NIRAV MODI AND THE JEW­ELLERY BUSI­NESS

Woman's Era - - Editorial -

Di­a­monds are women’s best friend and maybe the worst night­mare for the banks in In­dia!

The on­go­ing evo­lu­tion of the scams, one thing is cer­tain that such large de­ci­sions by the bankers and the fi­nan­cial chan­nels can­not be made with­out the politi­cians be­com­ing ben­e­fi­cia­ries and busi­ness part­ners in it. It is yet to be seen which politi­cians were in­volved in these loans granted by the gov­ern­ment un­der­tak­ings and the pub­lic sec­tor bank. We all get mes­sages of link­ing Aad­har and a plethora of calls from the man­agers when there is a de­fault on credit card pay­ments, home loans, car loans and per­sonal loans for mea­gre amounts. Yet, there are Nirav and Me­huls of the world and es­pe­cially of In­dia, who get away with such large sums, with­out wink­ing an eye.

In­ter­nally speak­ing, the bank fi­nal­izes a bal­ance sheet at the end of each day, there are doc­u­ments called the blue sheets and the red sheets, which are con­stantly au­dited by con­cur­rent au­di­tors, in­ter­nal au­di­tors and the bank man­ager nei­ther solely re­spon­si­ble for the losses that they re­veal.

Fur­ther, the RBI gets a copy of these sheets each day which is rec­on­ciled in the larger fi­nan­cial par­lance of the In­dia Inc. How could they have missed this? The con­cept of let­ters of as­sur­ance and let­ter of cred­its are to cre­ate vir­tual money.

It is like PNB and the In­dian bank­ing sec­tor have printed notes, ex­tend­ing them­selves as RBI stand­ing guar­an­tee for its pay­ment. Its vir­tu­ally like you as an in­di­vid­ual print­ing notes at home and ex­tend­ing your­self to be rich. And the fraud does re­veal the same. All the in­volved bank man­agers must go to jail and the peo­ple in the min­istry of that time, who had given cred­its over and above their sanc­tioned lim­its should be crim­i­nally im­pli­cated.

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