“Modi govt allowed good friends, cronies to loot public banks”: Yechury

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

Reacting 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. 

“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,” tweeted Yechury.

The CVC’s analysis focussed 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.

The frauds were classified and analysed for 13 sectors including 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 modus operandi of top 100 loans has sought to be thoroughly analysed and various loopholes or lapses have been identified.

The move assumes significance in the wake of high profile bank fraud cases involving absconding billionaire Nirav Modi and liquor baron Vijay Mallya among others.

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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