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  • Category: Miscellaneous

    Another scam-Parekh Alluminax Ltd. Cheated worth 4000 crores from 22 Banks

    Parekh Alluminex Ltd company cheated 22 Banks which include Axis Bank worth 4000 crores. Three of its Directors through forgery and fraudulent documents drawn 4000 crores worth money from 22 Banks. With the report of Axis Bank, Police started investigating the issue. It was learnt that three of the Directors were arrested by Economic Offence Wing. The Directors of this company were found diverting the money taken from the banks by fraudulent ways into real estate business. So there is no end to the list of scams connected to Banks it seems.
  • #630305
    What is happening? How are banks so blind? These days all the scams are coming out and police are able to catch the culprits in this case before they escape to another country. But how public will have confidence in these banks? In earlier days private financial companies and chit companies are cheating the public and making money like anything. But the majority of them are from the private sector. So people always used to think that keeping money in the banks is a better option. But after seeing the latest news coming regarding financial irregularities in Nationalised banks also the public are losing their confidence in the entire system. The government should strongly act on these corrupt bank officers who are supporting illegally some rich people for their individual benefits and ignoring the fate of general public. The people of India will feel lack of security for the money they are putting in banks even at a low rate of returns.
    drrao
    always confident

  • #630317
    These are all tip of the iceberg. Many more will follow. Now I am getting doubts about the bail-in clause of the Financial Resolution and Deposit Insurance Bill. Why such idea crept into the mind to include such a clause? What can be the rationale behind it? Really worried where to keep our hard earned money. This cannot be a small matter involving only the bank officials. There must be something more than meets the eye.
    " Be Good and Do Good "

  • #630353
    I raised this thread a month ago Multi crore bank scams, How do we safeguard the taxpayers money? where in I was curious about the rest 'Nobody knows what else is cooking? how many more are there in the pipeline?'

    In another thread Passing the buck Vs Accepting responsibility. in this thread, I mentioned that 'accepting responsibility rather than keep on passing the buck and hope that the trouble goes away.'

    Sadly looks like the troubles are not going to go away, we need to cleanse the system and ensure that the tax payers money and the legal accounts held in the banks are completely safe and people do not panic and withdraw the money.


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