"Why is the Modi government not naming its good friends and cronies who owe crores to the public: Yechury

NC Network

CPI (M) General Secretary Sitaram Yechury on Wednesday challenged the Narendra Modi government to name its "good friends and cronies" who "owe crores" to public banks, He alleged that they  have been allowed to flee while farmers suffered.

He reacted to a report of the probity watchdog Central Vigilance Commission (CVC)'s analysis of the top 100 banking frauds, including those in the jewellery and aviation sectors, Yechury said in the Modi regime, farmers and the poor are "harassed" for measly amounts. 

Yechury tweeted, "Why is the Modi government not naming its good friends and cronies who owe crores to the public? Several have already looted and been allowed to scoot. But farmers and the poor are pilloried and shamed for meagre amounts." 

This analysis focused on the modus operandi, amount involved, type of lending (consortium or individual), anomalies observed, loopholes that facilitated perpetration of the fraud concerned and the systemic improvements required to plug the gaps in the system and procedures.

In total 13 sectors the frauds were classified and analysed. It included gem and jewellery, manufacturing and industry, agriculture, media, aviation, service and project, discounting of cheques, trading, information technology, export business, fixed deposits, demand loan and letter of comfort.

The top 100 loans of mondus operandi has sought to be thoroughly analysed and various loopholes or lapses have been identified.

This step assumes significance in the wake of high profile bank fraud cases which also includes names like Nirav Modi and Vijay Mallya. 

The report, which has also been shared with the Ministry of Corporate Affairs, carries analysis of large value frauds reported since March 31, 2017.

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