oppn parties How Easy It Is To Loot and Scoot

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  • US House of Representative Foreign Affairs Committee chief, Elliot Engel, says "Chinese aggression" against India in Ladakh shows China is "willing to bully its neighbours"
  • Cyclone Nisagra expected to hit Mumbai with wind speeds of 100 kmph. The city placed on red alert
  • Monsoon hits Kerala, IMD says northern India too will get "good" rain
  • Moody's downgrades India's sovereign rating to Baa3, bringing it at par with other rating firms.
  • If the middle seat is used on flights, the passenger must be given a wrap-around cover in addition to mask and face shield, says the DGCA
  • The Union Cabinet approves many schemes for farmers, MSMEs and street vendors that were announced in the Covid-19 economic package
  • List of banned foreign items at Army canteens withdrawn after it was found that several Indian firms were also on the list
  • India and China seem to be headed for a longer stand-off at the border as the troops of both sides bring in heavy weaponry
  • The Centre has asked ISPs to block WeTransfer, which is now not available in India
  • Major shake-up in West Bengal BJP, those who switched to the party from the TMC given important posts
  • With 7573 new cases on Monday, India's total Covid-19 cases inch towards the 2-lakh mark
  • MSP of Kharif crops raised to increase the income of farmers
  • In a setback for aviation firms, jet fuel price has been increased by 48 percent
  • Terrorists strike on the outskirts of Srinagar, kill 2 BSF men
  • Alluding to the border dispute with India, Nepal PM says "Indian virus" is more dangerous than the Chinese or Italian virus
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oppn parties
How Easy It Is To Loot and Scoot

By admin
First publised on 2018-03-03 11:57:39

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.