SIT on black money. I don’t know what happened to that SIT and what report it has submitted in four years since. In any case, no black money of any quantity has come back and this was one of the promises PM Modi had made – to bring back black money. I was pretty sure no black money is ever coming back and therefore, in a few months after this SIT, I wrote “Arun Jaitley had more to show for all this. In the first few weeks after ModiSarkar came to power in 2014, they set up an. I don’t know what happened to that SIT and what report it has submitted in four years since. In any case, no black money of any quantity has come back and this was one of the promises PM Modi had made – to bring back black money. I was pretty sure no black money is ever coming back and therefore, in a few months after this SIT, I wrote “ Baby black is not coming back ”. Lists were collected from various foreign banks during the previous Congress govt who decided not to disclose any names. ModiSarkar went one better; they appealed to the SC to hide many names claiming this would affect treaties with other countries.had more to show for all this.

To his eternal mutual-fan Barkha Dutt he said “I won’t be embarrassed if the names are released” meaning the BJP won’t be affected. To Navika Kumar on TimesNow he said “I am not saying anything, I am just smiling” when asked if there were any Congress names. AJ is used to political games in the Lutyens club ”. AJ doesn’t like Defence or I&B (he is fit for only I&B though). PC too didn’t like the Home Ministry. Both of them like the “Big boys club” and both them are darlings of the media. You will NEVER find any serious criticism of these two in the media: Jaitley played games with the SC and the black money hoarders. Back in October 2014 Ram Jethmalani wrote a letter to AJ about it. Before these events, Jaitley (as usual) was in his “Durbar” mouthing stupid statements (I quote from my post linked in the first para): “”. AJ doesn’t like Defence or I&B (he is fit for only I&B though). PC too didn’t like the Home Ministry. Both of them like the “” and both them are darlings of the media.

I don’t have any doubts that many fraudsters and black money hoarders are being deliberately protected. The list of names was to be given to SC by the SIT in a “sealed envelope”. I guess the list would be opened and disclosed in about 50 years when most of us are dead. Nobody is going to jail; no black money will ever be recovered. Now we are up against the financial crimes of Nirav Modi and Mehul Choksi and maybe a few more. In their own diamond industry, traders didn’t trust these two and for few years sold them stuff only against cash. Trust me, the Indian banking system is the most subject to fraudulent acts or abuse of power by the managers and directors of every bank. This is particularly with the PSU banks.





I have known businessmen and banks to collude and create and encash bogus LCs without material ever being actually sold. I have known businessmen and banks collude to discount bills of large sums for material never sold. I have known banks to banks to discount even bogus PDCs. I know of manufacturers showing billing and despatch from Daman or Silvassa to escape excise in the past. Such units had no more than a small shop in Daman/Silvassa with a table and chair in the place. I know a particular case where the bank and the business owner continued this practice over years. What the businessman did with the fraudulent borrowings is to invest in Real Estate. He made handsome gains in the real estate business in a short period and never defaulted on the borrowings so nobody faced any problems. Some years later the real estate business collapsed and the bank was in a deep hole and so was the businessman. They somehow managed to cover up the entire fraud.





Needless to say, in all these scams (of much smaller denominations) the bank manager gets a handsome “reward”. Many of these usually happen at banks at industrial zones where managers personally come to know the units and their owners quite well as also their modus operandi. They rely on the security of assets to cover up for their collusion. Diamonds are forever but they can also be FAKE, as we discovered in the recent cases. Some snippets in the Nirav-Mehul episode make interesting reading:

It’s interesting what Sanjay Pugalia says in his tweet above. Not only did Nirav Modi know his scams were coming out, he also planned well in advance to escape from India – Lock, Stock and Children. Surely, all the Babus and bank managers he must have “oiled” so well must have given him enough tips and time to escape. Mehul Choksi has also run off abroad. Hard to say if these guys are going to come back or if they hold citizenships of other countries. Doesn’t matter, none of the scam money is ever going to come back. Even in the case of Lalu Prasad, the courts sent him to jail but nary a mention of the recovery of money he was convicted of looting.





India has become a Scamsters Paradise . Thanks mostly to the Congress for this. If you have some connections you can loot Indian banks at will. The Congress is the “Congotri” of scams and corruption. From Govt scams to others like Vadra to the latest Nirav-Mehul scams, I have no doubts all of these are blessed by Congress. The problem is, PM Modi is unable or unwilling to act – hard to tell why. Maybe Jaitley influences the course of dealing with scamsters beyond NaMo’s control. Otherwise, how does one explain the govt and its ministers still sleeping and romancing criminal fraudsters like NDTV?

Karti is known and reported to have acted as a “broker” for such clearances and alleged to have made a lot of money through such brokerage. PC possessed a sealed letter to the SC on the Aircel-Maxis scam at his home which was discovered during the raid. Both PC and Karti are being investigated in the case. How these two fraudsters still roam around nonchalantly and keep blabbering nonsense against PM Modi is beyond comprehension. This can happen only in India. All these scamsters are UNTOUCHABLES. None of this will affect Jaitley one bit. AJ is just an unelectable Lutyens Durbar operator. But it dents the credibility of PM Modi a lot and he seems helpless despite being the most powerful PM in office in over 3 decades. Sample this by Very frequently, the frauds of NDTV keep coming out. Lately, a scam through FIPB clearance is out. PC’s sonis known and reported to have acted as a “broker” for such clearances and alleged to have made a lot of money through such brokerage. PC possessed a sealed letter to the SC on thescam at his home which was discovered during the raid. Both PC and Karti are being investigated in the case. How these two fraudsters still roam around nonchalantly and keep blabbering nonsense against PM Modi is beyond comprehension. This can happen only in India.. None of this will affect Jaitley one bit. AJ is just an unelectable Lutyens Durbar operator. But it dents the credibility of PM Modi a lot and he seems helpless despite being the most powerful PM in office in over 3 decades. Sample this by MD Nalapat in the Sunday Guardian:

“ his “Modi’s) government has ordered the forcible merger of a Mumbai-based company with a now defunct stock exchange begun by the major shareholder of the former. Oddly, the stockbrokers who actually owed the moneys in default seem to have escaped penal action thus far, while a separate company has been marked for destruction through forcible payment by it of the dues of the other entity. There have been whispers that the move against this company was taken on the instance of a former Finance Minister, who wanted to both destroy an exchange competing with a favourite of his, as well as to protect the parties guilty of default …”





It is also interesting how the Congis and PC, in particular, made life for the scamsters a lot easier by tweaking the bank security systems. The Congress govt let go a more secure but cheaper security system in favour of a “Finacle” by Infosys that cost some 25 times more at 1000 crores and with some 1000 more holes in it. I wonder if “Finacle” stands for “Financial Debacle”. The managers of PNB in Nirav Modi scam had access to all the security systems:

The NDTV saga is all the more alarming and starting to become a joke with ModiSarkar looking scared to even touch them. Prannoy Roy now writes letters to the PM claiming Subramanian Swamy exposing their frauds will “hurt India” and damage “freedom of Press”. NONSENSE! NDTV is a fraudulent, anti-national entity that neither stands for India nor for any journalistic ethics or freedom. But I have no doubts that this FIPB crap is not some investment issue but is an outright fraud. I also have no doubts that a lot of kickbacks would have gone to those who allowed this money-laundering. Anyone can easily guess whose funds NDTV was laundering:

In the Nirav Modi episode too a lot of Congis are linked – from Pappu to Sibal to Abhishek Singhvi. PM Modi may not be personally corrupt or dishonest in anyway whatsoever. Nobody ever questions his integrity. But all these incidents and many more that are yet to come out do question his moral authority to talk endlessly about the “Fight against corruption”. There is something else that ModiSarkar could have done, apart from the SC-demanded SIT on black money.





At the beginning of his term, PM Modi should have ordered all PSU banks to send in a list of all defaulters of over some amount (say 10 crores or so). All of these people put together may not have exceeded one lakh in number. Scrutiny of this small population is not difficult for a govt committed to put away scamsters. Had ModiSarkar done this and acted on defaulters then many continuing scams could have been averted and many corrupt banks exposed. Even during Demonetisation many banks and managers were found carrying out fraudulent acts and recycling black money for bigwigs.





Who knows, maybe ModiSarkar did have the list of all the defaulters and scamsters. But may the FM and the FinMin decided to turn a blind-eye for the reason that a large-scale crack down might see job-losses and shutting down of many business units. That was a risk worth taking at the start of the term of ModiSarkar than seeing unemployment rise and units shutting down even otherwise at the end of four years of BJP rule. Under Congress, India had become a Scamsters Paradise and none of the scamsters have lost anything under ModiSarkar either. The only real fools are the little people who have to face rejections by banks for small loans or inquiries by the IT department or other departments. Continuance of the scamsters paradise will only produce more scamsters, not end corruption and frauds. Nirav or Mehul are nothing in this whole game.







