The Great Indian Political Drama - 1 (Oct 2017 - Mar 2018)

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Trilobite
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Re: The Great Indian Political Drama - Oct 2017

Post by Trilobite » Sat Feb 17, 2018 8:46 am

I am skeptical about the claim of Rs 5,500 crore worth of diamonds being seized. How were they able to ascertain the value while they were seizing it? Lot of these diamonds may simply be fake, may be cubic zirconia. One of the whistleblower who worked for Mehul Choksi company, said that accounting was 10 times overinflated. A group of employees turned whistleblower around 2015 and they ran from pillar to post but to no avail. In the meantime they received all kinds of threats etc.

Singha
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Re: The Great Indian Political Drama - Oct 2017

Post by Singha » Sat Feb 17, 2018 8:52 am

^^ yes it takes time to assess the authenticity...these figures are just damage control/CYA to reassure the markets that 11500 cr is well on its way to recovery. its not so simple probably as just seizing them and auctioning them.

remember as the 2nd largest PSU banks, a lot of banking sector and diversified mutual funds would have PNB holdings.

its my backside in the line of fire also if PNB falls, experiences a run on deposits and has to be merged into the next biggest PSU bank.

Singha
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Re: The Great Indian Political Drama - Oct 2017

Post by Singha » Sat Feb 17, 2018 8:53 am

he started opening a lot of stores abroad from 2016 onwards...these LOUs must have been put into that.

abhijit
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Re: The Great Indian Political Drama - Oct 2017

Post by abhijit » Sat Feb 17, 2018 8:54 am

There needs to be a complete overhaul in the way RBI conducts audit... especially system audits. Word in banking that RBI is too lenient on psu banks. Coop banks are another monster.

Sachin
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Re: The Great Indian Political Drama - Oct 2017

Post by Sachin » Sat Feb 17, 2018 8:56 am

Trilobite wrote:
Sat Feb 17, 2018 8:35 am
PNB 11,400-crore scam: CBI says most of Nirav Modi’s fraud LoUs issued or renewed in 2017-18
Next questions would be:-
1. Who were the people who authorised these LoUs? Was it only folks from PnB? When where these chaps appointed to the high ranking positions?
2. What is the involvement of RBI in this? RBI may be the only agency which GoI may be interacting on a day to day basis. I mean, Modi or Jetli would not be checking the works of PnB every single day.
3. If RBI folks are involved, who are they and when were they appointed?
Singha wrote:INC is eerily quiet, which means they have good stuff and are waiting for right moment....no point useless kejriwal type shouting in such cases.
I agree with you :). The INC has been patiently waiting at the side lines for the right time (good strategic decision by the way). Their IEDs have all been planted, and it is now just waiting for the time. And this is when Modi & Co. have not taken any strong measures on INC top leadership. They (INC top brass) are all still very active in the game (including dear old Chidu, Sibal et.al). Even "Pappu" is now getting a good make over in the media.

Chandragupta
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Re: The Great Indian Political Drama - Oct 2017

Post by Chandragupta » Sat Feb 17, 2018 9:51 am

Deans wrote:
Fri Feb 16, 2018 4:39 am
The larger problem is that the banking system is rotten and can take the economy down with it.

In an earlier post, I mentioned how PNB had extended a rather dubious loan to the company I ran (when the promoter was unable to repay the
loan). To take another slightly unrelated example - the company imported about $ 3000 of spare parts for machines in 2011. The bills of entry
were submitted to the bank through which forex was paid and acknowledgement obtained. Thereafter the B//E details go to the RBI.
If the Bill of Entry is not submitted in 6 months, the bank is supposed to red flag it.

In 2015, we got intimation from the bank that we hadn't submitted the Bills of entry. We provided their acknowledgement of 2011 in response.
A year later, spooked by the Bank of Baroda fraud. the bank claimed we had not submitted the bill of entry (in reality they lost it and forgot to
enter details in their system, as a bank insider told us), informed the RBI, who in turn informed the ED, without even asking for our version.
While I am no longer associated with the company and wasn't in 2011, at the time of import, I've been harassed and spent needless time trying to sort this matter out and more importantly, the RBI, Bank and ED have spent disproportionate time trying to trace a document for a $ 3000 import - where all acknowledge the money was paid to a reputed European supplier for parts the company physically has and are worth the amount paid. Ironically we implemented `Made in India'' for all our imports and were the only player in the world, in our category, to move beyond the 2-3 Western suppliers for machines and raw material and develop these in India at lower costs.

I'm fairly certain such frauds are not limited to Nirav Modi. They would be rampant across banks and the jewellery/Real estate industry - among others. Bank and RBI audits are a joke. Deloitte is the auditor for PNB. I wonder if they will be held accountable.
Typical of Indian authorities. Prostrate before the big fish and go hammer & tongs against small and medium businesses trying to make an honest living. I can't even imagine ED going after USD 3000! Makes me remember that I have to submit some BoEs of a few thousand dollars in the bank lest the ED/CBI comes knocking on my door!

Supratik
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Re: The Great Indian Political Drama - Oct 2017

Post by Supratik » Sat Feb 17, 2018 10:14 am

Tribolite,

The article clearly says Mallya's status was changed as "he was co-operating". There is no suggestion of corruption. I know it will help you and the INC if Modi govt turns out to be a chor as well but you have to try harder.

The LOUs have been issues since 2011 and has been continuing till it was detected in Jan 2018 according to PNB. So it doesn't metter how many were issued in 2017-2018 (I know it will help your party) as according to PNB it was not detected.

Supratik
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Re: The Great Indian Political Drama - Oct 2017

Post by Supratik » Sat Feb 17, 2018 10:19 am

I am surprised that people on this forum are surprised that these scams are out there. The INC has been running a 70 year corruption system where everyone from top to bottom are in the play. It will not magically disappear post-2014. The challenge before Modi govt is how fast and how effectively they can stem the rot. But imagine cleaning a leaky system where even the judiciary is managed.

chetak
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Re: The Great Indian Political Drama - Oct 2017

Post by chetak » Sat Feb 17, 2018 11:26 am

Supratik wrote:
Sat Feb 17, 2018 10:19 am
I am surprised that people on this forum are surprised that these scams are out there. The INC has been running a 70 year corruption system where everyone from top to bottom are in the play. It will not magically disappear post-2014. The challenge before Modi govt is how fast and how effectively they can stem the rot. But imagine cleaning a leaky system where even the judiciary is managed.

The BJP has in a press conference by the Defence Minister publicly linked a bald congi lawyer's wife to gitanjali gems.

hanumadu
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Re: The Great Indian Political Drama - Oct 2017

Post by hanumadu » Sat Feb 17, 2018 11:47 am

“Funds raised were meant to be used for payment of import bills of accused companies whereas it was dishonestly and fraudulently utilised for discharging the earlier liabilities on account of buyer’s credit facility by overseas branches of Indian banks,” the FIR said.
So its still not clear how many of the loans got paid and how many are outstanding. If thousands of crores were not getting paid for years, wouldn't it affect the working capital of the banks and profits, especially overseas branches which are probably smaller in size. Or is it that only interest was being paid on these loans and the banks were happy to collect interest.

hanumadu
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Re: The Great Indian Political Drama - Oct 2017

Post by hanumadu » Sat Feb 17, 2018 11:52 am

https://economictimes.indiatimes.com/in ... 940391.cms
7. Nirav Modi was paying back the loans till January 5 and PNB, in turn, honoured other banks’ claim. The cycle was working fine till January 5.
10. It appears that most of the LoUs were issued during the last one year as Nirav may have been repaying the letters after 365 days.

Supratik
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Re: The Great Indian Political Drama - Oct 2017

Post by Supratik » Sat Feb 17, 2018 11:58 am

BJP is in damage control mode but Congress has gone soft as this type of scams usually have higher connections. Modi govt did not fire or prosecute the banking staff for the NPA mess. So they thought it was business as usual. They have kept too many C-system people in business which is coming back at them.

Supratik
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Re: The Great Indian Political Drama - Oct 2017

Post by Supratik » Sat Feb 17, 2018 11:59 am

It should be "fresh LOUs". The scam started in 2011.

Zynda
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Re: The Great Indian Political Drama - Oct 2017

Post by Zynda » Sat Feb 17, 2018 12:22 pm

Singha wrote:
Sat Feb 17, 2018 8:32 am
as predicted....india does not allow dual citizenship....so he held on to his belgian passport and did not turn it in when he got the indian passport. or he got belgian passport on the sly after indian passport.


=====

Nirav Modi and his brother Nishal grew up in Belgium, known as the centre for international diamond trade. Intelligence sources said Nishal surrendered his Indian passport and acquired Belgian citizenship. Nirav declared himself an Indian citizen.

New Delhi: The Indian government has suspended Nirav Modi’s passport, but it has now emerged that the man at at the centre of the Rs 11,400 crore Punjab National Bank (PNB) scam may be holding dual citizenship.

It was known among the close-knit Palanpuri Jain community that Nirav held dual citizenship, the Tribune reported quoting sources.
The rich & the crooked play by completely different rules when normal Indian National Citizens are forced to stand outside Chennai US consulate at 43 degrees (now I believe there is less standing after appointments were introduced) for US Visa and then endless wait for a decade plus for GC.

I don't think we can get Nirav Modi back...but this Govt needs a PR victory immediately and VM could be a target since it is easier to threaten British businesses interests in India rather than go after Amreeka who are needed a lot more by us. Apparently, VM's hearing is some time next month.

Lizard has established something called as a Dragon Net or something like that to get back Chinese citizens who are hiding out in foreign countries & are wanted back in China. Not sure how successful they are...

Nirav Modi is as culpable as others in this scam but one thing GoI could do is to hire a local media outlet in US to widely highlight his transgressions in India to US audience. May be his social standing may affect or not...cause their social peers could be cut from the same cloth and will pamper him as long as he has money.

hanumadu
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Re: The Great Indian Political Drama - Oct 2017

Post by hanumadu » Sat Feb 17, 2018 12:27 pm

Supratik wrote:
Sat Feb 17, 2018 11:58 am
BJP is in damage control mode but Congress has gone soft as this type of scams usually have higher connections. Modi govt did not fire or prosecute the banking staff for the NPA mess. So they thought it was business as usual. They have kept too many C-system people in business which is coming back at them.
The congress hasn't been silent on SM at least.

Supratik
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Re: The Great Indian Political Drama - Oct 2017

Post by Supratik » Sat Feb 17, 2018 12:39 pm

It is easier to get back a crook from the US. That is why they flee to countries like UK which gives sanctuary to all kinds of law breakers.

hanumadu
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Re: The Great Indian Political Drama - Oct 2017

Post by hanumadu » Sat Feb 17, 2018 12:55 pm

SBI says 2200 crore exposure through PNB.
Allahabad bank says 2000 crore exposure through PNB.
The other banks are Union Bank, Axis Bank and may be there are others as well.

Singha
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Re: The Great Indian Political Drama - Oct 2017

Post by Singha » Sat Feb 17, 2018 2:19 pm

Ibnlive

The figure could be 17000 cr per a IT dept note seen by reuters unofficially

crams
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Re: The Great Indian Political Drama - Oct 2017

Post by crams » Sat Feb 17, 2018 2:48 pm

Supratik wrote:
Sat Feb 17, 2018 11:58 am
BJP is in damage control mode but Congress has gone soft as this type of scams usually have higher connections. Modi govt did not fire or prosecute the banking staff for the NPA mess. So they thought it was business as usual. They have kept too many C-system people in business which is coming back at them.
Yes it looks horrible for BJP on SM and on mouthpiece channels and print media like Undy and wire. Like every other cacophony, Congoons and their friendly media have seized on the negativity and attached BJP to that. That ModiJi's name matches with this scamster is a huge bonus. Truth and facts don't matter one jot.

To average man, this was a big scam that happened to be unearthed under BJP govt, and whether or not Congoons were responsible it doesn't matter. Congoons are piling it on big time, selecting a factual tit-bit here or there, and as usual, like when facing charges of 'intolerance' and communalism, BJP appear as spineless eunuchs.

Congoon gameplan as 2019 approaches is out in the open. The scum bags don't have one agenda item worth its salt, be it economy, be it Pakis (other than 'secularism' and MM/Sonia 4-point formula to sell India down the Indus river). They are harnessing all this negativity, hiring some mighty IT firm in US that specializes in bots and such, some help from well funded EJ machinery; all to spread and propagate mind-boggling lies, spin, and misinformation.

MehtaRahulC
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Re: The Great Indian Political Drama - Oct 2017

Post by MehtaRahulC » Sat Feb 17, 2018 2:51 pm

Several LoUs were issued in year 2016 - 2017 without adequate collateral. So monthly quarterly reports will show all details on number and amount of LoUs with lesser than required collateral. So PNB apex officers knew about the scam in year 2016, 2017 and jan-2018, and so did RBI Guvs, FinMin and PMO. Everyone knew from 2011 to 2018.

So in this case, MMS/SoGa == NaMo, Jetley == Chidambaram , Radhuram == Urjit etc etc

And Nirav Modi had duped a Banglore jeweller. So got all details way back in 2016 and reported the scam with ALL details to PNB, RBI, HomeMin, PMO, Republic News Channel, ToI, NDTV etc. But ToI, NDTV and republic channels were getting advt from Nirav Modi and so they looksed asided

A senior Allahabad Bank officer has also sent detailed report on scam in year 2016 to all apex officers in RBI, PMO etc. And none took any action

So all events show that, MMS == NaMo, Jetley == Chidambaram , Radhuram == Urjit etc etc

So how long do you guys want to defend that Sri NaMoji is honest , efficienct etc etc?

Within 6 months, it is possible o dig out ALL documentary scams and also put systems to ensure that NO scams can happen thereafter. Almost 4 years have passed. But no stopping of scam --- except for some reduction that happened due to aadhar.

Imo, namo-supporters should NOT waste energy in defending NaMo anymore. Just blame Nehru and 60 years of congress. And pass rumor that Ahmed Patel will become PM if NaMo doesnt get 400 seats in Parliament. And that will be sufficient to get 400 seats in LS because all Hindus start shivering at very thought of ahmed patel becoming PM. Nation can GTH. Why bother? As per corruption, Modiji may loose some support once all realize the FACt that SoGa == NaMo , but fear of "Ahmed Patel will become PM" is sufficient to get 400 LS seats. So Modi supporters should spend energy in convincing all Hindus of India that "unless Modiji gets 400 seats, Ahmed Patel will become PM ". And not waste energy in convincing anyone that "Modiji khaate nahi khane dete nathi"....

=============

Translation of some WhatsApp jokes

Narendra Modiji is the only Modiji who returns to India after going abroad !!

The way Modiji is running banks and economy, forget getting Rs 15 lakhs, you all may have to give Rs 15 lakhs !!

You all citizens must link your bank accounts with aadhar ... I will make sure that banks become niraadhaar" - PM Sri Modiji

on WhatsApp they come in local language , with rhyme and with pic. So they look funnier than translation,.
Last edited by MehtaRahulC on Sat Feb 17, 2018 3:13 pm, edited 2 times in total.

crams
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Re: The Great Indian Political Drama - Oct 2017

Post by crams » Sat Feb 17, 2018 2:59 pm

Supratik wrote:
Sat Feb 17, 2018 12:39 pm
It is easier to get back a crook from the US. That is why they flee to countries like UK which gives sanctuary to all kinds of law breakers.
If Nirav Modi can be handed over to India by US, I am ready to sell the Brooklyn bridge to you.

The amount of money he has, and the love of money US elites have, and the sophisticated 'legal' machinery for money laundering, corruption etc in US, there is not a chance in thin air that chutiya will ever face justice. And last but not the least, with their pockets well lined up, US govt and media will do the rest, cite corruption and such in India as the reason for this scam and will show India the middle finger.

To understand my pessimism, recall, how that killer Warren Anderson escaped any culpability for the Bhopal gas tragedy, US govt, courts etc put the blame right back on India for its incompetence, bribery, cheating etc. Even 26/11, had such a colossal attack taken place in NY, London, Brussels, Munich etc; TSP would have been a cheap pariah parking lot by now through sanctions etc, and instead all US could offer India is supposedly 'intelligence' which India failed to act on, and in the aftermath, toothless bounty on Hafeez pig, and of courses loads of equal equal to resume 'p!ss talks with TSP. Ackkk Thoo. I weep for my mother India.

Zynda
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Re: The Great Indian Political Drama - Oct 2017

Post by Zynda » Sat Feb 17, 2018 3:01 pm

Congress Government Could Have Stopped PNB Bank Fraud: Ex-Bank Official
Dinesh Dubey, a former Director of the Allahabad Bank, said: "I had sent a dissent note against Gitanjali Gems to the government and the RBI (Reserve Bank of India) in 2013 but to no avail, I was directed that this loan has to be approved, I was being pressured so I resigned."
HIGHLIGHTS:
> Ex-officer of Allahabad Bank said he had flagged loan concerns
> BJP facing attacks from opposition for designer Nirav Modi leaving India
> Punjab National Bank fraud estimated at over Rs. 11,000 crore

Supratik
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Re: The Great Indian Political Drama - Oct 2017

Post by Supratik » Sat Feb 17, 2018 3:22 pm

I don't see why this chap will be protected by the US at all. He is of Indian origin and has a Belgian passport. US has no stake in him. But the question is where he is. As there are different reports saying different places. He will most likely try to move to a place where he has a reasonable chance of not getting extradited.

crams
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Re: The Great Indian Political Drama - Oct 2017

Post by crams » Sat Feb 17, 2018 3:24 pm

You just witnesses above in MehtaRahulC a microcosom of Congoon strategy to attack BJP as 2019 looms.

crams
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Re: The Great Indian Political Drama - Oct 2017

Post by crams » Sat Feb 17, 2018 3:25 pm

Supratik wrote:
Sat Feb 17, 2018 3:22 pm
I don't see why this chap will be protected by the US at all.
$$$$$$$$$++++

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