this fiscal year by about $4 billion, that is, about Rs 70,000 crore, of which about 50% is to be used as extra capital into Public Sector Banks struggling with bad loans (NPA).

There are instances that some liquor companies float group companies to carry their logo on their products/services as surrogate advertisement since direct advertisement is not allowed in India for Alcohol products. Huge bad loans are from such companies where free advertisement is given to the parent company. Just imagine how much is to be paid for carrying a logo in a car participating in a car race or a cricket match. In short, benefit is to the parent company which runs in profit and the liability to such dummy companies which results in bad loans. Now Government of India is paying back these bad loans in disguise from the taxes like Excise Duty etc., collected indirectly even from the petty expenditure of the beggars on the street and Direct Taxes like Income Tax.

Please also read my following 3 blogs on the subject which I had written in mid June 2015 and is valid even today: 1. FINANCE MINISTRY AWARD TO ERRING BANKS dated 14/06/2015 2. ROBBING THE POOR TO FEED THE RICH - THE GOVERNMENT WAY dated 18/06/2015, 3. MAHARASHTRA CHIEF MINISTER ASKS CRIMINAL PROCEEDINGS AGAINST ERRING BANKERS dated 19/06/2015.

Note: Read my book 'A FRAUD IN THE INDIAN CONSTITUTION' on my fight against corruption and scams in Public Administration 

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To buy online: http://www.amazon.in/dp/9352353986

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Also read my blogs on various subjects:
http://indiantravelexperience.manjaly.net

http://publiccause.manjaly.net

http://cagreport.manjaly.net

http://centralemployeesnews.manjaly.net

FAKE IN INDIA: BANKERS ARE PLAYING FIDDLE(SLEEPING) WHEN THEIR ASSETS ARE BURNING TO SCRAPS, BUT CVC SUPPORT THEM

IN CONTINUATION TO MY BLOG DATED 19/06/2015 UNDER THE CAPTION: ‘MAHARASHTRA CHIEF MINISTER ASKS CRIMINAL PROCEEDINGS AGAINST ERRING BANKERS’.

As reported in the DNA newspaper dated 10/07/2015, under the caption: ‘Banks to take possession of ...assets’, bankers are totally callous in nature to take action against the bigwig defaulters of loan repayment running into millions and billions on the simple theory that Government will recoup them from the public exchequer accumulated from beggars penny (Refer to my earlier blog of June under the caption ‘ROBBING THE POOR TO FEED THE RICH - THE GOVERNMENT WAY’ and ‘FINANCE MINISTRY AWARD TO ERRING BANKS’) to pay off the rich defaulters and to pay dividend to the shareholders.

According to the report, a consortium of banks under SBI Cap would soon take over the custody of about 40 vehicles and a personal jet of ………. But the funny thing is that, the SBI Cap acted apparently after media reports claiming about airport operator Mumbai International Airport Limited (MIAL) selling these assets as junks to recover its due of about Rs53 crore from the now-defunct …. .

The report further said that “a source in the bank has revealed that soon after the media reports, when they approached MIAL for assessing the assets, the airport operator started showing hesitance. dna had in its May 7 edition reported about MIAL issuing an open tender to sell the 39-odd vehicles as junk. The operator has earlier sold off one personal jets to a Sakinaka based junk shop owner, reportedly for Rs 22 lakh.”

The report further says, “MIAL officials, however, have a different version. An official said, “We have been writing to SBI Cap since past two years, but received no response. Hence, in order to clear the place where these abandoned assets are lying, we had decided to sell them. It’s good that now with the court order, the space will be freed for other operational works.” He added that the operator wouldn’t have got anything substantial by selling the assets as junk.”

According to the report, the defaulter owes over Rs 7,000 crore to bankers.

However, in a recent newspaper report, the CENTRAL VIGILANCE COMMISSION advised his men to go slow on prosecuting the erring bankers.

But think of a petty loan default from a common man due to oversight. Next day goons hired by the bankers would appear on his door steps or on the way while he was driving the car and take possession of the car.

Read my book - A FRAUD IN THE INDIAN CONSTITUTION- : www.amazon.in/dp/9352353986

Maharashtra Chief Minister asks criminal proceedings against erring bankers

In a newspaper, recently it was reported that the Maharashtra Chief Minister asked the administration to initiate criminal proceedings against erring staffers of financial institutions for refusing financial aid to farmers in distress. It was also reported that immediately the bank union has condemned the move since it is not binding on a financial institution to disburse loan to a farmer. According to me, both are right in their respective statements.

It is like this. The bank or its employees have two set of standards for giving loans, one for the super-rich defaulters and another for common man who generally repay it. Bank employees are very kind to sanction loans to the super rich which later on become  NPA/BAD LOAN. Only for the second category COMMON MAN they are very strict to sanction the loan. For them, they have rules and regulations and so many other things to be fulfilled - that too they will tell you in piece meal so that finally you would be exhaust running after them and finally you may or may not get the loan. 

Our past and present Union Finance Ministers are also very eager to help those banks who created maximum NPAs from the tax collected even from the beggars on the street through the excise duty etc. levied on simple items they use. In this background there is nothing wrong in the request of the Maharashtra Chief Minister. Actually, the NPA creating employees – mostly executives – should be prosecuted for sanctioning such soft loans to the super rich without proper checks and dillydallying even the recovery process.