Tuesday, Apr 16 2024 | Time 12:39 Hrs(IST)
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IndiaPosted at: Feb 17 2018 9:53PM


Alleging the complicity of the NDA government in the escape of Nirav Modi, the main accused in the PNB bank scam, and others involved in the bank frauds, the steering committee said,''Repeated frauds under Modi Government’s watch have given rise to grave concern among the people regarding the security of their money in banks. Nearly Rs.6,000 crore Bank of Baroda fraud was a case in point. What is worse, the swindlers of public funds have left India freely with the BJP Government and its agencies acting as silent bystanders. The great escape of Lalit Modi, Vijay Mallya, Nirav Modi, Mehul Choksi and dozens of others accused of banking and other frauds are irrefutable examples of complicity at the highest echelons of power.''
The committee said that the PNB bank scam showed the failure of ‘regulatory mechanism’ and ‘fraud detection ability’ of the entire banking sector and failure of oversight by the RBI and Finance Ministry.
''India’s biggest ‘Bank Scam’ has exposed the complete failure of ‘regulatory mechanism’ and ‘fraud detection ability’ of the entire banking sector and failure of oversight by the RBI and Finance Ministry. The manner in which thousands of crores of public money was looted with impunity and the complete failure of entire ‘risk management system’ tells its own story of favours extended and protection granted. The truth is that ‘Bank Scam’ has exposed the ‘Culture of Crony Capitalism’ that has thrived and flourished under the watch of the Modi Government,''the committee said.
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