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  • Category: Miscellaneous

    Kanishk Gold chain jewellery defrauds 14 banks to get 824.15 crore

    Kanishk Gold chain jewelry which is headquartered at Chennai has defrauded from 14 banks to secure an amount of Rs 824.15 crore. This fraud came into limelight only when the PNB fraud happened and they tend to search for other frauds which happened. The government has only started some arrests of PNB officials. Why are Banks not able to get a loan amount from these borrowers? Is there any private gain for any Bank official with these private companies? Why are normal citizens denied loans from these banks? Share your views on it.
  • #630567
    We are vexed with big bank frauds running into mind blowing 100 of crores ever since Nirav gate scandal has came to limelight. From the frauds after frauds, it is becoming increasingly clear that those who had good connections with the finance Ministry and bank heads, they did manage to swindle large amounts showing fake branches being established across the globe and thus public sector banks are in the brink of closures as the ordinary citizens are fed up to save their money in the banks as any time the so called nationalised banks can close their shops. At least now RBI must catch hold of the auditors of each public sector bank as to why they have been falsely projecting the growth when so much money were in bad and doubtful recovery and yet not revealed in public. All the banks must be put on scanner for the the past 15 years so that truth would be out.
    K Mohan
    'Idhuvum Kadandhu Pogum "
    Even this challenging situation would ease

  • #630570
    It is quite astonishing to see our government of India, RBI and Bank authorities taking these issues casually. Why the Ministry of Finance is not deploying any stern measures to stop these frauds which involve public money. After few frauds they are giving some statements and the same is happening in any government. Mr.Modi's government came into governance to remove all corruption from public domain. Recently a honest Loksaatta convenor Mr. Jaiprakash Narayan whose forum works for the welfare of Citizens of India in an interview told there is no change in corruption levels of India even in Modi's government but in fact it increased much more. Can,'t government of India do anything with stopping these bank scams? Or is it not duty of the government?

  • #630576
    The post of Deputy Governor of Reserve Bank of India who will be looking after the performance of the banks is vacant since July 2017. This is a very important post kept vacant by the government since July 2017. This indicates the importance which this government gives for removing corruption. Whatever raids they are conducting are selective and aimed at their political rivals.
    " Be Good and Do Good "

  • #630577
    Yes, it is very unfortunate and how is this happening? I could not understand. I had read a quotation in Reader's Digest many years ago. It stated, " Bank is an institute which provides you with a loan when you prove that you do not need it." And practically we observe this thing that normal man cannot get loan easily from a bank. Then how these companies get the loan from banks. And they also frauded 14 banks at a time. It is also a rule that you cannot take the loan from two banks at a time. You have to submit no dues certificate when asking the loan from a bank. So, how did other bank provide loan without no dues certificate? How a bank issued no dues certificate? RBI must inquire and should take an action against such type of fraud.
    Honesty is the best policy.

  • #630586
    I would like to know whether this is an allegation, or, the company has been found guilty. If it is only an allegation, the concerned Editor may consider to lock this thread and send it to 'Pending' section, as done in case of another Forum post yesterday.
    Beware! I question everything and everybody.

  • #630589
    The company has been found guilty and the promoters are already away from India. They are in Mauritius or so presently. Why such a carelessness has developed in the banking system. What is the role of RBI and Finance Ministry in the country? I think a lot of changes are required at the highest level in RBI and banks. Today the list of banks where this Kanishk has taken and defaulted has been published in the newspapers.
    The central governments should take this on top priority and see that where is the problem in the system and that should be rectified. If you see the list all the banks are nationalised banks only. Is it better to denationalise all the banks also, so that the governance will be better and corruption will come down in the system?
    Is no seriousness seen at the Finance Minister level in these issues?

    always confident

  • #630621
    Dr. Rao: Has the company been proved guilty? I have grave doubt. I think it is only an allegation and the inquiry has been started. If it is an allegation, the thread must be put in 'Pending' section.
    Beware! I question everything and everybody.

  • #630634
    Unethical practices creep in when we set a particular target in the sector. For instance number of mobiles to be sold/day, number of orders booked/month. Did the Government set business targets for the banks performance, X crores of loan business to be conducted /year or revenue targets?

    At the core of these major scams is the faulty system. A few people with questionable ethics who are well versed with the system and the loop holes can and have taken the entire banking system on a ride.

    It is pathetic that such huge sums of money have been swindled and the common man has to suffer with IT notices, rejection of loans and even lose his life for not paying his dues.

    To me, what we are seeing is just the tip of the iceberg. There would be many more to come in the near future. I think the truth is too damaging to handle and hence we are hearing the news of scams being released to the general public in a phased manner.

    What the CBI, the BJP Government and the opposition parties in unison should do now is have an emergency rule passed for bank scams and the relentless seize the assets of the defaulter and the lenders ( bank managers, board of directors etc). This should be done with much bigger urgency as I fear these NPAs will keep swallowing public money like a white elephant project.

  • #630636
    The various banks who lent money to the company found out that there are discrepancies and the matter has been complained to the concerned authorities. This is what I read in the newspapers.
    always confident

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