The United Progressive Alliance(UPA) government's biggest election sop announced ahead of the 2009 Lok Sabha polls had a big impact on the electorate as it saw the coalition back in power for the second successive term.However, the scheme that was originally meant to benefit 3.5 crore small and marginal farmers seems to have given birth to yet another swindle under the current regime, which is already tainted because of a series of scams in one department or the other.In February 2008, the UPA-1 had announced Rs 52,280 crore farm loan waiver for farmers. The pre-poll trick delivered a second term for the UPA. However, callous ministers as well as corrupt and inefficient government machinery kept farmers entrapped in a vicious debt cycle.Headlines Today accessed the final audit report submitted by the Comptroller and Auditor General(CAG) to the government, which has made some shocking revelations."CAG carried out a performance audit to assess whether the debt waiver and relief scheme was implemented in accordance with relevant guidelines and objectives. The audit carried out from April 2011 to March 2012 covered 25 states involving field audit of a total 90,576 farmers' accounts in 715 branches of banks in 92 districts. 13.46 per cent accounts were those who were eligible but were disqualified by the lending institutions. Six per cent of the checked accounts were not extended their rightful benefits. 8.62 per cent were those who were not eligible but still got either complete waiver of debt relief. More than 34 percent farmers were not issued debt waiver certificates thus making them ineligible for future loans. In a large number of cases there was proof of tampering, overwriting and alteration of records. Though the scheme was meant for farmers directly, in many cases the monies were disbursed to micro finance institutions. Also, lending institutions fraudulently claimed amounts related to interest charges. Finance ministry left it to the banks to do self-monitoring. There was no oversight by finance ministry while reimbursing claims," a part of the report reads.On paper a national level monitoring committee was announced. However, it failed to carry out its duty. In fact, there was no oversight or monitoring at the level of finance ministry, Reserve Bank of India(RBI) or National Bank for Agriculture and Rural Development(NABARD).When the CAG asked for the minutes and the agenda of the meetings, if any, that were held by this high-powered monitoring committee, it drew a blank.As per the government records, loans taken by about 3.5 crore farmers were waived off. However, due to constraint of resources, the CAG audited a sample size of less than 1 lakh accounts only. So the findings of the top autonomous audit body could just be the tip of the iceberg.Between 2008 and 2012, India saw two finance ministers- P. Chidambaram under whom the farm loan waiver was first proposed and later implemented and then Pranab Mukherjee under whom the scheme money continued to be disbursed without oversight.The CAG says, for five years the government made no effort to carry out an audit or to find out if Rs 52,000 crore of taxpayers' money was spent properly.The finance ministry's Department of Financial Services was the apex authority responsible for implementing and overseeing the debt waiver scheme. But with then finance ministers Chidambaram and Mukherjee remaining oblivious of things, the CAG feels that they took it easy.Considered by the UPA as its two most efficient ministers, both Chidambaram and Mukherjee have been found guilty of inaction and negligence in seeing that the relief reached the intended beneficiaries.The CAG report has now set the government scampering for some face saving measures. Under Chidambaram, who has since returned to bring back the Indian economy back on track, the finance ministry on January 11 shot off a letter to the RBI and the NABARD asking them to take immediate action.In its belated damage limitation exercise, the finance ministry has asked the two nodal organisations to ensure:(a) recovery of money from ineligible beneficiaries(b) fixing of responsibility of bank officials and bank auditors(c) registration of FIRs in cases of tampering and forgery(d) action under banking regulations against erring banks(e) recovery of inadmissible interests claimed by banks(f) issuance of debt waiver and debt relief certificates to farmers.The finance ministry has finally started taking action on the findings of the CAG, but it seems too little, too late. The CAG has only audited nearly 90,000 accounts out of the total 3.5 crore farmers' accounts.The question now rises which agency would now audit the remaining over 3.44 crore accounts and whether the money stolen would ever be recovered.