Indians on social networking sites have been flooded with jokes on Nirav Modi, Vijay Mallya, PNB etc. This serious issue is just another entertainment to them. This shows their real character that corruption is a joke, entertainment and part of life. They don’t hate the corrupt and corruption but laugh with them. A banking scam relating technical provisions like LoUs would become a popular video game.
However, Nirav Modi, Vijay Mallya and Lalit Modi are no ordinary scamters. First, their businesses are comparatively simple and connect with all Indians – jewellery, wine/airline and cricket. Second, their advertising and participation involved top Bollywood stars and sexy models. This guarantees that entire nation had heard of them, even if they couldn’t afford their luxuries and flashy lifestyles. Third, unfortunately for the PM, the last name of two scamters is Modi. Nirav, Mallya and Lalit to represent the corrupt mafia that seems to have a hold on all the governments and getting away with whatsoever they want.
The group picture of Nirav Modi with the PM at Davos confirmed this opinion. This was enough to give a very strong issue to opposition parties and media and set the country’s thoughts on fire. The banks, the guys who actually sanctioned the loans and the guarantees, came across as both naive and dishonest. They also fit right into the public sector bank (PSB) and government offices pigeonhole – give atrocious service to the common customer but help the big businessman loot. Meanwhile, Nirav, Mallya and Lalit are enjoying their life in their luxury hotel suite and luxury villas.
Having, seen the working of banks, investigating agencies, and judiciary, it is not going to be easy to prove wrongdoing and punish Nirav Modi, Vijay Mallya and Lalit Modi.
They will hire expensive lawyers would simply argue: “Ok, My Lord, that brainless bank gave me loans and LoU or guarantee letter without any safety or guarantee. We took. So what? It was offered to us. If somebody gives us an attractive deal, why won’t we seize it? We used that LoU or loan to elevate a lot of money for our business, open showrooms, purchased popular franchises for IPL, purchased luxury planes and ships, and threw big parties for politicians and celebrities.
I lost in the business. I coiled up. I failed as a businessman. I am very Sorry My Lord. All-merciful banks and government, we seized a guarantee and loan from you (and pay you a very handsome fee for it). Please pay back my creditors and protect their human rights. We are broke, big fools in business but we are not a criminal. Let us have our human rights in peace.” Now they will hire journalists, rights activists, NGOs and politicians to create a soft environment in the country for them as they have made for dreaded terrorists like Soharabuddin and Ishrat Jahan. Few powerless bank officials and bureaucrats will be punished, a commission will be formed and people will wait for another scam.
It is going to be enormously tricky to establish Nirav, Vijay and Lalit, in fact, committed swindle in collusion with bank officials and/or politicians to get a guarantee or loans without security. Vijay Mallya’s even issued personal guarantees, even then, so far banks and judiciary, both have failed to recollect their money or to convict him. Nirav simply secured guarantees from PNB, and without any security. Now, the PNB is bound to pay his creditors. Scams and frauds will have to be proved, and all know it very well how that goes in courts in India. The recent judgment in the 2G scam is an eye-opener.
This isn’t just an issue concerning Nirav Modi or PNB or, even the BJP or Congress. The problem is systemic and the citizens. Also, once the money is paid out devoid of due attentiveness and not repaid, it is almost impossible to prove if it was fraud and not a valid dealing went wrong. Hence, all the banks are very poorly working those are throwing money down the drain.
There are two safe ways for the people to keep money in them. One, the government invests in capital by charging citizens more taxes or higher service charges Two, citizens deposit their individual money. Then, it is the bank experts who choose what they do with that funds and who they loan it to. Some of the lendings are lawful. However, there are sufficient loopholes in reporting procedure to play with the system.
For example, no one noticed that the securities to Nirav Modi had no guarantee against them. Add a few dishonest staff to the combine, the politicians who truly run these banks and financial institutions and a greedy businessman – it actually isn’t that difficult to hatch a conspiracy. Due to these non-performing loans of public sector banks are three times more than those of private banks, and amount to lakhs of crores. It can be imagined the loot in progress inside those dusty bank branches.
The solution is not just to hound Nirav Modi or Vijay Mallya or blame the politicians. The responsibility needs to be fixed on the staff. We need more banks but with expert and meritorious staff. The more banks, the less the likelihood of wrongdoing. The government must appoint more expert staff for better working. Merger plan or privatizing plan must be shelved. There must be a world-class system to detect any risks and frauds.
Dozens of reports and suggestions exist on how to improve our banks, what is needed is honest politicians and will and courage to punish the wrongdoers. Till then, the taxpayer’s money will be looted by the nexus of businessman, employees and politicians. Worse, the resources that can be used to develop the nation and the economy will go to fund corrupt promoters. Harshad Mehta scam took place when Dr Man Mohan Singh was the finance minister but the same Dr.Man Mohan Singh remained the PM of the country for ten years. He should have been boycotted by the voters.
Banks and politicians are choking our nation, wasting our money and aiding corruption. We need a pressing ‘Clean India Drive’ to clean up the system. This isn’t just about some billionaire; it is about a billion people.
Judiciary needs urgent reforms. Reward those who catch cheating. Government jobs and promotion should be given to those who catch bribes and corruption.
However, Nirav Modi, Vijay Mallya and Lalit Modi are no ordinary scamters. First, their businesses are comparatively simple and connect with all Indians – jewellery, wine/airline and cricket. Second, their advertising and participation involved top Bollywood stars and sexy models. This guarantees that entire nation had heard of them, even if they couldn’t afford their luxuries and flashy lifestyles. Third, unfortunately for the PM, the last name of two scamters is Modi. Nirav, Mallya and Lalit to represent the corrupt mafia that seems to have a hold on all the governments and getting away with whatsoever they want.
The group picture of Nirav Modi with the PM at Davos confirmed this opinion. This was enough to give a very strong issue to opposition parties and media and set the country’s thoughts on fire. The banks, the guys who actually sanctioned the loans and the guarantees, came across as both naive and dishonest. They also fit right into the public sector bank (PSB) and government offices pigeonhole – give atrocious service to the common customer but help the big businessman loot. Meanwhile, Nirav, Mallya and Lalit are enjoying their life in their luxury hotel suite and luxury villas.
Having, seen the working of banks, investigating agencies, and judiciary, it is not going to be easy to prove wrongdoing and punish Nirav Modi, Vijay Mallya and Lalit Modi.
They will hire expensive lawyers would simply argue: “Ok, My Lord, that brainless bank gave me loans and LoU or guarantee letter without any safety or guarantee. We took. So what? It was offered to us. If somebody gives us an attractive deal, why won’t we seize it? We used that LoU or loan to elevate a lot of money for our business, open showrooms, purchased popular franchises for IPL, purchased luxury planes and ships, and threw big parties for politicians and celebrities.
I lost in the business. I coiled up. I failed as a businessman. I am very Sorry My Lord. All-merciful banks and government, we seized a guarantee and loan from you (and pay you a very handsome fee for it). Please pay back my creditors and protect their human rights. We are broke, big fools in business but we are not a criminal. Let us have our human rights in peace.” Now they will hire journalists, rights activists, NGOs and politicians to create a soft environment in the country for them as they have made for dreaded terrorists like Soharabuddin and Ishrat Jahan. Few powerless bank officials and bureaucrats will be punished, a commission will be formed and people will wait for another scam.
It is going to be enormously tricky to establish Nirav, Vijay and Lalit, in fact, committed swindle in collusion with bank officials and/or politicians to get a guarantee or loans without security. Vijay Mallya’s even issued personal guarantees, even then, so far banks and judiciary, both have failed to recollect their money or to convict him. Nirav simply secured guarantees from PNB, and without any security. Now, the PNB is bound to pay his creditors. Scams and frauds will have to be proved, and all know it very well how that goes in courts in India. The recent judgment in the 2G scam is an eye-opener.
This isn’t just an issue concerning Nirav Modi or PNB or, even the BJP or Congress. The problem is systemic and the citizens. Also, once the money is paid out devoid of due attentiveness and not repaid, it is almost impossible to prove if it was fraud and not a valid dealing went wrong. Hence, all the banks are very poorly working those are throwing money down the drain.
There are two safe ways for the people to keep money in them. One, the government invests in capital by charging citizens more taxes or higher service charges Two, citizens deposit their individual money. Then, it is the bank experts who choose what they do with that funds and who they loan it to. Some of the lendings are lawful. However, there are sufficient loopholes in reporting procedure to play with the system.
For example, no one noticed that the securities to Nirav Modi had no guarantee against them. Add a few dishonest staff to the combine, the politicians who truly run these banks and financial institutions and a greedy businessman – it actually isn’t that difficult to hatch a conspiracy. Due to these non-performing loans of public sector banks are three times more than those of private banks, and amount to lakhs of crores. It can be imagined the loot in progress inside those dusty bank branches.
The solution is not just to hound Nirav Modi or Vijay Mallya or blame the politicians. The responsibility needs to be fixed on the staff. We need more banks but with expert and meritorious staff. The more banks, the less the likelihood of wrongdoing. The government must appoint more expert staff for better working. Merger plan or privatizing plan must be shelved. There must be a world-class system to detect any risks and frauds.
Dozens of reports and suggestions exist on how to improve our banks, what is needed is honest politicians and will and courage to punish the wrongdoers. Till then, the taxpayer’s money will be looted by the nexus of businessman, employees and politicians. Worse, the resources that can be used to develop the nation and the economy will go to fund corrupt promoters. Harshad Mehta scam took place when Dr Man Mohan Singh was the finance minister but the same Dr.Man Mohan Singh remained the PM of the country for ten years. He should have been boycotted by the voters.
Banks and politicians are choking our nation, wasting our money and aiding corruption. We need a pressing ‘Clean India Drive’ to clean up the system. This isn’t just about some billionaire; it is about a billion people.
Judiciary needs urgent reforms. Reward those who catch cheating. Government jobs and promotion should be given to those who catch bribes and corruption.
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