Had the Indian Enforcement Directorate (ED) put in enough fear in the minds of the notorious? The answer is a quick no! When such incidences like the latest Punjab National Bank(PNB) fraud takes place, it is more likely the rush of the criminals is what makes it for a better deal.
While the uncovering of these complaints, shares fell by more than 10% and in another fraud complaint was against prominent Mumbai jeweler Nirav Modi.
Along with deputy branch manager Modi along with five others masterfully manipulated the PNB with a mind boggling $44 million. Raids have already taken place, which highlight India in a very bad scape but there is no option!
- Who is Fighting Corruption for Poor?
- Burden of NPAs is falling into the Shoulders of Common Men!
- Beyond Politics; Let’s Admit Demonetization Was A Failure!
- The Weakening of India’s Economy
The number of bad loans is now getting out of hand, and this has lead to lending being a crucial factor of check in India these days. If the rich can rob the banks, the poor tend to suffer.
These cases put to rest Indias hopes of a brighter future and a better economy.
A recent bailout for state run banks of $14 billion has been announced.
As the case of Vijay Mallya, Modi along with his wife, brother Nishal and business partner Mehul Choksi have already left the country in the first week of January. Now catching the culprits, will be the same drama that media capitalize on, branch managers take advantage of and the country loses on.
A hunt is underway, first with passports being revoked and then the seeking of Interpol to help trace Modi and the remaining others. This time if Nirav Modi is not brought back into the country, it loses the hopes of the Indians at whole of bringing back culprits who take advantage of the legal and banking system.