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  • Category: Miscellaneous

    Another jeweler merchant scam worth 390 Crores came into limelight

    A Delhi based jeweler company Dwarakadas International SEZ, its prproitere and his associates through LOC have robbed 390 crores from Public Sector bank Orient Bank of Commerce. The bank filed a case on 16 th August, 2016 with CBI but till now they have not responded. After Nirav Modi case this issue came into lime light. The main accused in this case already went underground and were not traced yet. After PNB one scam after another scam coming into lime light. If governments don't act properly and sincerely there is no stoppage for such scams and all the public money become the properties of scamsters only.
  • #627509
    What the hell is going on in Public sector banks ? From scam after scam , there seems to bigger loot that has happened in the past and those who are close to big wigs in the powers be in New Delhi, they utilised every opportunity to get the bank loans and then cheat. For me every public sector bank seems to be involved in big loan lending and that might have gone bankrupt. Why the auditors are keeping quiet. Bank auditors must come out with the list of defaulters of all banks so that new stringent laws should be enacted to try all those defaulters and recover every penny now.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #627514
    There seems to be much more to come. These scams cannot happen without the involvement of higher-ups and bank staff. It is likely that some more startling facts may come to light. I have a doubt, just a doubt about the timeline. Nirav Modi looted about 11000 crores. The real facts about the sequence of LoUs issued will come sooner or later. The Financial Resolution and Deposit Insurance Bill (FRDI), 2017, was introduced in August 2017. It is still pending before a committee. In that bill, a new "bailout' clause was introduced. Nirav Modi changed his status from resident Indian to Non-Resident Indian in November 2017 according to some reports. He fled the country in January 2018. The PNB scam was made known on 29-01-2018 well after Nirav Modi and his family left the country. The Government is unable to locate the whereabouts of Nirav Modi whereas statements by Nirav Modi are appearing in newspapers and news channels. I have a mere suspicion about all this.
    " Be Good and Do Good "

  • #627604
    Really the situation is coming from bad to worst. The public sector banks are working with closed for their personal benefits and gains. The taxpaying community is made to suffer and these big business people are getting the rewards. These scams may not happen without the acceptance of very big people who are in the administration of these banks. I feel it is better to privatise all the nationalised banks. Otherwise, these scams will go on continue. Every year there will be two audits and how these auditors are missing these important points or they are also getting some cut in the money from the bank officers at the highest level. We now where is that Kingfisher man but we can't bring him back or do anything on that issue. Same is the case in other issues also, The Finance Minister and RBI should make a proper assessment of the issue and see that again issues will not come. A separate court can be made responsible for all these financial crimes and see that they will be solved at the earliest and proper action will be taken on the culprits.
    always confident

  • #627615
    The entire banking industry is beginning to stink. The modus operandi seems to involve a few well-connected people who have bypassed all built-in checks and audits for multicrore scams. I think we are in for more bad news that is coming out at pre-determined intervals so that the public does not start a riot or have a general unrest in the country.

    Yesterday, I read that the PNB scam is around Rs 21,000 crores, how can a pen company be given crores and crores for export. Did the digitalisation process make it easy for the scamsters to keep some transactions under different names or bypass the system wherein paperwork and computer work were both used?

    I think we are on the brink of a major catastrophe and a few more big scams like the PNB one would just start the beginning of a crash in the stock market that would be driven by the negative sentiments that arise from scam after scam.

    Imagine the impact already, the jobs lost or due to be trimmed, the loss of revenue in terms of sales and profits, the overheads, the sub loans are taken by the franchises of all, it's a whole wide circle of collateral damage. The Government and RBI should show a united front and ruthlessly deal with the culprits to restore the faith in the banking industry, if not it is a matter of time before this rot in the banks begins to affect our economy and growth irreversibly.

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