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'3500 Cr Frost International' scam: Cong alleges 'loot and scoot' is flourishing under Modi Govt

'3500 Cr Frost International' scam: Cong alleges 'loot and scoot' is flourishing under Modi Govt

New Delhi, Jan 22 (UNI) The Congress on Wednesday criticised the Narendra Modi government for 'allowing' corporates for siphoning off money and 'escape' from country, in the wake of 'Frost International Ltd' scam, which was unearthed by the CBI recently, and alleged 'loot and scoot' is flourishing under Modi government.
"The recent bank default and cheating case of 'Frost International Ltd' (Frost) involving siphoning off funds amounting to Rs.3592 Crores and the inability of the investigating agencies to trace the location of 10 company directors/officials, once again proves that under the BJP rule, while all the industries are sinking due to Modi government manufactured economic crisis but the industry of 'loot and scoot' is flourishing", alleged Jaiveer Shergill, Congress spokesperson while addressing reporters here.
The CBI, booked Frost International for alleged bank fraud of over Rs 3,592 crore and also booked the company’s directors Uday Desai and Sujay Desai and 11 other individuals.
Mr Shergill further alleged that the BJP government plays the role of either a 'facilitator' or 'mute-spectator' whenever fraudsters 'fleece and fly' to foreign shores.
"The surfaced scam of Frost International involving consortium of 14 banks led by Public Sector's Bank of India, re-affirms the BJP policy of giving pain to common man and gain to con-man", he added.
Describing the timeline of the scam, the Congress spokesperson said the absconding of directors/officials of Frost International rise several questions.
"When, as per the First Information Report (FIR) dated January 19, 2020, the lending banks (having Government appointed nominees on its board) noted default in payments of Frost starting January 2018 then why was the complaint filed after a gap of two years on January 19, 2020?", asked Mr Shergill.
He further asked why did the Ministry of Home Affairs issue a Look Out Circular (LOC) after a gap of eight days on January 18, 019 after the request was made on January 10, 2019 by the lead bank BOI?
"Despite issuance of LOC on January 18, 2019 why and on whose directions in the BJP government, the investigating agencies did not register a case till January 19, 2020 (for an entire one year) against the suspected offenders who remain untraceable till date?", the Congress leader charged.
He also questioned that when the consortium of lending banks had authorized registration of complaint on June 15, 2019, "why did it take the lead Bank (BOI) more than 6 months to register a complaint on January 18, 2020".
"Was someone in the BJP government preventing the registration of complaint and facilitating the escape of directors/officials of Frost?", he said.
The Congress leader further said that the 'fleece and fly' case of directors/officials of Frost is outcome of BJP government intentional scheme of 'rising frauds and flying fraudsters'.
"Loot of Rs 2,70,513 crore of pubic money and scoot of 31 (plus) fugitives under Prime Minister Modi’s and Finance Minister's watch", he alleged.
He further charged that the Prime Minister assumed office with the promise of recovering ‘black money’ within the first 100 days of his Government, however, "in complete insult and betrayal of the mandate of the people", Modi government has "comfortably overseen siphoning off of Rs 2 lakh crore of public money from India along with the red carpet exit accorded to 31 plus fugitives/willful defaulters who are now enjoying BJP gifted ‘ache din’ on foreign soil".
UNI KNA JW2119

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