oppn parties How Easy It Is To Loot and Scoot

News Snippets

  • Supreme Court warns Rahul Gandhi to be more careful in future but drops contempt proceedings in the "chor" case
  • In a flip-flop, Vodafone CEO says sorry to the government, sys no plan to exit India
  • Sabarimala case referred to a larger bench as the court says several contentious issues need deeper examination
  • 16 killed as the vehicle they were traveling in plunged into a deep gorge near Jammu
  • Vodafone CEO seeks government relief, saying India operations on the verge of collapse
  • Three teenagers killed in a major accident in Kolkata's New Town area when their Honda City rammed into a road divider and a Metro pillar. The car was mangled
  • Vishwa Hindu Parishad not to publicly 'celebrate' Babri Masjid demolition day this year, all events will be closed door
  • JNU students march against the steep hike in fees, keep HRD minister Ramesh Pokhriyal stuck at the venue of the convocation
  • USFDA says Cytotron, an anti-cancer kit developed by Bengaluru based Rajah Vijay Kumar, is a "breakthrough device" for treating liver, pancreatic and breast cancers
  • Car sales show a minuscule uptrend after declining continuously for 11 months
  • Industrial output contracts by 4.3% in September, the worst decline in 8 years
  • Centre defends abrogation of Article 370 in the Supreme Court, says the power under it was used by the President six times previously
  • Legendary singer Lata Mangeshkar admitted to hospital with lung infection, put on ventilator
  • Shiv Sena MP Arvind Sawant quits as Union Minister
  • National Security Advisor Ajit Doval met the leaders of both Hindus and Muslims in Delhi on Sunday to ensure peace and harmony is maintained after the Ayodhya verdict
Supreme Court dismisses plea for review in Rafale case, says no need for roving inquiry, maintains clean chit to government
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How Easy It Is To Loot and Scoot

By admin

About the Author

Sunil Garodia By our team of in-house writers.
People are talking about how easy it is for economic offenders to flee the country. People are saying that this is possible only because they are tipped-off about the impending move against them. They recognize that this is possible only because someone somewhere sells his soul for a few lakh of rupees and provides the information to the culprits. People assert that this is not done by the political friends of the culprits but by some officers in the banks which these offenders loot.

People say that this situation is largely a result of the rampant corruption prevalent in the lower echelons of the bureaucracy and the officialdom. They opine that scams such as the one in the Punjab National Bank are a result of collision between unscrupulous businessmen and greedy bank officers and will continue to happen regardless of who is in power at the Centre.

People also point out that despite Nirav Modi and Mehul Choksey’s perceived closeness to the current regime in power, the scam started when the UPA was at the helm. People are amazed as to how, despite several checks in place, banks allow this to happen. They are also questioning the role of RBI in regulating the banking sector. The role of chartered accountants in passing accounts of banks quarter after quarter without reconciling major accounts is also being questioned by the people.

People seem convinced that the gravy train in these scams is well spread out and people say that they are not sure whether there are political payoffs in the whole scenario. People say that these scams are being carried out only by bank officers and businessmen without the knowledge of the political class. That is why people are concerned about the corruption in banking sector that makes this possible. People say that the time has come to develop new accounting standards for the sector that makes it mandatory for reconciliation of LoC’s, LC’s and LoU’s regardless of date of issue and expiry.