Robberers in Reserve Bank ( RBI )
S.O.S e - Clarion Of Dalit - Weekly Newspaper On Web
Working For The Rights & Survival Of The Oppressed
Editor: NAGARAJA.M.R… VOL.7 issue.18…… .01/05/2013
SHAME SHAME
RBI GOVERNOR & UNION FINANCE MINISTER
Editorial : VOSTRO ACCOUNT SCAM
& Crimes of Reserve Bank of India
- -- CORPORATE CRIMINALS / CORPORATE TERRORISTS / TAX THIEVES RESPONSIBLE FOR ALL
ILLS IN INDIA
In India , a small shop owner to big industrialist have mastered the art of TAX EVASION . their teachers - some corrupt tax officials & auditors. The black money thus created
is causing inflation, feeding the mafia , underworld. Some industrialists lobby ( bribe ) with the government & gets favourable laws enacted. This black money is the main source of funds for political parties , religious bodies & terrorist outfits.
In India , a small shop owner to big industrialist have mastered the art of TAX EVASION . their teachers - some corrupt tax officials & auditors. The black money thus created
is causing inflation, feeding the mafia , underworld. Some industrialists lobby ( bribe ) with the government & gets favourable laws enacted. This black money is the main source of funds for political parties , religious bodies & terrorist outfits.
The recent raids by C.B.I & KARNATAKA LOKAYUKTHA have proved how the tax officials have become multi-millionaires. The sad part is that some of the police officials who are on deputation to C.B.I & LOKAYUKTHA themselves are utterly corrupt.
Remember Iraq oil for food scam involving
india , Russia – India Rupee Rouble Vostro account scam.
This scourge can only be cured by corporate accountability intoto. However , all the industrialists , traders who are demanding for more flexible labour reforms , economic reforms , infrastructure , etc are not at all concerned about their own accountability with respect to tax , environment , other laws. The MNCs coming to India are not coming here for best Indian talents or infrastructure alone. In their own countries they are feeling the
heat of strict environment laws , consumer laws , share holder disclosures , corporate accountability. Some of these MNCs are being kicked out of their countries , by it's own people .These MNCs are aware that in India , by greasing the palms environment laws , labour laws , tax laws , etc everything can be flouted , cases in courts can be dragged on for years . share holder disclosures , corporate transparency is minimum.
However when a concerned citizen complains
about the crimes of guilty corporates , organizations or corrupt public
servants , immediate action is not taken. The file is kept pending for months ,
years together , allowing the criminals to manipulate all the evidences ,
records , ground situations. Finally even if action is taken guilty will be let
out due to favorable evidences , there are chances that the concerned
citizen himself is falsely implicated & put behind bars . in all such cases
all the involved parties must be subjected to lie detector tests .
Bottomline : development is a must , it must
be all around . but not at the cost of majority to make a few richer.
Jai Hind. Vande Mataram.
Your’s sincerely,
Nagaraj.M.R.
ICICI Bank:True to its Motto, Khayal Aapka, ICICI Welcomes Tainted
Money to Make It Clean
By Cobra Post
A countrywide undercover
investigation by Cobrapost finds ICICI Bank committing gross violations of the
Income Tax Act, FEMA, RBI regulations and the anti-Money Laundering Act. These
activities render the vast assets it manages, the deposits it maintains, the
profits it makes, and the spectacular growth it has registered, suspect.
It was an innocuous visit
by a journalist to the bank. The proposition was not innocuous: A politician
wants to invest a huge amount of money to make it “white.” Would ICICI Bank
officials help?
A six-month long undercover investigation by Cobrapost, codenamed Operation Red Spider, found almost all officials of ICICI Bank bending over backwards to help sequester black money and make it white. Bankers in scores of ICICI branches, spread across the states of Rajasthan, Haryana, UT Chandigarh, Delhi, Uttar Pradesh, Andhra Pradesh, Tamil Nadu, Karnataka and Maharashtra were willing to help the Cobrapost reporter (posing as a relative of a fictitious politician) launder huge sums of ill-gotten money.
Living up to its Khayaal Aapka (We care for you) motto, almost all the officials of ICICI Bank, caught on camera, welcomed Associate Editor Syed Masroor Hasan. They suggested innumerable ways to convert black money into white: invest the black money in insurance, split the money in smaller chunks to avoid attention, open multiple accounts to make multiple invstments in different names, withdraw money after maturity and close the accounts. All this would serve the purpose of making the money legitimate without the Income Tax Department knowing.
The modus operandi the ICICI Bank officials suggested overall can be summarized as follows:
A six-month long undercover investigation by Cobrapost, codenamed Operation Red Spider, found almost all officials of ICICI Bank bending over backwards to help sequester black money and make it white. Bankers in scores of ICICI branches, spread across the states of Rajasthan, Haryana, UT Chandigarh, Delhi, Uttar Pradesh, Andhra Pradesh, Tamil Nadu, Karnataka and Maharashtra were willing to help the Cobrapost reporter (posing as a relative of a fictitious politician) launder huge sums of ill-gotten money.
Living up to its Khayaal Aapka (We care for you) motto, almost all the officials of ICICI Bank, caught on camera, welcomed Associate Editor Syed Masroor Hasan. They suggested innumerable ways to convert black money into white: invest the black money in insurance, split the money in smaller chunks to avoid attention, open multiple accounts to make multiple invstments in different names, withdraw money after maturity and close the accounts. All this would serve the purpose of making the money legitimate without the Income Tax Department knowing.
The modus operandi the ICICI Bank officials suggested overall can be summarized as follows:
* Open an account to
route the cash into the Bank’s menu of insurance products.
* Do it even without the mandatory PAN card.
* Split the money to invest in a diversified portfolio including gold.
* Invest in multiple instruments in the names of different individuals, not necessarily from among the family, to facilitate the investment of black money.
* Use dummy accounts to faceplate the conversion of black money.
* Get demand drafts made for the client either from their own bank or from other banks to facilitate investment without it showing up in the client’s account.
* Allot lockers for the safekeeping of the illegitimate cash.
* Personally come to the residence of the client to take the black money deal forward.
* Make a suitable profile for the client, such as showing him as an agriculturist or engaged in some businesses, so as to make the investment unquestionable.
* Help the client to transfer black money abroad either through NRE (Non-Resident External)/NRO (Non-Resident Ordinary) accounts or through means other than regular banking procedures.
* Do it even without the mandatory PAN card.
* Split the money to invest in a diversified portfolio including gold.
* Invest in multiple instruments in the names of different individuals, not necessarily from among the family, to facilitate the investment of black money.
* Use dummy accounts to faceplate the conversion of black money.
* Get demand drafts made for the client either from their own bank or from other banks to facilitate investment without it showing up in the client’s account.
* Allot lockers for the safekeeping of the illegitimate cash.
* Personally come to the residence of the client to take the black money deal forward.
* Make a suitable profile for the client, such as showing him as an agriculturist or engaged in some businesses, so as to make the investment unquestionable.
* Help the client to transfer black money abroad either through NRE (Non-Resident External)/NRO (Non-Resident Ordinary) accounts or through means other than regular banking procedures.
Helping such bankers and
insurers are certain loopholes in the system, such as Section 10-10 (D) and the
provision of scrutiny of investments up to a period of 7 years, which are being
used to clean customers’ money. But the Anti-Money Laundering Act clearly
stipulates that any dubious transactions should be reported to the regulatory
authorities and their records preserved for a period of 10 years.
Such was their eagerness to help that one ICICI Bank official who fell hook line and sinker for the fictitious story sold to him by the Cobrapost reporter, went about looking for ‘Vandana’, the invented wife of the invented politician and for the ‘Peeli Kothi’ in Noida, their fictitious home. As one official claimed: “Aisa hai Hindustan mein aisa nahin hai ki koi vyavastha na ho (In Hindustan, there is nothing which cannot be arranged).” Said another official: “Nahin toh kuch na kuch jugaad karte hain aapke liye (Otherwise, we will make some jugaad for you).” When asked if he could do it using some dummy accounts, yet another official offered: “Theek hai ghumate hain … ghoomega idhar se hi ghoomega (Alright, I will manipulate. It will be manipulated from here only).”
Since the start of its operations in 1994, ICICI Bank has emerged as the second largest bank in India, after SBI, with 2900 branches, a presence in 19 countries, and interests in life and general insurance, securities, and venture and asset management, among others. According to the information available on its websites, managing assets worth Rs. 4736.47 billion, the bank earned a profit of Rs. 64.65 billion in the fiscal year ending March 2012, a 20.3 per cent jump over the precious fiscal. What ICICI Bank has achieved in 19 years is phenomenal growth.
However, the revelations made by bank officials during Operation Red Spider raise questions about the bank’s methods, the culpability of the top brass in money laundering, and the failure of the regulatory authorities to monitor their activities.
Such was their eagerness to help that one ICICI Bank official who fell hook line and sinker for the fictitious story sold to him by the Cobrapost reporter, went about looking for ‘Vandana’, the invented wife of the invented politician and for the ‘Peeli Kothi’ in Noida, their fictitious home. As one official claimed: “Aisa hai Hindustan mein aisa nahin hai ki koi vyavastha na ho (In Hindustan, there is nothing which cannot be arranged).” Said another official: “Nahin toh kuch na kuch jugaad karte hain aapke liye (Otherwise, we will make some jugaad for you).” When asked if he could do it using some dummy accounts, yet another official offered: “Theek hai ghumate hain … ghoomega idhar se hi ghoomega (Alright, I will manipulate. It will be manipulated from here only).”
Since the start of its operations in 1994, ICICI Bank has emerged as the second largest bank in India, after SBI, with 2900 branches, a presence in 19 countries, and interests in life and general insurance, securities, and venture and asset management, among others. According to the information available on its websites, managing assets worth Rs. 4736.47 billion, the bank earned a profit of Rs. 64.65 billion in the fiscal year ending March 2012, a 20.3 per cent jump over the precious fiscal. What ICICI Bank has achieved in 19 years is phenomenal growth.
However, the revelations made by bank officials during Operation Red Spider raise questions about the bank’s methods, the culpability of the top brass in money laundering, and the failure of the regulatory authorities to monitor their activities.
HDFC Bank: Bank on Us to Make Black Money White
By Cobra Post
A
nationwide, undercover investigation across dozens of branches by Cobrapost
reveals HDFC Bank is involved in extensive money laundering. The bank is
blatantly violating various sections of the Income Tax Act, FEMA, RBI
regulations and the Anti-Money Laundering Act, making the legitimacy of its
deposits and its phenomenal profits and growth suspect.
It was
a simple visit by a journalist, posing as a frontman of a politician, to the
bank. So was its stated purpose: A huge amount of black money of the politician
was to be invested with the bank. Would the officials help make it white? The
rider: Under no circumstances should the politician be identified.
A
six-month long undercover investigation by Cobrapost, codenamed Operation Red
Spider, found dozens of officials of HDFC Bank, one of the oldest and most
prestigious private banks in India, willing to help convert black money into
“white”. Bankers across dozens of branches spread across the states of
Rajasthan, Haryana, Delhi, Uttar Pradesh, West Bengal, Tamil Nadu and
Karnataka, were willing to help our reporter (posing as a frontman for an imaginary
politician) launder huge sums of illegitimate cash.
At
almost all branches, the Cobrapost journalist got a red carpet welcome, with
officials going out of way to suggest myriad ways of converting the black money
into white, with the Income Tax Department never coming to know about it:
invest the black money in insurance and gold; split the money in smaller lots
to avoid attention; open multiple accounts with the bank and withdraw the money
after maturity. Almost all the officials claimed they were old hands in helping
customers turn black money into white.
Cumulatively,
the modus operandi suggested by HDFC Bank officials to help launder a huge sum
of the imaginary politician’s black money (source obviously criminal) was
*
accept cash and invest it in the Bank’s menu of insurance products and gold;
* do it even without PAN card;
* keep the identity of the client secret;
* help the client to transfer black money abroad through remittance using “legal” methods;
* transfer the money telegraphically;
* open multiple accounts and close them at will to facilitate the investment of black money and withdrawal;
* get Demand Drafts made for the client from their own bank and other banks;
* allot lockers to the client to ensure the safe keeping for their illegitimate, scam-tainted cash;
personally collect the cash from the politician’s house.
* do it even without PAN card;
* keep the identity of the client secret;
* help the client to transfer black money abroad through remittance using “legal” methods;
* transfer the money telegraphically;
* open multiple accounts and close them at will to facilitate the investment of black money and withdrawal;
* get Demand Drafts made for the client from their own bank and other banks;
* allot lockers to the client to ensure the safe keeping for their illegitimate, scam-tainted cash;
personally collect the cash from the politician’s house.
All
these acts constitute violations under various sections of the Income Tax Act,
FEMA, RBI regulation and the Prevention of Money Laundering Act (PMLA) of 2002 which
was promulgated to prevent the flow of money to groups or individuals who are a
threat to the Indian state, its economy and social fabric.
Coming in handy for such acts are certain provisions, such as Section 10-10(D), which bankers and insurers use to help their customers to launder money. HDFC officials were so confident that they threw discretion to the winds while talking business with potential customers. As one official claimed: “HDFC baitha hi hua hai black money khane ke liye (HDFC has been set up to eat up all the black money).”
HDFC Bank began operations in 1995. In the 17 years of its existence, the bank has emerged as one the leading financial institutions in the private sector with interests in securities, mutual funds, realty, life insurance and financial services. According to information available on its websites, its deposits totaled Rs. 246,706 crore as of March, 2012. The bank has registered a more than threefold increase in its net profits – from Rs. 1590.12 crore in the fiscal ending March 2008 to Rs. 5164.96 crore in the fiscal ending March 2012. However, the information unearthed by Operation Red Spider throws doubt on the legitimacy of this growth story because it points to an illegitimacy of its deposits and therefore profits. In an ideal world where banks followed regulation and where regulators did their jobs, the story would have been different.
Coming in handy for such acts are certain provisions, such as Section 10-10(D), which bankers and insurers use to help their customers to launder money. HDFC officials were so confident that they threw discretion to the winds while talking business with potential customers. As one official claimed: “HDFC baitha hi hua hai black money khane ke liye (HDFC has been set up to eat up all the black money).”
HDFC Bank began operations in 1995. In the 17 years of its existence, the bank has emerged as one the leading financial institutions in the private sector with interests in securities, mutual funds, realty, life insurance and financial services. According to information available on its websites, its deposits totaled Rs. 246,706 crore as of March, 2012. The bank has registered a more than threefold increase in its net profits – from Rs. 1590.12 crore in the fiscal ending March 2008 to Rs. 5164.96 crore in the fiscal ending March 2012. However, the information unearthed by Operation Red Spider throws doubt on the legitimacy of this growth story because it points to an illegitimacy of its deposits and therefore profits. In an ideal world where banks followed regulation and where regulators did their jobs, the story would have been different.
True to
its dictum, We Know Your World, nobody knows the world of black money better
than HDFC.
Listed
below are the encounters Associate Editor Syed Masroor Hasan had in different
HDFC branches:
Top 10 Financial Scams in India
- Siddharth Singh
Financial scams have a habit of cropping up with an alarming
regularity in the Indian financial system. We have reconciled to financial
irregularities to such an extent that we simply do not pay heed to smaller
scams that take place around us on a daily basis. I am, or rather was, a part
of the financial machinery for a few years, and trust me, even the private
sector is not entirely free of the machinations of unscrupulous and
enterprising scamsters. The scope of the money involved multiplies manifold in
the public sector, with a corresponding drop in accountability.
Financial Scamsters Are Rarely Punished
Despite a plethora of scams that surround us on a daily basis,
frequently scams of large proportions come to light, and manage to stun even
our jaded sensibilities. Then, there is the usual round of allegations,
counter-allegations, enquiries and legislation. Some of our most notable
regulations and financial institutions are the results of such scams.
I have compiled a list of ten leading financial scams in India,
which have affected a large population of investors, and involved huge sums of
money. They managed to shake the very foundations of our financial system, and
were driven by that most basest of human instincts – GREED. In most cases, it
was the greed of just one individual, or a very small group of individuals, who
managed to pull of such huge scandals.
Insurance Scam – This scam had originated and prospered in
the period immediately following Independence in 1947. At that time, the
insurance sector was not nationalized, and a handful of private companies ruled
the roost. These companies were more concerned with providing benefits to
selected industrialists, and ignored the interests of the common man. The
government responded by nationalizing the insurance sector, and the LIC was
founded under an special Act passed by the Parliament. This scam laid the
foundation of the nationalization culture in India.
Securities Scam – Harshad Mehta – This is perhaps the most
well known of all financial scams – probably because it happened in a highly
visible period – economic reforms had just been started in 1991. Harshad Mehta
was quick to understand the weaknesses of the banking system, and exploited these
weaknesses to the hilt. He managed to procure huge amounts of money using the
so called “Ready Forward” deals, and used this money to purchase large amounts
of shares at hugely inflated prices. He earned the sobriquet of “Big Bull” due
to this penchant. Later, the banks got a clue of his shady deals, and demanded
their money back. The house of cards collapsed, and the rest, as they say, is
history!
CRB Scam – This scam took place in the years 1992-1996, the
period immediately following the Harshad Mehta fallout. This makes the scam
even all the more daring and surprising. CR Bhansali, the perpetrator of this
scam, floated more than 100 companies, such as CRB Mutual Funds and CRB Capital
Markets. The primary purpose of these companies was to attract huge funds from
the public by promising high rates of interest. This interest was later paid
form further borrowings, and so on. In 1995, the stock market collapsed,
and this proved to be the undoing of CR Bhansali. He was investigated, and
later arrested. After a brief 3-month stint in jail, he has disappeared without
a trace, and nobody is asking!
UTI Scam – The UTI scam involved the flagship US-64 scheme of
UTI, which was meant to channel the funds of small investors into instruments
bearing high returns. Gradually, US-64 developed a investor base of around 2
crore investors. The economic liberalization in India, coupled with the
absolute opacity in the operations of UTI, led to a situation wherein the
Government was forced to announce a huge bailout of about Rs 3,500-4,000 crores
in an order to prevent default in payments to the investors. The consequences
of such a situation are unimaginable. But the story does not end here. Later,
it turned out that the UTI Chairman appointed at this time, Mr P S Subramanyam,
along with a couple of executive directors, acted wrongly to selectively
benefit a powerful coterie of brokers and industrialists, while at the same
time, jeopardizing the interest of lakhs of small investors.
Home Trade – Around the year 2000, a finance portal emerged
on the financial landscape, and gained quick recognition on the back of
endorsements by personalities like Hrithik Roshan, Sachin Tendulkar and
Shahrukh Khan. The portal, owned by Sanjay Agarwal, claimed to deal in gilts.
Soon, RBI got suspicious of activities of some cooperative banks in the gilt
market, and a scam was uncovered. The same old saga – brokers and bankers
combining to rob people of their hard earnings – was repeated. Funds from
Seaman’s Provident Fund and PPF were affected. The total scam size was reported
to be around Rs 300 crores, and more than Rs 200 crores were spent on publicity
costs alone.
Ketan Parekh
Securities Scam – Ketan Parekh – That our system never learns
its lessons was proved by this scam. Ketan Parkekh, a qualified CA, and a stock
broker, identified a number of stocks (popularly called the K-10), and took up
huge positions in these. For this purpose, he used a large number of Benami
accounts and smaller stock exchanges, such as the Kolkata and Ahmedabad stock
exchanges. He also borrowed heavily from banks such as Global Trust Bank and
Madhavpura Mercantile Cooperative Bank. Unfortunately, he was stuck in a bear
cartel, and was soon pounded to pulp on the stock exchange. The extent of the
scam was estimated to be around Rs 1,500 crores.
Abdul Karim Telgi
Fake Stamp Papers – This scam promised to be the mother of
all scams in India, with the initial reports quoting a figure of Rs 30,000
crores as the scam size. Later, RBI clarified that this figure was “rather
exaggerated”, and the “correct” figure was around Rs 200 crores. Again, this
scam exposes how the India system works – Mr Abdul Karim Telgi, the scam
kingpin, paid bribes to get access to the security press in Nasik, where stamp
papers and currency notes are printed. He later used this knowledge to print
fake stamp papers. At the height of the scam, Telgi’s network spanned 14
states, 125 banks and more than 1,000 employees.
DSQ Software – Though this scam was modest in terms of money
involved (only Rs 600 crores!), and did not affect the general public to a
great extent, yet it is notable for how it came into being. The main player in
the scam was Mr Dinesh Dalmia, who was the MD of DSQ Software Ltd. This company
issued around 1.3 million shares in 2001, and these shares were allotted to
four companies on a preferential basis. NSDL, a stock depository,
dematerialized and helped in delivering the shares. Nothing wrong in that,
except that the shares were not even listed on any stock exchange!
Oops!
IPO Scam – A number of key operators, including corporate
stock brokers such as Karvy and Indiabulls, were involved in the IPO scam that
spanned the years 2004 – 2005. The modus operandi was simple – the operators
would open thousands of fake accounts to purchase shares in IPOs, in the hope
of selling later at huge profits. A spate of IPOs issued during this period
were heavily oversubscribed due to this scam, sometimes by as much as 40 times!
Satyam – On a cold January morning in 2009, Ramalinga Raju,
chairman of Satyam Computer Services, admitted to falsification in the company
accounts and various other irregularities, and sent a chill down the collective
spine of the Indian financial system. Coming on the back of the global
recession, this incident promised to bust the Indian outsourcing industry and
the stock market, but for some deft bailout work by the government. The matter
is still under investigation and litigation, and the true extent of the scam
will be known in the future, perhaps. Mr Raju himself had admitted to
irregularities worth around Rs 12,000 crores.
An analysis of the scams reveals a common script – greed,
corruption, unscrupulous brokers, colluding bankers, irresponsible authorities
and hapless investors, who refuse to learn their lessons. But then, these are
the essential ingredients of a worthy financial scam!
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A brief about Top 10 Investment Scams in India
- The
Securities Scam
The capital market witnessed its foremost investment scandal in the form of securities scandal in the year 1992. It revealed the utter anarchy and lack of administration in the prevailing fiscal market. The money market at that time permitted funds to be relocated with impunity from financial institution and corporates into equity and consequently witnessed crores of bank's capital to transfer into brokers' account. This illegal market practice was later asserted as "legal and acknowledged".
In an attempt to punish the tricksters, a special court was initiated and scrutinized around 70 cases registered by CBI. Surprisingly, not even a single trickster was found guilty by the dreadfully sluggish judicial system. As a matter of fact, the scamsters made frequent attempts to re-enter the market with same set of traps and resulted in losses to investors. - The
IPO scam Soon after the entry of international organizational
investors, the Control over Capital Issues was banned as the market saw
heavy bull trend resulting in the revitalization of the secondary market
from the previous scandals. The ban of Control over Capital Issues
unlocked the prospects of massive scandal in Initial Public Offerings
(IPO). The scam was executed in two parts; the first part was carried out
by the firms that increased their market costs to incur profits in order
to sponsor lucrative projects. The second part saw the unison of small
time merchants, CAs, investment bankers and traders to hoist new firms and
heave public capitals.
The IPO scam prevailed for three long years from 1993-1996 and finally saw its downfall when the costs of the registered firm started deteriorating. - Favored
share scam
The scandal was an outcome of the extensive cost fixing on the derivative market. Besides increasing fresh capital, advocates of Indian firms promptly coordinated general body authorizations to transfer shares to themselves on a privileged basis and at a considerable reduction to the market, thinking that the share prices would never see the ground. Conglomerates started this trend and accrued profits of nearly 55o crores until Securities and Exchange Board of India (SEBI) formulated strict guidelines to abandon the market practice. - CRB's
cardboard scam
The Rs 1000 crore finacial multinational named as Chain Roop Bhansali (CRB) was the only biggest firm and most impudent of all to benefit and disappear in the loosened market ambiance of mid-1990s. The services offered by his firm entailed FC collection, mutual fund, banking, etc. The clearances obtained by the firm for the trading of these services required sufficient inspection by SEBI and the RBI and the fact that they managed to qualify shows the supervisory weariness of the regulators. Facilitated by the clearances and profitable credit ranking, CRB accrued greater profits based on high value financing. The CRB collapse not only affected the investors but also the other finance firms. - Plantation firms'
scam
Since few firms in mid-90s were subject to no guidelines, the plantation companies during that time also got away with profit protrusions. The plantation firms projected themselves as a part of IPO and assured massive returns. The investors were lured and the companies accrued profits from fake campaigns of around Rs 8000 crores plus. - Mutual
Funds scam
After several mutual fund scams, the UTI bailout reflected the lack of proper guidelines in the Indian capital market. Since UTI was initiated under its own regulations, it was the tax payers who suffered the loss of Rs 4800 crore in the process. After three years, the company was back purchasing Ketan Parekh's controlled scrips and incurring massive losses in the process. The evidence of the private mutual funds performance has also been inconsistent after hitting the downfall in 1999 and 2000. It took a considerable amount of time for capital market to win back the trust of mutual fund investors. - The
1998 scam
The scamster of 1992 scam, Harshad Mehta came back with a bag of tricks again in 1998. This time he lured investors through a website by trading stock tips. His unremitting manipulation of several shares resulted in the much expected collapse of Bombay Stock Exchange. - Home
Trade scam
Initiated in 2000, Home trade invested rs 24 crore in promotional campaigns to attract investors. The scam affected 8 co-operative banks that lost Rs.82 Crore in EPF scheme. The Chief Executive of Hometrade, Mr. Sanjay Aggarwal was convicted by Nagpur Police later. - DSQ
Software Scam
In the year 2000 and 2001, the Managing Director of DSQ Software, Mr. Dinesh Dalmia, was held responsible for ambiguous mergers and prejudiced allocation of the amount of upto Rs.595 Crores. He was later convicted in the year 2006. - Satyam
Scam
After manipulating the firm's documents for several financial years, the former Chairman and Chief Executive of Satyam Computers, Mr.Ramalinga Raju, was arrested for committing scam, following unethical practice and forgery. He showed greater profits and committed fraud of Rs 700 crores.
Crimes @ Reserve Bank of India
- An appeal to SUPREME COURT OF INDIA & central information commission
- An appeal to SUPREME COURT OF INDIA & central information commission
Ref no. RTI APPEAL via web DPG/B/2008/80341
RBI is a public authority , set up by an act of parliament.
Numerous
irregularities , illegalities , crimes have taken place at RBI , still
it is fully covered up by those in influential positions.
irregularities , illegalities , crimes have taken place at RBI , still
it is fully covered up by those in influential positions.
Just refer “Oil for Food Money in Iraq scam ” and “ Vostro
Account Scam of 1990s”. Influential people are involved , everything happened
under the noose of RBI , With the connivance of RBI officials ?
We requested the CPIO of RBI HQ for information as per RTI Act
( our
letter dt 20th September 2008 ) about various issues concerning the
activities of that institution in whole. However the CPIO OF RBI HQ
through his letter no.DAPM.CO.RIA.4001/07.50.01/2008-09 dt October
03rd 2008 declined to give information citing certain ruses. ( RBI Ref
no. RIA 798/2008-09 )
letter dt 20th September 2008 ) about various issues concerning the
activities of that institution in whole. However the CPIO OF RBI HQ
through his letter no.DAPM.CO.RIA.4001/07.50.01/2008-09 dt October
03rd 2008 declined to give information citing certain ruses. ( RBI Ref
no. RIA 798/2008-09 )
He has stated that some information pertains to security press
,
nashik & note press at mysore. True , both those institutions are
fully owned subsidiaries of RBI , hence RBI is in a position to
answer. Still , RBI can transfer a copy of our RTI Application to
those authorities as per provisions of Sec 6(3) of RTI ACT 2005. CPIO
didn’t do that.
nashik & note press at mysore. True , both those institutions are
fully owned subsidiaries of RBI , hence RBI is in a position to
answer. Still , RBI can transfer a copy of our RTI Application to
those authorities as per provisions of Sec 6(3) of RTI ACT 2005. CPIO
didn’t do that.
One more ruse of CPIO of RBI is that , I am seeking his views
/
opinions on issues concerning RBI activities. He is wrong , I am
seeking to know the official / legal stand of RBI regarding it’s
activities for example , appointment of rowdies as loan recovery
agents by banks , etc. CPIO has failed to state the official stand
regarding various activities of RBI.
opinions on issues concerning RBI activities. He is wrong , I am
seeking to know the official / legal stand of RBI regarding it’s
activities for example , appointment of rowdies as loan recovery
agents by banks , etc. CPIO has failed to state the official stand
regarding various activities of RBI.
One more ruse given by CPIO of RBI is that I have raised many
issues ,
to be specific 103 questions on various topics concerning RBI , giving
information on all those diverts the resources of authorities , hence
information request is denied. TRUE , information sought is many , so
do the crimes @ RBI which are also many. When compared to magnitude of
crimes @ RBI which is 3-4 times the entire budget outlays of Indian
government to the tune of crores of rupees , the resources spent to
ascertain information as per our RTI Application is just few hundreds
of rupees. When compared to the money spent by RBI officials by way of
TA / DA during their travel , etc, our information request resource
needs are peanuts.
to be specific 103 questions on various topics concerning RBI , giving
information on all those diverts the resources of authorities , hence
information request is denied. TRUE , information sought is many , so
do the crimes @ RBI which are also many. When compared to magnitude of
crimes @ RBI which is 3-4 times the entire budget outlays of Indian
government to the tune of crores of rupees , the resources spent to
ascertain information as per our RTI Application is just few hundreds
of rupees. When compared to the money spent by RBI officials by way of
TA / DA during their travel , etc, our information request resource
needs are peanuts.
To sum up , CPIO of RBI is hell bent to protect the criminals @
RBI
lest the truth comes into open. Hereby , we request the honourable
Supreme Court of India & central information commission to order the RBI to give us truthful
information in whole , so that justice is given to those victimized &
fat criminals are sent to gallows. JAI HIND. VANDE MATARAM.
lest the truth comes into open. Hereby , we request the honourable
Supreme Court of India & central information commission to order the RBI to give us truthful
information in whole , so that justice is given to those victimized &
fat criminals are sent to gallows. JAI HIND. VANDE MATARAM.
Read the article "Crimes @ RESERVE BANK OF INDIA"
@ http://theftinrbi.blogspot.com/
, http://theftinrbi.rediffblogs.com/ , http://theftinrbi.wordpress.com/
, http://theftinrbi.rediffblogs.com/ , http://theftinrbi.wordpress.com/
Your’s sincerely,
Nagaraj.M.R.
Nagaraj.M.R.
PRAVEEN SWAMI
BRITISH officials are investigating the activities of one of the
most prominent overseas backers of secessionist groups in Jammu and Kashmir.
Last month, the United Kingdom's Charities Commission and the Metropolitan
Police began looking into allegations that Ayub Thokar, the head of the World
Kashmir Freedom Movement, had funnelled funds raised for charity to the
terrorist groups.
Investigations into Thokar's role in funding terror began after
Indian officials handed over evidence in the case to their British counterparts
in June. The two Indian officials from the Ministry of Home Affairs and a
senior Jammu and Kashmir Police officer made available details of funds
funnelled from Thokar's charity, Mercy International, through Standard
Chartered Grindlays Bank (since then renamed Standard Chartered Bank) and the
Development Credit Bank. The investigators also provided transcripts of
telephone intercepts and cases filed against the recipients of the funds in
India.
On May 25, a long-running Intelligence Bureau operation led to
the arrest of Srinagar-based journalist Imtiaz Bazaz. Officials claim that he
was a key conduit for transferring funds to Hizbul Mujahideen field commanders
in Jammu and Kashmir. On April 22 Bazaz had received a foreign currency
remittance of Rs.4,84,875 into his account with Standard Chartered in New
Delhi, and on May 15 a second remittance of Rs.14,98,000 into the Development
Credit Bank. Although intelligence officials monitored the first transaction,
they did not intervene, in the interest of building up evidence. The second
transaction was frozen.
The funds trail led straight to Thokar. It transpired that in
early 2001, Hizbul Mujahideen chief Mohammad Yusuf Shah had sent Rs.48 lakh to
Jamaat-e-Islami leader Syed Salahuddin through Thokar. Subsequently, after the
arrest of Jamait-ul-Mujahideen finance commander Qasim Faktu, Thokar began to
finance his organisation through the terrorist's wife, Asiya Indrabi. Most of
the funds were routed through Bazaz, who arranged for the transfer of funds
received in New Delhi to accounts held with the Jammu & Kashmir Bank in
Srinagar. Cash was then paid to the final recipients.
Meanwhile, Income Tax Department investigations against All
Parties Hurriyat Conference (APHC) leader Syed Ali Shah Geelani have started to
bear fruit (Frontline, July 5, 2002). The secessionist leader claimed an
annual agricultural income of Rs.10,000 in his tax returns, and also received
the official pension of Rs.85,200 due to two-term MLAs - ironically enough for
a man now at the cutting edge of the secessionist anti-election campaign! His
expensive house in Hyderpora, however, had several cars parked there and the
household was run by a personal staff of 14 people. The monthly kitchen
expenses amounted to Rs.25,000. Income Tax Department searches of the Geelani
home also yielded Rs.10.25 lakhs and $10,000 in cash. Income-tax officials have
now decided to impose penalties of Rs.30 lakhs on Geelani, based on his
estimated income over the last six years, the maximum period allowed by law.
His businessman son-in-law Altaf Ahmad Shah, who allegedly used his legitimate
operations to launder funds, has been slapped with a Rs.40 lakhs penalty.
Failure to pay could lead to the auctioning of Geelani's assets, including the
Hyderpora home.
Separate income-tax penalties of Rs.2 crores have been imposed on
businessman Abdul Rashid Saraf, who was allegedly involved in handling hawala
funds sent to APHC chairman Abdul Gani Bhat. Saraf, income-tax authorities
found, had failed to disclose income of Rs.3.37 crores over the last six years.
The vigour that the Income Tax Department has shown in this
matter marks a welcome departure from the past. After it was driven out of
Srinagar in the later 1980s by mobs that attacked income tax inspectors, the
organisation had granted de-facto independence to the State. This time, two
planeloads of officials flew into the Avantipora Air Force base and they were
escorted to the raids by police officers. Their successes seem to have
convinced the Income Tax Department that it is after all possible to play a
useful role in Jammu and Kashmir.
In the U.K., both Mercy International and Thokar will now have to
answer some hard questions. For one, there is no explanation why the
organisation did not send supposed philanthropic donations to the several-dozen
charities in Jammu and Kashmir which have clearances under the Foreign Exchange
Management Act. Thokar will also have to explain how he paid for the purchase
of his London home, and his regular overseas travels, given the fact that he has
no ostensible means of income. India has, however, chosen not to seek Thokar's
extradition, since the fact that his wife is a U.K. national makes this outcome
unlikely.
For India, British action in this case will be a key test of its
loudly-advertised anti-terrorist stance. In March, sources told Frontline,
Deputy Prime Minister L.K. Advani had handed over to British Foreign Secretary
Jack Straw a dossier on the activities of secessionist groups in the U.K. Titled
'Misuse of British Soil by Kashmir Expatriates Based in the U.K. for Funding
Terrorism in J&K', the document outlined many of the charges which
investigations have now added substance to. Sources say the team that visited
the U.K. pointed to Straw's promises to crack down on terrorism-related money
laundering, and were told that criminal prosecutions would take place in the
U.K. Earlier, the U.K. successfully prosecuted two Khalistan-linked British
nationals involved in backing the Babbar Khalsa International.
If funds transfers to terrorist groups are effectively cut off,
it will do not a little to cripple such organisations. The reasons are simple.
While it is easy to send cadres across the Line of Control, actually sustaining
their activities in Jammu and Kashmir needs an elaborate financial structure.
Money is needed to pay for everything from food and shelter to informants,
political support and the legal defence of arrested sympathisers. Since it is
impossible to lug sacks full of cash across the LoC, illegal funds transfers
come into play. For many businessmen in the Kashmir Valley, holding such cash
for short terms has been a profitable, risk-free enterprise. Now the penalties
imposed should persuade conduits for blood-money transfers that crime does not,
in fact, pay.
New Delhi, Mar 6: European countries are being used as hot
destinations by terror group al-Qaeda to route money to India, according to a
report by Peruvian Financial Intelligence Unit (FIU).
The report said the FIU had found at least one case of such suspicious transaction by al-Qaeda every month and shared them with the US investigators.
The report said the FIU had found at least one case of such suspicious transaction by al-Qaeda every month and shared them with the US investigators.
"The FIU also reports tracking cases similar to that of an OFAC-designated (US Office of Foreign Assets Control) of al-Qaeda element moving money from Europe through Lima and on to India," the report leaked by Wikileaks, a non-profit media organisation dedicated to bringing important information to the public, quoting FIU head Enrique Saldivar disclosed.
"Asked if this al-Qaeda case was the first of its kind or they had seen similar cases before, Saldivar told NASOff that they see about one case a month," the cable said.
The FIU receives and analyses STRs, may request additional information relevant to cases or operations related to money laundering or terrorist financing, provides Financial Intelligence Reports (FIR) to the Public Prosecutor's Office, participates and/or requests joint investigations, and coordinates with foreign FIUs and entities.
"Of the 7,710 suspicious activity reports examined by FIU analysts in 2009, 781 resulted in financial intelligence reports sent to the Public Ministry for further processing and investigation.
"Based on these 781 intelligence reports, the FIU concludes more than 3 billion USD moved illegally through Peru''s finaancial sector in 2009," it said.
"83 per cent of this amount, according to the FIU, is related to drug trafficking. The other 17 per cent is reportedly related to fiscal fraud, corruption and illegal gun dealing. Currently, 308 of these intelligence reports are at various stages of investigation and prosecution in the legal system as compared to four cases in 2008," the cables read.
According to Saldivar, anti-money laundering efforts in Peru are hindered by several factors.
Mumbai:
Standard Chartered Plc, (StanChart) which is set to hit the market with the
first ever issue of Indian depository receipts (IDRs) on 25 May, has not
disclosed many pending cases against it for alleged violation of foreign
exchange remittance norms in the draft red herring prospectus submitted to the
capital markets regulator.
The
alleged violations—17 transactions of drafts, one telex transfer and two cash
transactions—go back to 1991-92, when the Enforcement Directorate (ED) found a
series of forex violations made through the bank’s Mumbai branches to the UK.
ED
is a government agency that looks into foreign exchange transactions.
The
violations were discovered after ED investigated a number of banks, including
Standard Chartered, in the aftermath of the Harshad Mehta scam that rocked the
stock markets in 1991-92.
The
ED complaint was filed in the court of chief metropolitan magistrate in Mumbai
by enforcement officer S. Parvez in May 2002.
These
complaints, which are still pending, charge the bank and its then chairman
Rodney Galpin of “total violation” of the exchange control manual and
provisions of then prevailing foreign exchange regulation norms.
Mint has
reviewed copies of some of these case files.
The
Issue of Capital and Disclosure Requirements (ICDR) norms, laid down by the
Securities and Exchange Board of India (Sebi), require any firm floating a
public issue to disclose all pending proceedings initiated for economic offences
against the issuer or its directors, as well as the present status of such
cases.
StanChart
said that it has no “material litigation” to disclose. The bank’s spokesman
Arijit De said the lender has applied the relevant materiality standard in arriving
at the disclosures.
In
response to an email questionnaire, he said the bank would comply with the
applicable laws, regulations and international practice with regard to material
information disclosure and uniformity of disclosures.
“Accordingly,
in relation to disclosure on litigation, as provided under the provisions of
the Sebi (ICDR) regulations, 2009, as amended, Standard Chartered Plc, as an
issuer of IDRs, is required to disclose ‘material litigation’. In considering
whether disclosures are necessary in relation to litigation, Standard Chartered
Plc has applied the relevant materiality standard. On this basis, no litigation
is required to be disclosed,” the email said.
Under
Sebi rules, the so-called materiality of a case must be judged on three broad
parameters: qualitative nature, litigation or defaults that may not be material
at present but might have a material impact later, and litigations that may not
be material individually, but may be found material collectively.
A
questionnaire to Sebi on whether it has granted any special exemption to
StanChart for the IDR remained unanswered.
A
senior lawyer at a national law firm said: “All pending litigations that have a
bearing on the issue should be disclosed in the prospectus as per ICDR
regulations. Moreover, the issue of materiality varies from case to case and is
subjective. If I were an underwriter, I would have disclosed the status of the
cases and justified if the cases have any material impact on the company’s
businesses or not, in the prospectus.” The lawyer did not want to be
identified.
Market
analysts say there is no definitive yardstick for deciding the importance of a
case.
“Materiality
is subjective and judgemental,” said Prithvi Haldea, chairman and managing director
of Prime Database, a primary market tracker. “The merchant banker, issuer
and lawyer can collectively take a call on whether a matter is material or
not.”
However,
if these matters are decided in court and proven to be material, the issuers,
bankers and lawyers can be taken to court for substantial damages, he added.
The
amount involved in the 17 transactions listed by ED and facilitated by the bank
between February 1991 and September 1992 is Rs4 crore. The bank also allegedly
facilitated a telegraphic transfer of Rs1.5 crore. ANZ Grindlays Bank,
which was acquired by StanChart in 2000, allegedly helped the same entities
transfer around Rs55 crore. Separate cases are pending against both banks in
the matter.
According
to the case files, Irish rugby player Keith Fairbrother was the key beneficiary
of the transfers. He owned a company, Indo International, earlier known as
Eastern Suburbs, based in the UK, but with bank accounts in both names in India
as well as the UK.
Fairbrother
is said to have facilitated a few import-export deals between some Indian firms
and their counterparts in the erstwhile Union of Soviet Socialist Republics
(USSR). Since India and USSR had bilateral trade pacts, any payment to entities
there needed to be routed through the Reserve Bank of India (RBI) with
appropriate approvals and sanctions. Fairbrother, the files claim, broke these
rules using various foreign banks, including StanChart.
Through
his associate Kuldip Singh Sood in India, Fairbrother would collect Indian
rupee drafts drawn by an Indian bank on its domestic branch. Allegedly with the
connivance of StanChart, he would get them cleared without making any
declarations or taking any approvals and credit the amount to a vostro account
of StanChart London and Manchester. These banks would, in turn, transfer the
amount to a beneficiary of the same name in the UK.
A
vostro account is the local currency account held by a local bank for a foreign
one. Such accounts are used for inter-bank transfers, and money transfers to
non-residents need RBI’s nod. ED has charged that the bank and its then CEO
violated these rules.
A
senior broker, on condition of anonymity, said that as a matter of principle,
the company should publish all pending legislation and leave the question
of materiality to investors’ judgement.
“By
choosing to ignore pending legislations, they are setting a bad example for the
companies coming to list such instruments in future,” he said.
n.subramanian@livemint.com
PANAJI: Opposition leader Manohar Parrikar on Thursday said he would
write to Prime Minister Manmohan Singh, fearing that money from a
multi-crore excise scam linking Goa with Indian border states is being used to
fund terrorist activities.
Parrikar
has also alleged that the state excise department has been issuing permits to
companies furnishing bogus addresses.
· Incidentally,
the state government's reply that the state finance secretary is investigating
earlier allegations made by Parrikar on the excise scam has not satisfied the
opposition leader, who has demanded that the matter be immediately handed over
to the Central Bureau of Investigation (CBI).
·
Raising the matter during question
hour, Parrikar said that illicit alcohol consignments worth crores of rupees
are being sent to border states in the north and north-east of India.
"Money
from this scam is being used to fund terror networks. The excise departments
from other states such as Punjab, Rajasthan and the north eastern states are
involved," he said. The opposition leader also reminded the House that he
had first made these allegations in the last assembly session.
"I
believe the prime minister is an upright person and I will write to him to
probe into this," Parrikar said. Chief minister Digambar Kamat, however,
did not commit to a criminal investigation into the scam.
"The
finance secretary is currently conducting an inquiry into the matter," he
told the House.
Parrikar
retorted: "The finance secretary does not have powers to conduct such an
inquiry. We have to verify the signature of the superintendent of excise on the
order, which the finance secretary will not be able to do. He cannot go to
Punjab and Rajasthan to investigate the matter."
"The
only thing that needs to be investigated is who made the payment for the 1.04
lakh litres of alcohol that was imported in September. Trace the source of
payment and you will find out who the culprit is," Parrikar said.
Mumbai
/ Pune: The reluctance of a top Swiss bank to help Indian investigators is
slowing the unravelling of an intricate multinational trail of money
transfers—across Switzerland, New York, the British Virgin Islands and
Pune—between an Indian horse owner and a fugitive Saudi arms dealer, according
to officials in the Enforcement Directorate, the government body that
investigates economic crimes.
A
top official in the Enforcement Directorate (ED) who did not wish to be
identified confirmed on Friday that the agency’s officials, in December 2007,
had advised the Indian government not to clear a Rs467 crore plan by UBS
(United Bank of Switzerland) AG, the world’s biggest wealth management company,
to buy the Indian mutual fund business of Standard Chartered Bank because the
Swiss bank had not helped track international money transfers of Pune horse
owner Hassan Ali Khan.
Investigators
from the ED, who recently claim to have found $8 billion in the Swiss bank
accounts of Hasan Ali Khan, say they now have evidence of a $300 million
transfer to him (via a Chase Manhattan bank account in New York) from
billionaire Saudi arms dealer Adnan Khashoggi, whose arms supplies to Tamil
terrorists, the LTTE, were revealed during an investigation into the 1991 assassination
of Rajiv Gandhi.
As
the Bombay high court hears an Enforcement Directorate plea not to return
passports to Khan and his wife Rheema, theHindustan Timeshas previewed a
secret ED report that reveals the agency’s attempts to find the links between
Khan and Khashoggi.
As
evidence the report quotes a notation, “funds from weapon sales”, made by UBS
AG, a top-tier investment banking and securities firm, after it froze an
account belonging to Hassan Ali Khan, the Pune horse owner, following the $300
million transfer to him—it isn’t clear when— from Khashoggi.
“I
would not like to talk about this,” said UBS India managing director and
chairperson Manisha Girotra, referring all questions to the bank’s
spokesperson.
“As
a truly global entity, our policy on such issues is to comply with the laws and
regulations in each host country, while at the same time, complying with the
banking laws in Switzerland,” the UBS spokesperson said in an email. The
spokesperson declined to comment specifically on the arms sale notation.
The
government has told the Bombay high court that the Khans are “virtually
absconding” and if they are allowed to leave India, investigations could
collapse. Khan’s counsel, Milind Sathe, said his client “regularly appeared
before the Directorate”. Asked where Khan was, his main lawyer, Mugdha Jadhav,
said: “Can’t tell you, sorry.”
At
Pune race course, HT found Hassan Ali Khan’s father-in-law,
Abbas Ali Khan, who said his son-in-law was “not well” and in Mumbai. He
dismissed all allegations.
Hassan
Ali Khan has three Indian passports—issued from Pune, Patna and Mumbai; he also
applied for passports from Guwahati and Chandigarh— and he and his wife have
applied to Switzerland for citizenship, another ED official who did not wish to
be identified said. Passport authorities in those three cities are now trying
to find out how three passports were issued to Khan.
Kashoggi
now lives a quiet life in the principality of Monaco. There is a British
warrant out for his arrest.
Another
top official at ED who also did not wish to be identified said Kashoggi’s $300-million
transfer was “only the tip of the iceberg” and that the agency was trying to
connect the dots in the global trail, which also includes evidence of another
$290 million in two “fictitious companies” created by Hassan Ali Khan and a
friend in the British Virgin Islands in the Caribbean. All the money transfers
are recorded in a laptop seized in January 2007 from Hassan Ali Khan’s house in
Pune and while investigators believe this is laundered money, there is no
direct evidence. They would also need corroboratory evidence to establish that
these transfers have anything to do with terror networks.
“These
are all false allegations,” said Sathe. Asked about the $300 million transfer
from Khashoggi, he said: “When the Enforcement Directorate questions us, we
shall give a reply.”
The
ED official, who confirmed the agency’s involvement in spiking UBS’ deal with
Standard Chartered, said the Swiss bank had told Indian investigators to get a
letter rogatory, a formal request from an Indian court to a Swiss court. This
is a complicated process and would have needed to be routed through the
ministry of external affairs, and it would have involved finding and presenting
clear evidence of Hassan Ali’s links to terror.
It
now seems apparent that UBS’ stand in the ongoing investigation led to the
collapse of its deal with Standard Chartered Bank.
In
a December report, Mint said that the Reserve Bank, India’s
banking regulator, would not approve the deal because of possible money
laundering through the Swiss bank involving certain transactions of Khan. On
Friday, RBI declined to comment. “We are a civil body,” a spokesperson said.
“Whenever we find violations, issued to be investigated, we hand over the
information to the Enforcement Directorate. We have not issued any comments on
the issue of UBS.”
In
December, Standard Chartered, the parent of Standard Chartered Bank in India,
sent a notice to stock exchanges in London and Hong Kong, where it is listed,
saying it would not proceed with the deal, without giving a reason.(Hindustan
Times)
The rupee-rouble
scam--Part-I
UPA has much to explain
By Namit Verma
UPA has much to explain
By Namit Verma
The whole story rests on
the dual pricing of the rouble in India, even though this practice was given up
elsewhere in the world after the collapse of the Soviet Union and Russia?s
assimilation in the comity of free world economies.
Recent disclosures have,
for the first time, brought out the full extent of the rupee-rouble scam which
dominated the economic regime shift during the early nineties, at the start of
the liberalisation process presided over by the then Finance Minister Manmohan
Singh. Preparing to breakaway from the P.V. Narasimha Rao-led Congress
government, Shri Arjun Singh had alleged in his historic Bhopal rally that the
Narasimha Rao government was embroiled in scams and misappropriation to the
tune of Rs. 80,000 crore. While this was reported in the media, it was not
taken seriously, because the Indian masses did not believe that a fraud of such
enormous magnitude was possible. In retrospect, it appears that the charges
levelled by Shri Arjun Singh were wholly correct.
Understanding the new methodology of scams, which began during Dr Manmohan Singh?s first political tenure as Finance Minister of India, has become important because of the increasing regularity with which this method is being applied. The method involves effecting a regime change in the economic sphere. At the time of regime changes, there is greater tolerance for procedural irregularities in the name of incompatibility between succeeding regimes. This tolerance is used to systematically indulge in irregularities which are purported to be insignificant, but instead drain the national treasury of tens of thousands of crores of rupees. The secrecy surrounding these irregularities only makes the decision-makers? intent even more suspect.
The demise of the Union of Soviet Socialist Republics on 8 December 1991 led to upheavals across the world. The Soviet Union and its successors paid the price of the regime change. The economic cost of this regime change was borne almost entirely by constituents of that once great country. Not ally or protectorate was asked to share the burden of the collapse, not Cuba, not Poland, not Czechoslovakia, nor Yugoslavia. Only India volunteered to share the burden.
Strangely, the burden of the Soviet collapse, as shared by India, did not end up in Moscow; most of it ended up in numbered accounts in Switzerland. So did we share the burden of the Soviet collapse with that once friendly nation: obviously not. But we did share substantial proceeds out of the Indian GDP and government revenue in this guise. The question is, whom did we share this booty of tens of thousands of crores with? Were these merely book operations? In straight words, how many of these operations were phony operations? Worse, how many times were these real and phony operations inflated at the time of settling the bills? How was this scam rationalised inside government decision-making circles? And finally, who was the mastermind behind this loot of the Indian exchequer?
The whole story rests on the dual pricing of the rouble in India, even though this practice was given up elsewhere in the world after the collapse of the Soviet Union and Russia?s assimilation in the comity of free world economies.
When the Soviet polity collapsed, its economy and financial system also crashed. Not only were the Russians forced to correct the international value of their currency, they also had to contend with galloping inflation the like of which the world had never seen before, not even in the famed economic history book renderings of German inflation during and between the World Wars.
Soviet Union had been a major international player who had extended debts to various East Bloc and other friendly countries, including Cuba, Poland, India, et al. As their currency?s exchange rate collapsed to 1/5000th its value and even further to 1/15000th of its pre-December 1991 value, its international loan portfolio was accordingly revalued. Rather than collect a pittance compared to the original debt value, the successor state of the Soviet Union, viz the Commonwealth of Independent States, decided to write off the entire rouble debt. Thus the debt to Poland, Cuba and a host of other countries was written off.
At that point of time, India had the option of settling the entire Russian debt for a then current exchange rate determined total value of around 23 crore rupees. We did not do so. Even as great economist Dr Manmohan Singh presided over the Finance Ministry, we voluntarily offered to revalue the rouble debt. Instead of then current value of 23 crore we agreed to pay back the revalued debt in installments over several years in staggered installments. We ended up paying tens of thousands of crores out of the notional Vostro escrow accounts in the Reserve Bank of India.
Understanding this phenomenon is key to understanding how a significant part of the Indian GDP is creamed off by the top by corrupt Indian politicians, bureaucrats, businessmen and their foreign accomplices.
Understanding the new methodology of scams, which began during Dr Manmohan Singh?s first political tenure as Finance Minister of India, has become important because of the increasing regularity with which this method is being applied. The method involves effecting a regime change in the economic sphere. At the time of regime changes, there is greater tolerance for procedural irregularities in the name of incompatibility between succeeding regimes. This tolerance is used to systematically indulge in irregularities which are purported to be insignificant, but instead drain the national treasury of tens of thousands of crores of rupees. The secrecy surrounding these irregularities only makes the decision-makers? intent even more suspect.
The demise of the Union of Soviet Socialist Republics on 8 December 1991 led to upheavals across the world. The Soviet Union and its successors paid the price of the regime change. The economic cost of this regime change was borne almost entirely by constituents of that once great country. Not ally or protectorate was asked to share the burden of the collapse, not Cuba, not Poland, not Czechoslovakia, nor Yugoslavia. Only India volunteered to share the burden.
Strangely, the burden of the Soviet collapse, as shared by India, did not end up in Moscow; most of it ended up in numbered accounts in Switzerland. So did we share the burden of the Soviet collapse with that once friendly nation: obviously not. But we did share substantial proceeds out of the Indian GDP and government revenue in this guise. The question is, whom did we share this booty of tens of thousands of crores with? Were these merely book operations? In straight words, how many of these operations were phony operations? Worse, how many times were these real and phony operations inflated at the time of settling the bills? How was this scam rationalised inside government decision-making circles? And finally, who was the mastermind behind this loot of the Indian exchequer?
The whole story rests on the dual pricing of the rouble in India, even though this practice was given up elsewhere in the world after the collapse of the Soviet Union and Russia?s assimilation in the comity of free world economies.
When the Soviet polity collapsed, its economy and financial system also crashed. Not only were the Russians forced to correct the international value of their currency, they also had to contend with galloping inflation the like of which the world had never seen before, not even in the famed economic history book renderings of German inflation during and between the World Wars.
Soviet Union had been a major international player who had extended debts to various East Bloc and other friendly countries, including Cuba, Poland, India, et al. As their currency?s exchange rate collapsed to 1/5000th its value and even further to 1/15000th of its pre-December 1991 value, its international loan portfolio was accordingly revalued. Rather than collect a pittance compared to the original debt value, the successor state of the Soviet Union, viz the Commonwealth of Independent States, decided to write off the entire rouble debt. Thus the debt to Poland, Cuba and a host of other countries was written off.
At that point of time, India had the option of settling the entire Russian debt for a then current exchange rate determined total value of around 23 crore rupees. We did not do so. Even as great economist Dr Manmohan Singh presided over the Finance Ministry, we voluntarily offered to revalue the rouble debt. Instead of then current value of 23 crore we agreed to pay back the revalued debt in installments over several years in staggered installments. We ended up paying tens of thousands of crores out of the notional Vostro escrow accounts in the Reserve Bank of India.
Understanding this phenomenon is key to understanding how a significant part of the Indian GDP is creamed off by the top by corrupt Indian politicians, bureaucrats, businessmen and their foreign accomplices.
** The
Rupee-Rouble Scam - II
Manmohan knew it all along
The rupee-rouble scam--Part-II
By Namit Verma
Despite opposition from the other ministries concerned, Commerce, Defence and External Affairs; the Indian Finance Ministry under Dr Manmohan Singh and with the redoubtable team of flamboyant officers like Montek Singh Ahluwalia, N.K. Singh, N.P. Singh and A.K. Singh allowed Boris Yeltsin to unilaterally abrogate the 1978 protocol without any legal and/or compensatory financial recourse.
Ever heard of SISTEMA, or of NORILSK? They will outbid all competition to buy your stock, your company and your mineral reserves. Whether it be coveted telecom licenses or scarce mineral resources, nobody can withstand their purchasing power. But then, they have an advantage, they buy the rupee at a discount. Technically, at a 90 to 95 per cent discount; reportedly, after paying off their political, bureaucratic and central banking friends, at a 40 to 45 per cent discount.
These companies are the progeny of Dr Manmohan Singh’s long career in the world of Indian finance. Few entrepreneurs could have sired such brilliant corporate children whose growth rate defied gravity. Fewer still could have nurtured such dreams in the tenuous world of governance and politics in a democracy. Yet, the vision and genius of Dr Manmohan Singh made these profit centre marvels possible, as he nurtured them in many capacities.
As Secretary, Ministry of Finance, Department of Economic Affairs, Government of India, he masterminded the Intergovernmental Protocol of 25 November 1978 with the Union of Soviet Socialist Republics. Through the 1978 protocol, he arranged for the administered fixed parity of the rupee and the rouble to be replaced by a floating parity linked to western currencies. This led to the withdrawal of the Soviet Bloc’s back-channel access to western economic systems through the shock absorber Indian economy.
Removal of the Indian buffer made the USSR vulnerable to the contradictions between its domestic and international trading sectors; thereby facilitating the West getting it’s foot in the door and bankrupting the Soviet treasury. Of course, the Soviet state with its enormous asset base couldn’t be bankrupted; yet, following this liquidity/monetary crisis, America friendly faces started emerging in key positions in the Union of Soviet Socialist Republics, setting up the dominoes for Mikhail Gorbachev to unleash, and Boris Yeltsin to collect upon. As Co-Chairman of the Indo-Soviet Joint Planning Group Meeting (1980-82), he authorised the Deferred Payments Protocol of 30 April 1981.
This smokescreen has proved to be more an instrument of administered value inflation/revision of an ostensibly floating rouble, than a deferred payment agreement: contradictions abound. As leader of the Indian delegation to the Indo-Soviet Monitoring Group Meeting (1982), like an adept rural moneylender, he ensured self-inflating clauses in the revised protocol to ensure that the loan repayment would remain incomplete despite being paid back several times.
As Minister of Finance, he authorised the Letters of Exchange dated 29 January 1993, to open unhindered access to India’s national treasury for Russian companies. By now, the political wheel had turned upside down in the erstwhile Soviet Union, and the US friendly Boris Yeltsin had taken over.
Despite opposition from the other ministries concerned, Commerce, Defence and External Affairs; the Indian Finance Ministry under Dr Manmohan Singh and with the redoubtable team of flamboyant officers like Montek Singh Ahluwalia, N.K. Singh, N.P. Singh and A.K. Singh allowed Boris Yeltsin to unilaterally abrogate the 1978 protocol without any legal and/or compensatory financial recourse. We shall discuss these actions of the Government of India in greater detail in forthcoming paragraphs.
As Prime Minister, Dr Singh is running his final lap in India, he is in a rush to sanction full liquidity and valuation rights accorded to these special rupees, despite the fact that while signing the 1993 protocol, Yeltsin had specifically promised that this would not be allowed. Yet, every agreement has been set aside and this has been effected.
Thus a company like Sistema is bidding for majority control of Shyam Telelink which in turn was allotted a Universal Telecommunication License for the whole country earlier this year. Now Sistema bought Shyam Telelink shares at Rs 55 each, or around 1.1 Soviet Rouble (Sixth Rouble: 1961-1997) under the 1993 protocol read with Public Notice No 12 (RE 2007)/2004-2009 of 27 June 2007, whereby the RBI fixed the Indian Rupee value of the Special Currency Basket linked to the Rouble at 56.8292 effective from 19 April 2007.
Again, conversion rate from Sixth Soviet Rouble to the Seventh Russian Rouble was fixed at 1000 Sixth Rouble to 1 Seventh Rouble at the time of new issue on 1 January 1998. Thus, the price of 1.1 Sixth Rouble per Shyam Telelink share = 0.0011 Seventh Rouble per Shyam Telelink share = 0.0011 x 0.044012 dollars per Shyam Telelink share = 0.0000484132 dollars per Shyam Telelink share = 0.0000484132 x 42.735 rupees = 0.002068938102 Rupees or 2.068938102 paisa per Shyam Telelink share! Calculating further, that Sistema bought these Rupee credits at a 90 per cent discount, or at 10 per cent of face value, the effective cost per Shyam Telelink share for Sistema works out at 0.0207 paise! Given that the effective discount was only 50 per cent, assuming 20 per cent kickback each to the Indian and Russian establishments, even so, the price per Shyam Telelink share to Sistema works out at 1.034469 paise or Re 0.01.
So, by channeling their money through the arbitrage funnel of the Indo-Russian Intergovernmental Agreement of 1993, the foreign company is grabbing shares for effectively 1 paisa each. All this, while indigenous bidders would have to pay 55 honest rupees for the same shares at the same time, i.e. five thousand five hundred times the price paid by the Russian company!
Such is the magnanimity of Dr Manmohan Singh in handing over Indian assets to foreign entities. In the wake of these facts, can there be any doubt about the love, adulation, prestige and loyalty he commands in the international arena.http://www.organiser.org/dynamic/modules.php?name=Content&pa=showpage&pid=248&page=4
The rupee-rouble scam--Part-I @
http://www.organiser.org/dynamic/modules.php?name=Content&pa=showpage&pid=247&page=3
The rupee-rouble scam--Part-II
By Namit Verma
Despite opposition from the other ministries concerned, Commerce, Defence and External Affairs; the Indian Finance Ministry under Dr Manmohan Singh and with the redoubtable team of flamboyant officers like Montek Singh Ahluwalia, N.K. Singh, N.P. Singh and A.K. Singh allowed Boris Yeltsin to unilaterally abrogate the 1978 protocol without any legal and/or compensatory financial recourse.
Ever heard of SISTEMA, or of NORILSK? They will outbid all competition to buy your stock, your company and your mineral reserves. Whether it be coveted telecom licenses or scarce mineral resources, nobody can withstand their purchasing power. But then, they have an advantage, they buy the rupee at a discount. Technically, at a 90 to 95 per cent discount; reportedly, after paying off their political, bureaucratic and central banking friends, at a 40 to 45 per cent discount.
These companies are the progeny of Dr Manmohan Singh’s long career in the world of Indian finance. Few entrepreneurs could have sired such brilliant corporate children whose growth rate defied gravity. Fewer still could have nurtured such dreams in the tenuous world of governance and politics in a democracy. Yet, the vision and genius of Dr Manmohan Singh made these profit centre marvels possible, as he nurtured them in many capacities.
As Secretary, Ministry of Finance, Department of Economic Affairs, Government of India, he masterminded the Intergovernmental Protocol of 25 November 1978 with the Union of Soviet Socialist Republics. Through the 1978 protocol, he arranged for the administered fixed parity of the rupee and the rouble to be replaced by a floating parity linked to western currencies. This led to the withdrawal of the Soviet Bloc’s back-channel access to western economic systems through the shock absorber Indian economy.
Removal of the Indian buffer made the USSR vulnerable to the contradictions between its domestic and international trading sectors; thereby facilitating the West getting it’s foot in the door and bankrupting the Soviet treasury. Of course, the Soviet state with its enormous asset base couldn’t be bankrupted; yet, following this liquidity/monetary crisis, America friendly faces started emerging in key positions in the Union of Soviet Socialist Republics, setting up the dominoes for Mikhail Gorbachev to unleash, and Boris Yeltsin to collect upon. As Co-Chairman of the Indo-Soviet Joint Planning Group Meeting (1980-82), he authorised the Deferred Payments Protocol of 30 April 1981.
This smokescreen has proved to be more an instrument of administered value inflation/revision of an ostensibly floating rouble, than a deferred payment agreement: contradictions abound. As leader of the Indian delegation to the Indo-Soviet Monitoring Group Meeting (1982), like an adept rural moneylender, he ensured self-inflating clauses in the revised protocol to ensure that the loan repayment would remain incomplete despite being paid back several times.
As Minister of Finance, he authorised the Letters of Exchange dated 29 January 1993, to open unhindered access to India’s national treasury for Russian companies. By now, the political wheel had turned upside down in the erstwhile Soviet Union, and the US friendly Boris Yeltsin had taken over.
Despite opposition from the other ministries concerned, Commerce, Defence and External Affairs; the Indian Finance Ministry under Dr Manmohan Singh and with the redoubtable team of flamboyant officers like Montek Singh Ahluwalia, N.K. Singh, N.P. Singh and A.K. Singh allowed Boris Yeltsin to unilaterally abrogate the 1978 protocol without any legal and/or compensatory financial recourse. We shall discuss these actions of the Government of India in greater detail in forthcoming paragraphs.
As Prime Minister, Dr Singh is running his final lap in India, he is in a rush to sanction full liquidity and valuation rights accorded to these special rupees, despite the fact that while signing the 1993 protocol, Yeltsin had specifically promised that this would not be allowed. Yet, every agreement has been set aside and this has been effected.
Thus a company like Sistema is bidding for majority control of Shyam Telelink which in turn was allotted a Universal Telecommunication License for the whole country earlier this year. Now Sistema bought Shyam Telelink shares at Rs 55 each, or around 1.1 Soviet Rouble (Sixth Rouble: 1961-1997) under the 1993 protocol read with Public Notice No 12 (RE 2007)/2004-2009 of 27 June 2007, whereby the RBI fixed the Indian Rupee value of the Special Currency Basket linked to the Rouble at 56.8292 effective from 19 April 2007.
Again, conversion rate from Sixth Soviet Rouble to the Seventh Russian Rouble was fixed at 1000 Sixth Rouble to 1 Seventh Rouble at the time of new issue on 1 January 1998. Thus, the price of 1.1 Sixth Rouble per Shyam Telelink share = 0.0011 Seventh Rouble per Shyam Telelink share = 0.0011 x 0.044012 dollars per Shyam Telelink share = 0.0000484132 dollars per Shyam Telelink share = 0.0000484132 x 42.735 rupees = 0.002068938102 Rupees or 2.068938102 paisa per Shyam Telelink share! Calculating further, that Sistema bought these Rupee credits at a 90 per cent discount, or at 10 per cent of face value, the effective cost per Shyam Telelink share for Sistema works out at 0.0207 paise! Given that the effective discount was only 50 per cent, assuming 20 per cent kickback each to the Indian and Russian establishments, even so, the price per Shyam Telelink share to Sistema works out at 1.034469 paise or Re 0.01.
So, by channeling their money through the arbitrage funnel of the Indo-Russian Intergovernmental Agreement of 1993, the foreign company is grabbing shares for effectively 1 paisa each. All this, while indigenous bidders would have to pay 55 honest rupees for the same shares at the same time, i.e. five thousand five hundred times the price paid by the Russian company!
Such is the magnanimity of Dr Manmohan Singh in handing over Indian assets to foreign entities. In the wake of these facts, can there be any doubt about the love, adulation, prestige and loyalty he commands in the international arena.http://www.organiser.org/dynamic/modules.php?name=Content&pa=showpage&pid=248&page=4
The rupee-rouble scam--Part-I @
http://www.organiser.org/dynamic/modules.php?name=Content&pa=showpage&pid=247&page=3
Posted by GlobalCitizen at 11:19 AM
What
stands out in Javid Chowdhury’s autobiographical account of his life as a civil
servant is his angst and mild bitterness about governance in general and, more
particularly, the manner in which economic liberalisation took place after the
1990-91 crisis. Clearly, Mr Chowdhury’s mindset is different from that of those
who ran economic policy while he was in the finance ministry — heading a
directorate responsible for the enforcement of foreign exchange laws and,
later, as revenue secretary.
He
makes no bones about his dislike of the “tsars of economy policy” in
government. He does not name them specifically, but you can easily guess who
these people may be from the many incidents he recounts. Montek Singh Ahluwalia
will easily top that list. Vijay L Kelkar and N K Singh also figure in that
list of the tsars with whom Chowdhury could not see eye-to-eye on economic
policies. Chowdhury is no fence-sitter. You may not always agree with his
assessment of Messrs Ahluwalia, Kelkar or Singh, but his frank views on people
and policies display a quality that is increasingly becoming rare among civil
servants.
Mr
Chowdhury reserves his most critical comments for Mr Ahluwalia. Recounting the
finance ministry’s comments on the securities scam in the early 1990s before the
Joint Parliamentary Committee (JPC) probing charges of financial
irregularities, Mr Chowdhury says the performance of Mr Ahluwalia, then the
economic affairs secretary, was “that of an excellent advocate with a very weak
brief”. It was clear that Mr Ahluwalia’s explanation that the securities scam
was an outcome of a systemic failure did not impress Mr Chowdhury, then in the
enforcement directorate. Worse, the JPC proceedings, according to him, showed
how the government “brazenly” defended “illegalities in the universe of
securities and banks”.
It
is here that Mr Chowdhury gives you a clue as to why he may have disliked the
tsars of economic policy. This is how he sums up Mr Ahluwalia’s long lecture
before the JPC: “There was not the slightest tinge of introspection or remorse
— there was only an absolute confidence of talking one’s way out of the crisis.
The attitude was that if laws had been violated, the laws were wrong — because
they understood economics, and therefore what they say should be the law.” And
systemic failure became a “ready alibi for any otherwise indefensible action in
the decades that followed”.
Mr
Ahluwalia figures again when the author writes about the irregularities over
foreign exchange transactions relating to Indo-Russian rouble-rupee trade. As
enforcement director, Mr Chowdhury’s team had investigated the misuse of the
vostro accounts maintained by some banks, including a few branches of
well-known foreign banks. However, just before officials of these banks could
be charge-sheeted, the matter was taken up by the finance minister (who else
but Dr Manmohan Singh!), who quickly convened a meeting. Significantly, Mr
Chowdhury writes, the revenue secretary at that time, M R Sivaraman, did not
attend that meeting citing some other important engagement, and Mr Ahluwalia
questioned the advisability of proceeding with the charge-sheets since they
would be bad for investment and shake up the corporate world. Mr Chowdhury
fought a gallant battle and emerged victorious in the end, getting even a rare
comment from Dr Singh that suggested that he was not happy with the way the
finance secretary had dealt with the matter.
Mr
Chowdhury also makes it clear that he was extremely uncomfortable with the
reforms process, although he does not single out anything substantive or
specific as problematic. He saw “an uncritical liberalizer” in Vijay Kelkar,
with whom he worked as additional secretary in the petroleum ministry.
“Privatization fever” was raging in the government in 1995-96 and was getting a
fillip under Mr Kelkar.
N
K Singh, another tsar of economic policy, surfaces in these memoirs in a rather
strange episode — as secretary in the Prime Minister’s Office when Atal Bihari
Vajpayee was PM. Mr Vajpayee had decided to remove the ban on production of
non-iodised salt on the basis of a petition made by some Gandhians. However, as
Mr Chowdhury learnt as the health secretary, Mr Singh had not conveyed that
decision to the health ministry since he knew the decision would have
wide-ranging public health implications. Mr Chowdhury’s explanation of why Mr
Singh took no action is significant: “While NK could gift away Rashtrapati
Bhawan if he was in the mood, he would be canny enough to know the public cost
of that generosity…Public loss with no corresponding private gain was a
proposition NK could not rationalize”. Later, the PM realised what must have
happened and called Mr Chowdhury personally and directed him to remove the ban!
A
recurring theme is a sense of hurt and disappointment that Mr Chowdhury fails to
conceal in recounting how the reform process dismantled the earlier policy
regime. He presents himself as a bewildered bureaucrat who was “always told we
were reforming, but no one had a clue about the macro-plan or the reason.” As
someone who headed the enforcement directorate, his main grievance was that the
“tsars of the economy” wanted the foreign exchange regulations to be made
toothless. He resents the campaign that the foreign exchange regulation act had
to be repealed and replaced with the foreign exchange management act, as the
earlier law was only an instrument for harassment. “However, the impression
given, that high-profile corporates were routinely and falsely targeted, is
sheer fiction,” Mr Chowdhury declares. This lacks conviction as elsewhere in
the memoirs, he narrates how the directorate was prone to misuse by politicians
and ministers to meet political objectives.
Mr
Chowdhury describes his memoirs as an insider’s view. But his disappointment
with the way the Foreign Exchange Regulation Act was diluted and how double-tax
avoidance agreements became the conduit for tax evasion shows that he largely
remained an outsider in the system — at a time when much of India’s economic
policies were changed. The Insider’s View is testimony to that
disconnect.
The
scam took place in 2005 and K.Natwar Singh was dismissed from the duty after
finding the oil scam with Iraq for food. He allegedly favoured some people to
take part in the oil for food program of the Iraq government. Kickbacks were
allegedly paid.
The
UN-appointed Volcker Committee, which probed irregularities in Iraq's
oil-for-food programme during the regime of Saddam Hussein, isuued its report
in October last year.
In
his report, Paul Volcker, former chairman of the US Federal Reserve who headed
the committee, named Natwar Singh and the Congress party as 'non-contractual
beneficiaries' of the programme, triggering the political controversy that
forced him to resign as external affairs minister on November 8, 2005.
He,
however, continued as minister without portfolio till he finally quit the
government almost a month later. The government also appointed former diplomat
Virender Dayal as a special envoy to liase with the UN to collect documents
related to the oil-for-food scam.
About
135 Indian entities figured in the 630-page Volcker Committee report, and the
Income Tax department carried out enquiries into transactions of some of the
Indian individuals and firms listed in the document.
The
Volcker Committee, which extensively examined the oil-for-food programme that
was meant to enable Iraq to use oil revenues to provide humanitarian supplies
to its people, found irregularities in both Iraqi earnings from oil exports and
the use of these revenues for purchasing relief materials.
Between
December 1996 and March 2003, Iraq sold oil worth $64.23 billion to 248
companies under the programme. During this period, it purchased $34.5 billion
of humanitarian supplies from 3,614 companies from across the world.
The
Volcker Report alleged Saddam Hussein's regime levied an 'illicit' surcharge on
oil contracts between September 2000 and September 2002. It estimated the
regime mobilised $228.8 million from such surcharges paid by 139 companies.
The
panel also alleged that 2,253 companies that sold humanitarian supplies paid
'kickbacks' worth $1.55 billion to the regime. The Volcker panel estimated the
total 'illicit' income accruing to the Iraqi regime at $1.779 billion.
Natwar
Singh and the Congress were named in the Volcker Committee's report in a
section that provided details of oil allocations made by the then Iraqi
government to various entities and individuals. All these entities, classified
'non-contractual beneficiaries,' were recipients of oil allocations, according
to the report.The reports said 'Iraq dispensed oil allocations to and on behalf
of a wide array of individuals and groups whom it considered influential in
their respective countries and who espoused pro-Iraq views or organised
anti-sanctions activities.'
Andaleeb
Sehgal, a friend of Jagat Singh, and Aditya Khanna, a relative of Natwar Singh,
are understood to have received financial payoffs in the deal by getting oil
coupons based on the letters of recommendation given by Natwar Singh.
The
authority has found that Natwar and his son had misused their position in
helping Sehgal and Khanna bag three oil contracts from the UN sanctioned Saddam
regime.
Sehgal
and Khanna, in turn, passed the contracts on to Swiss oil company Masefield AG
which drew the oil and paid them a commission, the report says, adding that on
a cut of five cents a barrel, Sehgal and Khanna received a total commission of
$1,46,000, which they divided between themselves in a ratio of 4:1.
Former
Indian Ambassador to Croatia and Congress leader Aniel Matherani, who was part
of a four-member delegation led by Natwar to Baghdad in January, 2001, was also
exonerated of any wrong doing.
When
the oil-for-food scam came to light in November last year, Natwar Singh, had to
first quit as external affairs minister and then from the Union Cabinet within
a month on December 6.
In
between after a political uproar the government appointed the Inquiry Authority
headed by Justice R S Pathak, former Chief Justice of India, to probe the whole
affair and at the same time it asked the Enforcement Directorate to investigate
the financial dealings of the Indian entities. Virender Dayal collected
documents from the UN, Iraq and Jordan, running into more than 1,100 pages and
a CD containing material of 82,000 pages. Among these were documents from
Iraq's State Oil Marketing company and banks in Jordan.
The
Indian entities allegedly routed kickbacks through Jordanian banks. The papers
obtained from Iraq related to oil contracts issued during the Saddam Hussein
regime. The firm Masefield, named in the Volcker report for having lifted oil
earmarked for Indian entities, was linked to Hamadaan Exports of Andaleeb
Sehgal, who was accused of passing on kickbacks to Natwar Singh and the
Congress.
Both
had denied these charges and the Pathak panel too said financial transactions
had not been traced to them.
The
Justice Pathak Committee on 3 August 2006, indicted former external affairs
minister K Natwar Singh and his legislator son Jagat Singh for procurement of contracts
in the United Nations oil-for-food programme in Iraq during Saddam Hussain's
regime. However, no money has been traced to them.
The
copy of the 110-page report, including 22 pages of annexures, was handed over
to Prime Minister Manmohan Singh by Justice R S Pathak, who headed the one-man
inquiry authority. The authority is believed to have exonerated the Congress of
all charges of being a non-contractual beneficiary in the scam in 2001.
Natwar
Singh, who was summoned by the Authority, as were Sehgal and others, had always
maintained that he had not done anything wrong in the whole affair and the
inquiry would prove his innocence. He had also accused the Enforcement
Directorate of indulging in a witch-hunt and harassing his son and others. He
had hinted at some higher-ups in the Congress party of going after him and had
complained to the prime minister.
CRIMES OF RBI & CBI
& IT'S COVER-UP
- An appeal to honourable supreme court of India
- An appeal to honourable supreme court of India
The central bank of India
Reserve Bank Of India , which is supposed
to direct the fiscal policies of government of India , has failed to
do so. It has enabled many looters in the garb of entrepreneurs , to
swindle the exchequer to the tune of crores of rupees. The premiere
investigating agency of India CBI has failed to nail the culprits.
to direct the fiscal policies of government of India , has failed to
do so. It has enabled many looters in the garb of entrepreneurs , to
swindle the exchequer to the tune of crores of rupees. The premiere
investigating agency of India CBI has failed to nail the culprits.
Hereby , I do request the
honourable supreme court of India to treat
this as a PIL application & to provide speedy justice in following
cases.
this as a PIL application & to provide speedy justice in following
cases.
Read the article
"Crimes @ RESERVE BANK OF INDIA" @ http://theftinrbi.blogspot.com/
, http://theftinrbi.rediffblogs.com/ , http://theftinrbi.wordpress.com/
, http://theftinrbi.rediffblogs.com/ , http://theftinrbi.wordpress.com/
Read the article "PF
scam shame shame judges" @
http://corruptmajority.blogspot.com/ ,
http://corruptjudges.rediffblogs.com/
http://corruptmajority.blogspot.com/ ,
http://corruptjudges.rediffblogs.com/
SOILED NOTE FRAUD CASE
@ RBI BANGALORE
- Trauma of an old man
- Trauma of an old man
Complete case details
also available at http://members.lycos.co.uk/ganapathihariram/
As per allegations of RBI
management Bangalore in 1977-79 , criminal
nexus of RBI employees stole Rs. 220000 from RBI Bangalore. All the
banks , government treasuries in Karnataka , submit defaced / soiled
currency notes to RBI Bangalore in exchange for good notes. RBI after
collecting such defaced currency notes , sorts out fairly good notes
which can be reissued & burns off the remaining totally defaced
currency notes. All these process is done in a systematic manner.
nexus of RBI employees stole Rs. 220000 from RBI Bangalore. All the
banks , government treasuries in Karnataka , submit defaced / soiled
currency notes to RBI Bangalore in exchange for good notes. RBI after
collecting such defaced currency notes , sorts out fairly good notes
which can be reissued & burns off the remaining totally defaced
currency notes. All these process is done in a systematic manner.
As per allegations of the
management , the crime took place in the
period of 1977-79 at RBI Bangalore. A nexus of employees, took away
the currency bundles meant for destruction & substituted it in the
place of bundles of reissuables.
period of 1977-79 at RBI Bangalore. A nexus of employees, took away
the currency bundles meant for destruction & substituted it in the
place of bundles of reissuables.
Charge sheet issued by
RBI Bangalore office to mr.G.Hariram
Staff no.3698/156/84-85 dt 1 april 1985
Amended charge sheet staff no 3798/156-84/85 dt 8 april 1985
Staff no.3698/156/84-85 dt 1 april 1985
Amended charge sheet staff no 3798/156-84/85 dt 8 april 1985
CBI has charge sheeted 17
employees in connection with this case ,
case olde no. cc34/1989 new no. sc 436/1991 . the
honourable 21 city additional city civil & sessions court Bangalore in
it's order dated 24.01.1992
discharged 03 charge sheeted employees , as the prosecution
failed to prove the charges against them. They came out clean , as
they were innocents saddled with the crime done by others. One of the
charge sheeted employee who turned approver for the prosecution, has
given detailed account of the crime. Nowhere he has mentioned the
involvement of accussed no.15 mr.G.Hariram in the crime.
case olde no. cc34/1989 new no. sc 436/1991 . the
honourable 21 city additional city civil & sessions court Bangalore in
it's order dated 24.01.1992
discharged 03 charge sheeted employees , as the prosecution
failed to prove the charges against them. They came out clean , as
they were innocents saddled with the crime done by others. One of the
charge sheeted employee who turned approver for the prosecution, has
given detailed account of the crime. Nowhere he has mentioned the
involvement of accussed no.15 mr.G.Hariram in the crime.
Even after coming out
clean, mr.G.Hariram was not reinstated into
service by RBI. They gave the ruse of domestic enquiry & showed
contempt to the court order. On appeal, the honourable high court of
Karnataka ordered RBI to review it's order with respect to
mr.G.Hariram , still RBI failed to reinstate mr.G.Hariram into service
, once gain showing contempt to the court of law.
service by RBI. They gave the ruse of domestic enquiry & showed
contempt to the court order. On appeal, the honourable high court of
Karnataka ordered RBI to review it's order with respect to
mr.G.Hariram , still RBI failed to reinstate mr.G.Hariram into service
, once gain showing contempt to the court of law.
In India as per law , the
decisions of court of law are binding on all
, orders of court over rides the organisation's internal rules ,
service rules , etc. inspite of lack of evidences, in a whimsical
manner the higher authorities of RBI , fixed some innocents as the
scape goats heaped all charges against them ( against whom they had
personal grudge , dislikes ). RBI repeatedly showed contempt to the
court orders , dismissed the scape goat - ailing old man mr.G.Hariram
from service. RBI snatched away his PF money towards the alleged loss
to the bank , didn't pay his gratuity amount , salary arrears and
finally he was even deprived of the pension. As a result , the old man
has even lost his social prestige, dignity , his family suffered a lot
& he is a mental wreck today.
, orders of court over rides the organisation's internal rules ,
service rules , etc. inspite of lack of evidences, in a whimsical
manner the higher authorities of RBI , fixed some innocents as the
scape goats heaped all charges against them ( against whom they had
personal grudge , dislikes ). RBI repeatedly showed contempt to the
court orders , dismissed the scape goat - ailing old man mr.G.Hariram
from service. RBI snatched away his PF money towards the alleged loss
to the bank , didn't pay his gratuity amount , salary arrears and
finally he was even deprived of the pension. As a result , the old man
has even lost his social prestige, dignity , his family suffered a lot
& he is a mental wreck today.
Why RBI authoroties are
hell bent upon to send away the innocents /
scape goats away from service ? why CBI didn't conduct polygraph tests
of all the accussed , specifically higher officers of RBI , managers
of RBI office Bangalore ? probably the scape goats were aware of the
crimes master minded by higher ups & didn't co-operate with the higher
ups in their crimes. So, the criminals were afraid that the scape
goats will blurt out truth to the world , fixed non co-operating
innocents themselves as criminals.
scape goats away from service ? why CBI didn't conduct polygraph tests
of all the accussed , specifically higher officers of RBI , managers
of RBI office Bangalore ? probably the scape goats were aware of the
crimes master minded by higher ups & didn't co-operate with the higher
ups in their crimes. So, the criminals were afraid that the scape
goats will blurt out truth to the world , fixed non co-operating
innocents themselves as criminals.
Who will give justice to
innocents like old man mr.G.Hariram & who
will bell the corrupt , criminals , fat cats of RBI ?
will bell the corrupt , criminals , fat cats of RBI ?
APPEAL UNDER SEC 19 (3) OF
RTI ACT 2005 OF GOVERNMENT OF INDIA & GOVERNMENT OF KARNATAKA
APPLICATION FOR INFORMATION
AS PER RTI ACT 2005
( SEE RULE 22 OF RTI ACT 2005 )
( SEE RULE 22 OF RTI ACT 2005 )
FULL NAME OF THE
APPLICANT : NAGARAJ.M.R.
ADDRESS OF THE APPLICANT
: NAGARAJ.M.R.,
EDITOR , E-VOICE OF HUMAN RIGHTS WATCH,
# LIG-2 / 761, OPP WATER WORKS OFFICE,
HUDCO FIRST STAGE, LAXMIKANTANAGAR,
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PIN – 570017.
EDITOR , E-VOICE OF HUMAN RIGHTS WATCH,
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HUDCO FIRST STAGE, LAXMIKANTANAGAR,
HEBBAL, MYSORE , KARNATAKA
PIN – 570017.
DETAILS OF DOCUMENTS /
WRITTEN STATEMENTS / INFORMATION REQUIRED :
HEREBY , I DO HUMBLY
REQUEST YOU TO GIVE ME WRITTEN STATEMENTS /
ANSWERS TO THE FOLLOWING QUESTIONS - WHICH IN ITSELF ( ie answers )
ARE THE INFORMATION SOUGHT BY ME.
WITH RESPECT TO CASE NO old CC34 / 1989 & NEW NO SC436/1991 AT 21
ST ADDITIONAL CITY CIVIL & SESSIONS COURT BANGALORE
ANSWERS TO THE FOLLOWING QUESTIONS - WHICH IN ITSELF ( ie answers )
ARE THE INFORMATION SOUGHT BY ME.
WITH RESPECT TO CASE NO old CC34 / 1989 & NEW NO SC436/1991 AT 21
ST ADDITIONAL CITY CIVIL & SESSIONS COURT BANGALORE
CHARGE SHEETED OFFICER
MR.G.HARIRAM RBI BANGALORE
CHARGE SHEET NO staff
no.3698/156/84-85 dt 01.01.1985
Amended charge sheet
staff no.3798/156-84/85 dt 08.04.1985
1. Why didn't you notice
the alleged crimes of 1977 , 78 & 79 till the
mid of 1979 ?
mid of 1979 ?
2. This crime came to
light only due to anonymous phone calls of good
Samaritans to authorities , but not due to your inspection . is your
inspection division working properly ?
Samaritans to authorities , but not due to your inspection . is your
inspection division working properly ?
3. why there is no
security check up of officers during entry & exit
out of premises ?
out of premises ?
4. why there is no
individual weighment , individual statement of
value of bags of reissuable notes & bags of note meant for destruction
, after sorting is done, why they are not tallied with total weight ,
value of notes issued for sorting ?
value of bags of reissuable notes & bags of note meant for destruction
, after sorting is done, why they are not tallied with total weight ,
value of notes issued for sorting ?
5. Immediately after
noticing the crime, why did not you transfer all
the employees of those sections ?
the employees of those sections ?
6. why did not you take
steps to preserve3 & protect respective
documents relating to such high profile crime ?
documents relating to such high profile crime ?
7. why didn't you
immediately issue charge sheet to all the accussed &
waited till 1983 ?
waited till 1983 ?
8. Why RBI has left out ,
so many officers ( who worked in the same
sections for more period than accused officers ) from domestic
enquiry ?
sections for more period than accused officers ) from domestic
enquiry ?
9. why CBI also failed to
put those people in the charge sheet before
the court ?
the court ?
10. is it because they
were in favorable terms with the vested
interests ?
interests ?
11. did the CBI dance to
the tune of vested interests in RBI while
preparing charge sheet & during investigation , instead of
independent investigation ?
preparing charge sheet & during investigation , instead of
independent investigation ?
12. those left out
probables from the charge sheet might have caused
the destruction of evidences / records. During the course of domestic
enquiry / court proceedings , it has been recorded that some records
have been destroyed. Are not CBI & RBI responsible for destruction of
evidences , aiding true criminals get away ?
the destruction of evidences / records. During the course of domestic
enquiry / court proceedings , it has been recorded that some records
have been destroyed. Are not CBI & RBI responsible for destruction of
evidences , aiding true criminals get away ?
13. in normal times ,
what is the period specified in RBI regulations
for preserving old documents / records ?
for preserving old documents / records ?
14. after noticing such a
high profile crime the RBI must have taken
utmost care to preserve such old records for indefinite time , for
producing before courts of law as & when demanded. But it didn't ,
why ?
utmost care to preserve such old records for indefinite time , for
producing before courts of law as & when demanded. But it didn't ,
why ?
15. does not this point
to connivance of higher authorities of RBI ,
with the criminals ?
with the criminals ?
16. RBI authorities have
conducted domestic mass enquiries , instead
of individual enquiries , is it not detrimental to the rights of
defense ?
of individual enquiries , is it not detrimental to the rights of
defense ?
17. RBI authorities have
stated that court proceedings & domestic
enquiry are independent of each other & are not binding on one
another. However RBI authorities straight away took on record of
domestic enquiry the court statements , evidences , but didn't honour
the order of same court of law ? why this double standard by RBI ?
enquiry are independent of each other & are not binding on one
another. However RBI authorities straight away took on record of
domestic enquiry the court statements , evidences , but didn't honour
the order of same court of law ? why this double standard by RBI ?
18. The alleged crime
was committed in 1977-79, but charge sheet was
framed in mid 1985 , why this long delay ?
framed in mid 1985 , why this long delay ?
19. didn't this
facilitate the masterminds of crime to destroy ,
manipulate evidences ?
manipulate evidences ?
20. as stated before
court , indeed some records , 22nd currency note
packet were missing , who is responsible for it ?
packet were missing , who is responsible for it ?
21. has the CBI conducted
enquiry , polygraph test of RBI higher
officers - S.N.RAZDAN , W.S.SARAF , J.P.AWASTHI , J.MITRA & others ,
if not why ?
officers - S.N.RAZDAN , W.S.SARAF , J.P.AWASTHI , J.MITRA & others ,
if not why ?
22. is it not due to
inefficiency , negligence of duty by such high
ranking managers , that such a crime occurred in RBI Bangalore ?
ranking managers , that such a crime occurred in RBI Bangalore ?
23. what disciplinary
action RBI has taken against the inefficient ,
negligent higher officials ?
negligent higher officials ?
24. whatever internal
rules an organization makes must be within the
line of law. If such internal laws of the organization are violative
of law , fundamental rights of employees , such internal rules become
illegal. Are not the way of RBI disciplinary proceedings illegal ?
line of law. If such internal laws of the organization are violative
of law , fundamental rights of employees , such internal rules become
illegal. Are not the way of RBI disciplinary proceedings illegal ?
25. as per RBI pension
regulations 1990 , RBI has the right to deduct
any loss caused to the bank , from the pension of RBI employee if the
misconduct of employee is proved in judicial proceedings . even though
mr.G.Hariram came out clean from the court , why RBI has denied his
pension ?
any loss caused to the bank , from the pension of RBI employee if the
misconduct of employee is proved in judicial proceedings . even though
mr.G.Hariram came out clean from the court , why RBI has denied his
pension ?
26. judicial courts of
law are appellate authorities over & above ,
domestic enquiry committees & judicial orders supersedes the domestic
enquiry proceedings. Still RBI showed contempt of court & didn't
reinstate mr..G.Hariram into service , why ?
domestic enquiry committees & judicial orders supersedes the domestic
enquiry proceedings. Still RBI showed contempt of court & didn't
reinstate mr..G.Hariram into service , why ?
27. even if an employee's
misconduct causing loss to the bank is
proved , before denying him pension (towards making up loss to the
bank) , previous sanction of the central board of RBI must be taken.
But in mr.G.Hariram's case , pension was denied in full without taking
previous sanction of the central board of RBI , is it not illegal ?
proved , before denying him pension (towards making up loss to the
bank) , previous sanction of the central board of RBI must be taken.
But in mr.G.Hariram's case , pension was denied in full without taking
previous sanction of the central board of RBI , is it not illegal ?
28. RBI alleged that
mr..G.Hariram caused loss to the tune of Rs.14000
to the bank & recovered it from his provident fund dues. There was
nothing left over to recover , still RBI completely denied pension to
mr.G.Hariram , why ?
to the bank & recovered it from his provident fund dues. There was
nothing left over to recover , still RBI completely denied pension to
mr.G.Hariram , why ?
29. ideally, domestic
enquiry findings / disciplinary actions should
be completed first , then the employee can appeal to appropriate court
of law. In mr.G.Hariram's case , CBI & RBI failed to prove the charges
in court of law , as a result court discharged him from the charges.
To cover-up it's failures RBI management dragged domestic enquiry much
beyond court orders date & gave findings indicting mr..G.Hariram. does
the enquiry officer of domestic enquiry think that he is over & above
the court of law ? is it not illegal & contempt of court ?
be completed first , then the employee can appeal to appropriate court
of law. In mr.G.Hariram's case , CBI & RBI failed to prove the charges
in court of law , as a result court discharged him from the charges.
To cover-up it's failures RBI management dragged domestic enquiry much
beyond court orders date & gave findings indicting mr..G.Hariram. does
the enquiry officer of domestic enquiry think that he is over & above
the court of law ? is it not illegal & contempt of court ?
30. ideally , RBI
authorities should have appealed to higher court
against lower court order discharging mr.G.Hariram from charges. But
it was not done , why ?
against lower court order discharging mr.G.Hariram from charges. But
it was not done , why ?
31. did the RBI pay
interim relief to mr.G.Hariram , during suspension
period ?
period ?
32. the undue delay in
filing charge sheet , consequent destruction of
key evidences , dishonour / contempt of court orders , undue haste in
giving findings , dismissal , denial of of pension without central
board's sanction , all point towards criminals within RBI higher
management. What disciplinary action has been taken against
J.P.AWASTHI, S.N.RAZDAN,J.MITRA, W.SARAF & others ? if not why ?
key evidences , dishonour / contempt of court orders , undue haste in
giving findings , dismissal , denial of of pension without central
board's sanction , all point towards criminals within RBI higher
management. What disciplinary action has been taken against
J.P.AWASTHI, S.N.RAZDAN,J.MITRA, W.SARAF & others ? if not why ?
33. why charge sheet was
amended? Is it legal ?
34. did the charge sheet
was amended to falsely implicate
mr..G.Hariram , by including cancelled note vault in the charge
sheet ?
mr..G.Hariram , by including cancelled note vault in the charge
sheet ?
35. does not this itself
show that it is not statement of actual
happenings / facts , but a cunning ploy to mislead investigation
towards fixed innocents from actual criminals ?
happenings / facts , but a cunning ploy to mislead investigation
towards fixed innocents from actual criminals ?
36. is it true that that
only 5% of sample inspection is done out of
bundled verified defective note packets ?
bundled verified defective note packets ?
37. is not the conduct of
joint / mass enquiries of all charge sheeted
officers illegal ?
officers illegal ?
38. how come such an
important evidence 22nd note packet went
missing ?
missing ?
39. is it because it may
point towards real criminals ?
40. as per the statement
of management witness / inspection head /
expert mr.vijendra rao , the notes of earlier dates have been removed
from packets made into new bundles , right ?
expert mr.vijendra rao , the notes of earlier dates have been removed
from packets made into new bundles , right ?
41. as per his statement
, entire certificates , seals of some asst
treasurers are there , who didn't work at all on that day is not it ?
treasurers are there , who didn't work at all on that day is not it ?
42. does not it show that
some body else was misusing the seals ,
putting some innocents seals over the notes ?
putting some innocents seals over the notes ?
43. does it not show that
, crime has taken place at verification
section ?
section ?
44. does it not show
involvement of some asst treasurers ?
45. why asst treasurers
have not been charge sheeted ?
46. why inspection of RBI
Bangalore office was not done between 1975 &
1979 ?
1979 ?
47. is it not true that
you failed to produce all records showing
internal inspection / audits , during domestic enquiry & court
proceedings ?
internal inspection / audits , during domestic enquiry & court
proceedings ?
48. your expert
mr.vijendra rao has stated that some seal marks are
smudged , he has stated some seal marks appears to be so & so. He has
clearly nowhere stated that this seal mark is exactly this , so he
himself is not 100% sure ?
smudged , he has stated some seal marks appears to be so & so. He has
clearly nowhere stated that this seal mark is exactly this , so he
himself is not 100% sure ?
49. your expert nowhere
said that 100% sure this seal mark is this ,
on that day this seal was issued to mr.G.Hariram , isn't it ?
on that day this seal was issued to mr.G.Hariram , isn't it ?
50. your expert says
during 1975 , he didn't notice3 any fraud.
However approver says fraud was there before mid 1977 also. Why no
action has been taken ?
However approver says fraud was there before mid 1977 also. Why no
action has been taken ?
51. why you didn't
produce all records of all persons , who have
specifically worked in alleged sections , the registers of those
departments with daily activity report containing seal nos , packet
nos , bag nos , etc ?
specifically worked in alleged sections , the registers of those
departments with daily activity report containing seal nos , packet
nos , bag nos , etc ?
52. are not their chances
of some criminals putting the seal marks of
innocent officers over the notes , bundles , bags , etc ?
innocent officers over the notes , bundles , bags , etc ?
53. your expert is not
100% sure of seal mark , your records are not
there to prove the presence of charge sheeted officers in the alleged
sections , neither your expert nor your records are 100% sure on what
date , at what stage , by whom crime was committed , isn't it ?
there to prove the presence of charge sheeted officers in the alleged
sections , neither your expert nor your records are 100% sure on what
date , at what stage , by whom crime was committed , isn't it ?
54. is not the charge
sheet amounting to higher ups picking up
officers they dislike & falsely implicating them ?
officers they dislike & falsely implicating them ?
55. is it not cunning
ploy of higher ups to divert attention from
original criminals ?
original criminals ?
56. why no action was
taken against currency officer of 1977-79
mr.J.Mitra ? why his pension , super annuation benefits were not
withheld ?
mr.J.Mitra ? why his pension , super annuation benefits were not
withheld ?
57. what is your
justification , supporting evidence , records for
picking up only three officers including mr.G.Hariram for legal
prosecution and leaving the majority of probables ?
picking up only three officers including mr.G.Hariram for legal
prosecution and leaving the majority of probables ?
58. why you have dropped
charges against five asst treasurers ? why
you didn't even conduct domestic enquiry against them , let alone
legal prosecution ?
you didn't even conduct domestic enquiry against them , let alone
legal prosecution ?
59. Is it RBI's &
CBI's way of fair play & justice ?
60. as inly 5% sampling
of verified note bundles are done , there are
more possibilities of rebundled packets getting unnoticed in relaxed
95% lot , isn't it ?
more possibilities of rebundled packets getting unnoticed in relaxed
95% lot , isn't it ?
61. you have left out so
many officers who worked in those sections,
some of whom even became management witnesses , instead of being
charge sheeted by the management, is it fair play & legal ?
some of whom even became management witnesses , instead of being
charge sheeted by the management, is it fair play & legal ?
62. who are the bank
employees , from whom you have recovered the
alleged bank loss of Rs.220000 ?
alleged bank loss of Rs.220000 ?
63. were all of them
charge sheeted , enquired , legally prosecuted ,
dismissed & their pension , gratuity withheld ?
dismissed & their pension , gratuity withheld ?
64. you don't have any
internal statuotary records to prove that
mr.G.Hariram worked in those departments , except a currency officer's
office note dated just on the eve of charge sheet years after the
alleged crime ? does it not prove that this note has been concocted
just to fix mr.G.Hariram ?
mr.G.Hariram worked in those departments , except a currency officer's
office note dated just on the eve of charge sheet years after the
alleged crime ? does it not prove that this note has been concocted
just to fix mr.G.Hariram ?
65. where as you have
records of other officials attendance in those
departments , but not charge sheeted them why ?
departments , but not charge sheeted them why ?
66. three officers of
staff grade A daily work in three sections out
of 40 officers , why you have picked up only mr.G.Hariram , out of
1095 working days , he has worked for only 223 days in those
sections , still those officers who worked for more days in those
sections are not charge sheeted why ? the approver , the management
expert witness , shift registers , V2 registers , Destruction
certificates , Form CD 55 , etc , nobody , no records were able to say
on what date , at what stage , by whom crime took place , also they
were unable to say on what date at what stage crime was committed by
mr.G.Hariram ? is it not futile imagination , cunning ploy of RBI
higher authorities to fix innocent Mr.G.Hariram ?
of 40 officers , why you have picked up only mr.G.Hariram , out of
1095 working days , he has worked for only 223 days in those
sections , still those officers who worked for more days in those
sections are not charge sheeted why ? the approver , the management
expert witness , shift registers , V2 registers , Destruction
certificates , Form CD 55 , etc , nobody , no records were able to say
on what date , at what stage , by whom crime took place , also they
were unable to say on what date at what stage crime was committed by
mr.G.Hariram ? is it not futile imagination , cunning ploy of RBI
higher authorities to fix innocent Mr.G.Hariram ?
67. the management expert
witnesses said , the most probable place of
crime is punching / Cancelled Note Vault , incinerator , where asst
treasurers were joint custodians . they were not enquired & let off
why ?
crime is punching / Cancelled Note Vault , incinerator , where asst
treasurers were joint custodians . they were not enquired & let off
why ?
68.
the charge sheet alleges extraction / substitution of
defaced note packets. Where as the management expert witness say
substitution of defaced notes only ? is not there difference between
loss of one number of note & 100 number of notes ?
defaced note packets. Where as the management expert witness say
substitution of defaced notes only ? is not there difference between
loss of one number of note & 100 number of notes ?
69.
as per the normal course of duty , staff officers does not
count notes in each bundles , but they just count the number of
bundles only. Is not there chances of inserted note bundles or bundles
containing less number of notes going unnoticed ? is it not the
failure of statuotary system of work practices ?
count notes in each bundles , but they just count the number of
bundles only. Is not there chances of inserted note bundles or bundles
containing less number of notes going unnoticed ? is it not the
failure of statuotary system of work practices ?
70.
does not all these prove higher authorities of RBI & CBI
were hell bent to fix mr.G.Hariram & to shield the original
criminals ?
were hell bent to fix mr.G.Hariram & to shield the original
criminals ?
Questions with respect to
other cases :
71.
how do you monitor the work of bank officials nominated as
directors of companies which have availed bank loans ?
directors of companies which have availed bank loans ?
72.
how do you monitor the work of companies , in which banks
have invested ?
have invested ?
73.
how do you monitor the rapid wealth growth of certain bank
officials , who work in shares investment / equity funds section ,
etc ?
officials , who work in shares investment / equity funds section ,
etc ?
74.
inspite of project reports by bank officials , over
assessment of collateral securites / value of debtor companies by bank
officials , the loans become NPAs & full value cann't be realized in
the market by selling off the assets of debtor companies also. In such
cases , what action is taken against erring bank officials who collude
with criminal industrialists for availing higher amount of loan than
permissible ?
assessment of collateral securites / value of debtor companies by bank
officials , the loans become NPAs & full value cann't be realized in
the market by selling off the assets of debtor companies also. In such
cases , what action is taken against erring bank officials who collude
with criminal industrialists for availing higher amount of loan than
permissible ?
75.
give bankwise specific figures of NPAs.
76.
give names of industrial groups / promoters whose
companies have become NPAs , so that public can be aware of them ,
before investing in new companies promoted by them.
companies have become NPAs , so that public can be aware of them ,
before investing in new companies promoted by them.
77.
is not collection of loan from debtors of bank through
rowdies / recovery agents , illegal ?
rowdies / recovery agents , illegal ?
78.
why not criminal complaints filed against bank mangers for
aiding , abetting rowdism , murdering people ?
aiding , abetting rowdism , murdering people ?
79.
if your method of employing rowdies to collect loans of Rs.
10000 from commoners is right , what would you do to a promoter of a
debtor company to recover loans of crores of rupees , supari killing ?
but debtors of crores of rupees is let off coolly by banks , why ?
10000 from commoners is right , what would you do to a promoter of a
debtor company to recover loans of crores of rupees , supari killing ?
but debtors of crores of rupees is let off coolly by banks , why ?
80.
what is the exact amount of loss caused to the exchequer
by karim lala telgi who printed fake stamp papers ?
by karim lala telgi who printed fake stamp papers ?
81.
what action has been taken against those involved ?
82.
have you taken action against all those mentioned by telgi
during narco analysis test , if not why ? is it because they are
powerful & bigwigs ?
during narco analysis test , if not why ? is it because they are
powerful & bigwigs ?
83.
how you are controlling the illegal finance activities ,
money lending by individuals , pawn brokers & chit fund companies ?
money lending by individuals , pawn brokers & chit fund companies ?
84.
how you are monitoring the receipt of public donations ,
foreign donations by many NGOs ?
foreign donations by many NGOs ?
85.
how many erring NGOs , chit fund companies , pawn
brokers , individuals you have booked for illegal finance activities ?
brokers , individuals you have booked for illegal finance activities ?
Questions relating to RBI
CURRENCY NOTE PRESS MYSORE
86. who were
responsible for selling the good printing machine at
security press nasik to scamster karim lala telgi as scrap ?
security press nasik to scamster karim lala telgi as scrap ?
87. who recruited
the candidates below merit rankings in R.B.I for
what criminal roles ?
what criminal roles ?
88. how many
irregularities have taken place in R.B.I till date ?
89. who is responsible
for installing, operating & supervising the
security set-up in R.B.I ?
security set-up in R.B.I ?
90. how the raw
materials ie number of paper sheets, ink, etc are
accounted for in inward stores & while issuing for printing ?
accounted for in inward stores & while issuing for printing ?
91. how wastages,
scrap of ink , papers , etc in the printing process
are accounted for?
are accounted for?
92. How the
finished goods ie currency notes are accounted for ?
93. Who keeps
physical figures & possession of goods, inventory of
all the above?
all the above?
94. How the scrap
paper is disposed off ?
95. From security angle
who keeps track from start till dispatch ?
96.
Give me the merit ranking list of all candidates for the
post of stores assistant in BRBNMPL in the year 1995-96 ?
post of stores assistant in BRBNMPL in the year 1995-96 ?
97.
give me the merit ranking list of all candidates for the
post of process assistant at BRBNMPL in the year 1996 ?
post of process assistant at BRBNMPL in the year 1996 ?
98.
give me the merit ranking list of all candidates for the
post of process assistants & maintenance assistants at BRBNMPL in the
year 1996-1998 ?
post of process assistants & maintenance assistants at BRBNMPL in the
year 1996-1998 ?
99.
is not RBI & BRBNMPL authorities created by statuotary
laws , fully funded by public money ie from government exchequer ?
laws , fully funded by public money ie from government exchequer ?
100. still why
BRBNMPL & RBI refused to answer my previous
information request as per RTI Act ? are you afraid that skeletons
will come out of cubboard ?
information request as per RTI Act ? are you afraid that skeletons
will come out of cubboard ?
101. what action
initiated against the SBI branch Bangalore & SBI
Overseas branch for loss of cheque / draft amounting to crores of
rupees ? if not why ?
Overseas branch for loss of cheque / draft amounting to crores of
rupees ? if not why ?
102. give me
specific figures bank wise with respect to loss caused
to the bank by loss of cheques or demand drafts , etc ?
to the bank by loss of cheques or demand drafts , etc ?
103. how RBI is
containing crimes of loss of cheques / DDs causing
huge losses to the banks to the tune of crores of rupees ?
huge losses to the banks to the tune of crores of rupees ?
YEAR TO WHICH ABOVE
PERTAINS : MAJORITY OF DOCUMENTS PERTAINS TO YEAR
1988 onwards . SOME OF THE DOCUMENTS ARE DATED BACK TO 1947.
1988 onwards . SOME OF THE DOCUMENTS ARE DATED BACK TO 1947.
FEES PAID : IPO NO 63E
318935 FOR RUPEES TEN ONLY Favouring CPIO RBI
HQ MUMBAI
HQ MUMBAI
PUBLIC INFORMATION
OFFICER FROM WHOM THE INFORMATION IS REQUIRED :
V.S.DAS , CENTRAL PUBLIC INFORMATION OFFICER , O/O HONOURABLE
GOVERNOR, RBI HQ , CENTRAL OFFICE , AMAR BUILDING ,
P.M.MARG ,MUMBAI-400001.
V.S.DAS , CENTRAL PUBLIC INFORMATION OFFICER , O/O HONOURABLE
GOVERNOR, RBI HQ , CENTRAL OFFICE , AMAR BUILDING ,
P.M.MARG ,MUMBAI-400001.
Date :
01.11.2008 Your’s
sincerely,
Place : Mysore Nagaraj.M.R.
Place : Mysore Nagaraj.M.R.
FINANCE SCAMS IN INDIA &
5-STAR LEADERS WITH BEGGING BOWL
In " mysooru
mithra" a kannada daily dated 15/06/2005, the editor has
written about a copy of the complaint made by Transparency
International India-Bangalore to central vigilance commission of
india.
written about a copy of the complaint made by Transparency
International India-Bangalore to central vigilance commission of
india.
In indian banks , there
is a strange practice that whenever a cheque
is put before the clearing house by a bank, the clearing house sends
that cheque to the service branch of bank paying. The service branch
then sends that cheque to the appropriate bank branch
for deduction of cash from the cheque account. In this travel , if the
cheque is lost or misplaced midway, the service branch pays out of
it's suspense account to the cash collecting bank. Logically,
afterwards the service branch must initiate a thorough inquiry, get
authentication from both persons one who gave cheque & other who
collected cheque. Finally, the money must be transferred from the
account of cheque giver to the suspense account.
is put before the clearing house by a bank, the clearing house sends
that cheque to the service branch of bank paying. The service branch
then sends that cheque to the appropriate bank branch
for deduction of cash from the cheque account. In this travel , if the
cheque is lost or misplaced midway, the service branch pays out of
it's suspense account to the cash collecting bank. Logically,
afterwards the service branch must initiate a thorough inquiry, get
authentication from both persons one who gave cheque & other who
collected cheque. Finally, the money must be transferred from the
account of cheque giver to the suspense account.
However , upto 1997 two
branches of state bank of india in bangalore &
overseas branch sufferred from frequent loss of cheques totally
amounting to RUPEES THREE THOUSAND TWO HUNDRED CRORE. In all cases of
cheque loss the bank has paid out of suspense account, totally
amounting to Rs.3200 crore. However the bank has not
initiated any enquiry to recover that amount from the cheque givers.
overseas branch sufferred from frequent loss of cheques totally
amounting to RUPEES THREE THOUSAND TWO HUNDRED CRORE. In all cases of
cheque loss the bank has paid out of suspense account, totally
amounting to Rs.3200 crore. However the bank has not
initiated any enquiry to recover that amount from the cheque givers.
In the 1997 internal
audit report of the bank itself , this has been
clearly pointed out. Till date, even the central vigilance commission
has not initiated any action about it. A member of central vigilance
commission happens to be ex-chairman of state bank of india.
clearly pointed out. Till date, even the central vigilance commission
has not initiated any action about it. A member of central vigilance
commission happens to be ex-chairman of state bank of india.
It is just an instance of
two branches of SBI, what about hundreds of
branches of SBI, what about thousands of branches of other public
sector,private sector & co-operative banks. It is fraud,fraud,fraud
all the way. Few months back to cover-up the crimes
of global trust bank ( GTB) , it was taken over by oriental bank of
commerce ( OBC).
While sanctioning a loan of just Rs.10000 to a common man , he has to
comply with lengthy legalities. If he defaults, bankers breath down
his neck, bankers send rowdies in the form of recovery agents to
humiliate the common man & his properties are
auctioned-off, finally all dues to the last penny are recovered. In
most of the cases bankers even force the defaulters to commit suicide.
However influential persons easily gets loans amounting to hundreds of
crores of rupees, coolly defaults, siphons-off the funds & shuts his
shop. No recovery at all , just it becomes a non- performing asset
(NPA) in the bank ledger. The total NPAs of all public sector banks is
more than Rs.80000 crore. This burden is spead over the crores of
hapless indians.
branches of SBI, what about thousands of branches of other public
sector,private sector & co-operative banks. It is fraud,fraud,fraud
all the way. Few months back to cover-up the crimes
of global trust bank ( GTB) , it was taken over by oriental bank of
commerce ( OBC).
While sanctioning a loan of just Rs.10000 to a common man , he has to
comply with lengthy legalities. If he defaults, bankers breath down
his neck, bankers send rowdies in the form of recovery agents to
humiliate the common man & his properties are
auctioned-off, finally all dues to the last penny are recovered. In
most of the cases bankers even force the defaulters to commit suicide.
However influential persons easily gets loans amounting to hundreds of
crores of rupees, coolly defaults, siphons-off the funds & shuts his
shop. No recovery at all , just it becomes a non- performing asset
(NPA) in the bank ledger. The total NPAs of all public sector banks is
more than Rs.80000 crore. This burden is spead over the crores of
hapless indians.
The government takes
pride in murdering forest brigand veerappan. The
ill-gotten wealth of veerappan is not even pea nuts before this huge
amount. Remember past finance scams – MS SHOES, HAWALA, HARSHAD MEHTA
SHARE SCAM, KETAN PAREKH SHARE SCAM, UTI, etc. totally in all these
scams billions of dollars of public money have gone to the coffers of
criminals. These scamsters put veerappan to shame in their turnover.
However the government is not even exhibiting a fraction of it's
ELIMINATE VEERAPPAN DRIVE against these scamsters, why?
ill-gotten wealth of veerappan is not even pea nuts before this huge
amount. Remember past finance scams – MS SHOES, HAWALA, HARSHAD MEHTA
SHARE SCAM, KETAN PAREKH SHARE SCAM, UTI, etc. totally in all these
scams billions of dollars of public money have gone to the coffers of
criminals. These scamsters put veerappan to shame in their turnover.
However the government is not even exhibiting a fraction of it's
ELIMINATE VEERAPPAN DRIVE against these scamsters, why?
In india, both central
& state government tax/ revenue officials are
neck deep in corruption. By, taking bribe they make lower assessment
of income, gains, etc & spare businessmen from the tax payment. The
government in return for favours received from
lobbies, gives tax exemptions to them at it's sweet will. All these
scams & it's cover-ups are insider jobs. The government is not
interested to collect, recover it's own monies
amounting to billions of billions of dollars every year. However our 5-
star leaders living at the expense of tax-payers, go-on foreign jaunts
with a begging bowl for a few lakhs of dollars. What a shame?
neck deep in corruption. By, taking bribe they make lower assessment
of income, gains, etc & spare businessmen from the tax payment. The
government in return for favours received from
lobbies, gives tax exemptions to them at it's sweet will. All these
scams & it's cover-ups are insider jobs. The government is not
interested to collect, recover it's own monies
amounting to billions of billions of dollars every year. However our 5-
star leaders living at the expense of tax-payers, go-on foreign jaunts
with a begging bowl for a few lakhs of dollars. What a shame?
More than 50 billion
indians are barely surviving on a single meal per
day & hundreds are dying due to starvation, billions don't even have
basic necessities of life. If the government even just collects a
fraction of it's dues from scamsters, defaulting industrialists –
people won't die of hunger in india. Has this enlightened our thick
skinned netas ?
day & hundreds are dying due to starvation, billions don't even have
basic necessities of life. If the government even just collects a
fraction of it's dues from scamsters, defaulting industrialists –
people won't die of hunger in india. Has this enlightened our thick
skinned netas ?
AN APPEAL TO UNION FINANCE
MINISTER GOVERNMENT OF
INDIA
INDIA
An age old saying – AS
THE KING SO DOES THE SUBJECTS. In india various
financial scams, crimes & it's cover-ups have taken place amounting to
billions of billions of dollars have taken place, made possible , just
due to the involvement of the king – the netas & government officials
themselves in the shameful act – the crime.
financial scams, crimes & it's cover-ups have taken place amounting to
billions of billions of dollars have taken place, made possible , just
due to the involvement of the king – the netas & government officials
themselves in the shameful act – the crime.
The tax officials are
utterly corrupt, the wards of these officials
spend double their pappa's salary just during
weekends. Now, realise their financial might. These ill-gotten wealth
is destabilising our economy & might have even found it's way into the
hands of underworld, terorrists. INDIA WILL BE DEFEATED FROM
CRIMINAL FORCES WITHIN LIKE THIS NOT FROM THE EXTERNAL FORCES.
spend double their pappa's salary just during
weekends. Now, realise their financial might. These ill-gotten wealth
is destabilising our economy & might have even found it's way into the
hands of underworld, terorrists. INDIA WILL BE DEFEATED FROM
CRIMINAL FORCES WITHIN LIKE THIS NOT FROM THE EXTERNAL FORCES.
Hereby, the HRW urges you
to make public:
1. the financial worth of
finance minister to tax official at circle
level, on annual basis including his spouse's worth & property
details.
level, on annual basis including his spouse's worth & property
details.
2. to make public the
NPAs, losses & monies under litigation by both
private & public sector banks annually.
private & public sector banks annually.
3. to make public
measures taken to recover these monies.
4. to publish annual
accounts with complete details of discretionary
funds allotted to the defence ministry, president, prime minister,
chief ministers , governors & intelligence agencies.
funds allotted to the defence ministry, president, prime minister,
chief ministers , governors & intelligence agencies.
Public want to know
whether proper discretion is being applied while
spending.
spending.
R.B.I CURRENCY THEFT CASE
– COVER-UP ACT BY C.B.I?
- AN APPEAL TO THE UNION FINANCE MINISTER & CENTRAL VIGILANCE COMMISSION
- AN APPEAL TO THE UNION FINANCE MINISTER & CENTRAL VIGILANCE COMMISSION
Even in ordinary branches
of banks , the safety
locker room keys & currency chest room keys are with senior managers
only. with advance of technology various electronic gadgets like
burglar alarms, user id & palm readers are in use. It is quite
shocking to know that , in high security RBI CURRENCY PRESS , mysore
these gadgets were not in use & the keys were easily accessible to
ordinary security guards. Also, in mysore press there is no proper
accounting practices for blank papers issued for printing , after
printing is done accounts of accepted notes & rejected notes is not
at all kept. CBI is putting the whole blame on an ordinary security
guards & hurrying to close the case. The repeated thefts are not at
all possible by security guards alone without the help of insiders /
higher executives. CBI is trying to fool whom?
locker room keys & currency chest room keys are with senior managers
only. with advance of technology various electronic gadgets like
burglar alarms, user id & palm readers are in use. It is quite
shocking to know that , in high security RBI CURRENCY PRESS , mysore
these gadgets were not in use & the keys were easily accessible to
ordinary security guards. Also, in mysore press there is no proper
accounting practices for blank papers issued for printing , after
printing is done accounts of accepted notes & rejected notes is not
at all kept. CBI is putting the whole blame on an ordinary security
guards & hurrying to close the case. The repeated thefts are not at
all possible by security guards alone without the help of insiders /
higher executives. CBI is trying to fool whom?
Even with respect to my
complaint regarding
recruitment scandal complaint no: DPG/B/2005/80049 (2) (RBI) new
complaint no: DPG/Z/2005/90040, neither CBI nor secretary ( finance
sector ) department of economic affairs government of india nor the
RBI governor has taken any steps till date , why?
Hereby, e-voice urges the honourable union finance
minister & CENTRAL VIGILANCE COMMISSION to look into the matter & to
provide speedy justice to all concerned.
recruitment scandal complaint no: DPG/B/2005/80049 (2) (RBI) new
complaint no: DPG/Z/2005/90040, neither CBI nor secretary ( finance
sector ) department of economic affairs government of india nor the
RBI governor has taken any steps till date , why?
Hereby, e-voice urges the honourable union finance
minister & CENTRAL VIGILANCE COMMISSION to look into the matter & to
provide speedy justice to all concerned.
C.B.I COVERING UP THEFTS
IN R.B.I
Lie detector tests for C.B.I officers ?
Lie detector tests for C.B.I officers ?
Nowadays even free e-mail
accounts need password to operate, to
operate a bank locker there are multi level security settings.
However , it is ridiculous, unbelievable to note that in the high
security reserve bank of india currency note press mysore, there were
no different key sets , palm readers, pass words, no different
authorised persons, no troops of security guards, to access the area.
Just only one security guard- a constable.
operate a bank locker there are multi level security settings.
However , it is ridiculous, unbelievable to note that in the high
security reserve bank of india currency note press mysore, there were
no different key sets , palm readers, pass words, no different
authorised persons, no troops of security guards, to access the area.
Just only one security guard- a constable.
It is a cock & bull
story of C.B.I, that all alone a single security
guard stole the booty. There must be a crime syndicate. The C.B.I
officers themselves must be subjected to polygraph, brain mapping
tests to know why they are lying , to cover-up whom? The C.B.I has
not answered previous questions raised by us. The C.B.I must answer
the following questions :
guard stole the booty. There must be a crime syndicate. The C.B.I
officers themselves must be subjected to polygraph, brain mapping
tests to know why they are lying , to cover-up whom? The C.B.I has
not answered previous questions raised by us. The C.B.I must answer
the following questions :
1. who were responsible
for selling the good printing machine at
security press nasik to scamster karim lala telgi as scrap ?
2. who recruited the candidates below merit rankings in R.B.I for
what criminal roles ?
3. how many irregularities have taken place in R.B.I till date ?
4. who is responsible for installing, operating & supervising the
security set-up in R.B.I ?
5. how the raw materials ie number of paper sheets, ink, etc are
accounted for in inward stores & while issuing for printing ?
6. how wastages, scrap of ink , papers , etc in the printing process
are accounted for?
7. How the finished goods ie currency notes are accounted for ?
8. Who keeps physical figures & possession of goods, inventory of all
the above?
9. How the scrap paper is disposed off ?
10. From security angle who keeps track from start till dispatch ?
security press nasik to scamster karim lala telgi as scrap ?
2. who recruited the candidates below merit rankings in R.B.I for
what criminal roles ?
3. how many irregularities have taken place in R.B.I till date ?
4. who is responsible for installing, operating & supervising the
security set-up in R.B.I ?
5. how the raw materials ie number of paper sheets, ink, etc are
accounted for in inward stores & while issuing for printing ?
6. how wastages, scrap of ink , papers , etc in the printing process
are accounted for?
7. How the finished goods ie currency notes are accounted for ?
8. Who keeps physical figures & possession of goods, inventory of all
the above?
9. How the scrap paper is disposed off ?
10. From security angle who keeps track from start till dispatch ?
ILLEGAL RECRUITMENT
IN R.B.I CURRENCY NOTE PRESS RESULTING IN
FREQUENT THEFTS ???
Dear sir,
I have applied for the
post of STORES ASSISTANT in
1995 & for the post of PROCESS ASSISTANT in 1996 for vaccancies at
Bharatiya Reserve Bank Note Mudran Private Limited ( BRBNMPL) MYSORE
& SALBONI. I didn't even get the interview/written test call letter.
1995 & for the post of PROCESS ASSISTANT in 1996 for vaccancies at
Bharatiya Reserve Bank Note Mudran Private Limited ( BRBNMPL) MYSORE
& SALBONI. I didn't even get the interview/written test call letter.
However candidates with
lesser merit ranking were selected. My
requests for a copy of merit ranking list fell on deaf ears.
In the end of 1996, i once again applied for the
posts of PROCESS ASSISTANT & MAINTANANCE ASSISTANT at BRBNMPL. This
time
round i got written test call letters for both posts. I have
successfully cleared the common written test for both posts.
Subsequently i got the interview call letters for both posts. I have
successfully appeared for the common interview for both posts.
However candidates of lesser merit were selected & i didn't get any
communication at all. My repeated requests for MERIT RANKING LIST
fell on deaf ears.
requests for a copy of merit ranking list fell on deaf ears.
In the end of 1996, i once again applied for the
posts of PROCESS ASSISTANT & MAINTANANCE ASSISTANT at BRBNMPL. This
time
round i got written test call letters for both posts. I have
successfully cleared the common written test for both posts.
Subsequently i got the interview call letters for both posts. I have
successfully appeared for the common interview for both posts.
However candidates of lesser merit were selected & i didn't get any
communication at all. My repeated requests for MERIT RANKING LIST
fell on deaf ears.
It is the criminals
in R.B.I MANAGEMENT who
declared a good printing machine at nasik security press as scrap &
sold it to fake stamp paper king pin karim lala telgi It may be
possible that the criminals in the R.B.I MANAGEMENT selected
candidates who suited their criminal objectives. As a result there is
frequent occurrence of currency thefts & related
irregularities at R.B.I CURRENCY NOTE PRESS, mysore & salboni.
Hereby, i call upon the C.B.I to look into this matter.
declared a good printing machine at nasik security press as scrap &
sold it to fake stamp paper king pin karim lala telgi It may be
possible that the criminals in the R.B.I MANAGEMENT selected
candidates who suited their criminal objectives. As a result there is
frequent occurrence of currency thefts & related
irregularities at R.B.I CURRENCY NOTE PRESS, mysore & salboni.
Hereby, i call upon the C.B.I to look into this matter.
Also, hereby i urge you
to provide me justice by giving merit ranking
lists of all recruitments made from 1995onwards till date.
Specifically, for the above mentioned 4 posts in accordance with the
TRANSPARENCY /RIGHT TO INFORMATION ACT of government of india.
lists of all recruitments made from 1995onwards till date.
Specifically, for the above mentioned 4 posts in accordance with the
TRANSPARENCY /RIGHT TO INFORMATION ACT of government of india.
SATYAM CO FRAUD - ARE YOU
SINCERELY READY TO CATCH TAX THEIVES , CORPORATE CRIMINALS ?
- AN APPEAL TO UNION FINANCE MINISTER & KARNATAKA STATE
FINANCE MINISTER
Corporate fraud is nothing new to india , satyam company is just a
new addition to it. Satyam co was able to commit such a huge fraud &
keep it under wraps for years goes to prove the honesty , integrity of
our public servants , government officials belonging to SEBI , RBI ,
tax dept , pollution control , labour depts. , etc & the honesty of
auditors & company secretaries. Ofcourse , still there are few honest
people in public service , auditing & company secretaryship , but
majority of them are hand in gloves with corporate criminals.
Definitely , this fraud will also be brushed under the carpet after
certain time as other frauds happened , afterall these frauds are the
money spinners for political party funding , mafia , underworld &
other criminal activities.
In india , tax compliance
is worse. In our criminal justice system,
there is rigorous imprisonment for a pick-pocketer stealing Rs.10.
even the authorities spend thousands of rupees in legally prosecuting
him & the thief spends a year or more as punishment behind bars. Where
as there is no commensurate investigation nor legal prosecution nor
punishment for corporate thieves , evading tax to the tune of crores
of rupees. In contrast, those tax thieves pay a part of that booty to
the ministers & political parties and get crores of rupees tax
exemptions , incentives from the government. Government is rewarding
corporate criminals.
The tax officials of central & state governments
are hand in glove with these corporate criminals & traders. For a
price, they are helping corporates & traders in evading tax. Most of
the tax officials are wealthy & leading luxurious lifestyles , much
beyond the scope of their legal income. The black money thus generated
every year by tax evasion , is many times more than our total annual
budget allocation. As a result, all our fiscal reforms fail &
inflation is soaring. This black money is the source of illegal
funding of political parties , terrorist outfits & underworld. It is a
greater threat to national unity & integrity.
Both the central government & karnataka state
government have failed to collect the full , actual tax dues from
corporates & traders. As a result , the governments don't have enough
money in their coffers even to provide basic needs like health care ,
education , safe drinking water , etc to the poor & needy. For every
Rs.100 tax evaded , one poor patient is dying without medical care ,
10 poor persons lack education , 100 persons don't get safe drinking
water , 100 persons barely survive on a single piece meal per day , 20
persons starve. Most of The government officials , ministers &
people's representatives who have deliberately failed in their duties
of tax collection & welfare of poor citizens , SHAMELESSLY indulge in
luxurious lifestyle at the expense of poor tax payer . they live in
paltial bungalows , chauffer driven AC cars , all living food expenses
paid by exchequer , dine at 5-star hotels , only drink bottled mineral
water , eat non-vegetarian dishes , drink alcohol sitting before
mahatma gandhi's photograph & preaching mahatma's ideals. Mahatma
preached & practiced simple living , vegetarianism & he was teto
teller , he paid for his expenses from his earnings . these public
servants are parasites , who are making merry at the expense of tax
payer.
Some non government organisations ( NGO) have
formed trusts and under the aegis of those trusts are running
educational institutions , hospitals , community halls , etc , in the
name of providing free / subsidised services like education , health
care , etc to the poor. It is only in record books , they conduct fake
medical camps , self employment training camps . in practice they are
running these educational institutions , hospitals & community halls
as commercial enterprises & collecting huge fees. they are not even
remitting full fees collected to the trust account & swindling the
money. no outsider is allowed to become a member of these NGOs , only
their cronies & their family members are in these trusts.
Numerous NGOs promoted by religious bodies , mutts
are swindling public & government money to the tune of crores of
rupees. Nobody dares to question the heads , pontiffs of these
mutts , as at his feet VVIPs , ministers fall down. These religious
bodies are hot beds of fundamentalism , terrorism & mafia. Hwere is
the accountability of religious bodies & political parties in in
india ?
Inspite of bringing specific cases to the notice
of authorities , they are mum ? hereby , E-VOICE OF HUMAN RIGHTS WATCH
offers it's services ( subject to conditions ) to the governments of
india & karnataka , in apprehending the criminals – tax evaders. Are
you ready?
there is rigorous imprisonment for a pick-pocketer stealing Rs.10.
even the authorities spend thousands of rupees in legally prosecuting
him & the thief spends a year or more as punishment behind bars. Where
as there is no commensurate investigation nor legal prosecution nor
punishment for corporate thieves , evading tax to the tune of crores
of rupees. In contrast, those tax thieves pay a part of that booty to
the ministers & political parties and get crores of rupees tax
exemptions , incentives from the government. Government is rewarding
corporate criminals.
The tax officials of central & state governments
are hand in glove with these corporate criminals & traders. For a
price, they are helping corporates & traders in evading tax. Most of
the tax officials are wealthy & leading luxurious lifestyles , much
beyond the scope of their legal income. The black money thus generated
every year by tax evasion , is many times more than our total annual
budget allocation. As a result, all our fiscal reforms fail &
inflation is soaring. This black money is the source of illegal
funding of political parties , terrorist outfits & underworld. It is a
greater threat to national unity & integrity.
Both the central government & karnataka state
government have failed to collect the full , actual tax dues from
corporates & traders. As a result , the governments don't have enough
money in their coffers even to provide basic needs like health care ,
education , safe drinking water , etc to the poor & needy. For every
Rs.100 tax evaded , one poor patient is dying without medical care ,
10 poor persons lack education , 100 persons don't get safe drinking
water , 100 persons barely survive on a single piece meal per day , 20
persons starve. Most of The government officials , ministers &
people's representatives who have deliberately failed in their duties
of tax collection & welfare of poor citizens , SHAMELESSLY indulge in
luxurious lifestyle at the expense of poor tax payer . they live in
paltial bungalows , chauffer driven AC cars , all living food expenses
paid by exchequer , dine at 5-star hotels , only drink bottled mineral
water , eat non-vegetarian dishes , drink alcohol sitting before
mahatma gandhi's photograph & preaching mahatma's ideals. Mahatma
preached & practiced simple living , vegetarianism & he was teto
teller , he paid for his expenses from his earnings . these public
servants are parasites , who are making merry at the expense of tax
payer.
Some non government organisations ( NGO) have
formed trusts and under the aegis of those trusts are running
educational institutions , hospitals , community halls , etc , in the
name of providing free / subsidised services like education , health
care , etc to the poor. It is only in record books , they conduct fake
medical camps , self employment training camps . in practice they are
running these educational institutions , hospitals & community halls
as commercial enterprises & collecting huge fees. they are not even
remitting full fees collected to the trust account & swindling the
money. no outsider is allowed to become a member of these NGOs , only
their cronies & their family members are in these trusts.
Numerous NGOs promoted by religious bodies , mutts
are swindling public & government money to the tune of crores of
rupees. Nobody dares to question the heads , pontiffs of these
mutts , as at his feet VVIPs , ministers fall down. These religious
bodies are hot beds of fundamentalism , terrorism & mafia. Hwere is
the accountability of religious bodies & political parties in in
india ?
Inspite of bringing specific cases to the notice
of authorities , they are mum ? hereby , E-VOICE OF HUMAN RIGHTS WATCH
offers it's services ( subject to conditions ) to the governments of
india & karnataka , in apprehending the criminals – tax evaders. Are
you ready?
MEGA FRAUD BY
GOVERNMENT OF INDIA – Rs 85 000 crore tax arrears waiver +
non performing assets of banks to the tune of Rs. 200
000 crore
- An appeal to Honourable Supreme Court of India
- An appeal to Honourable Supreme Court of India
India has become an IT
power , taken giant strides in the field of
science & technology. More & more MNCs are investing in India. However
due to our skewed , corrupt economic system , lack of accountability
on the part of corporates & public servants – a wide chasm has been
created between the ultra rich & the poor , the fruits of development
has all been usurped by the rich & mighty. This is the basic reason
for growth of black economy , growth of naxalism , terrorism &
underworld in India. As per a recent study by UN organization ,
majority of Indians ie more than 50 crore Indians are barely
sustaining on Rs.13 per day earnings , a whole family depends upon Rs.
13 , they are struggling to get just single meal per day. People are
starving to death , farmers are committing suicides , people are
selling their own children for a bag of grains. Whereas , corporate
biggies , public servants are leading luxurious lifestyles , having
big parties full of drinks , non-veg foods not at their papaa's
expense but at the expense of public exchequer , out of the tax dues ,
loan repayments cheated to the public exchequer.
science & technology. More & more MNCs are investing in India. However
due to our skewed , corrupt economic system , lack of accountability
on the part of corporates & public servants – a wide chasm has been
created between the ultra rich & the poor , the fruits of development
has all been usurped by the rich & mighty. This is the basic reason
for growth of black economy , growth of naxalism , terrorism &
underworld in India. As per a recent study by UN organization ,
majority of Indians ie more than 50 crore Indians are barely
sustaining on Rs.13 per day earnings , a whole family depends upon Rs.
13 , they are struggling to get just single meal per day. People are
starving to death , farmers are committing suicides , people are
selling their own children for a bag of grains. Whereas , corporate
biggies , public servants are leading luxurious lifestyles , having
big parties full of drinks , non-veg foods not at their papaa's
expense but at the expense of public exchequer , out of the tax dues ,
loan repayments cheated to the public exchequer.
The banks insist on
matching collateral security even for self
employment / educational loans by poor for an amount of Rs.5000. if
the loans are not paid in time , rowdies / recovery agents are sent by
banks to collect the amount by muscle power. As a final step , banks
auction-off properties of collateral security to recover it's dues.
Even, the tax authorities mercilessly extract tax dues to the last
penny from the middle class.
employment / educational loans by poor for an amount of Rs.5000. if
the loans are not paid in time , rowdies / recovery agents are sent by
banks to collect the amount by muscle power. As a final step , banks
auction-off properties of collateral security to recover it's dues.
Even, the tax authorities mercilessly extract tax dues to the last
penny from the middle class.
The same banks,
overestimate the project cost of corporates ,
overestimate the project feasibility & it's worth and coolly extend
hundreds of crores of rupees loans without matching collateral
security. The banks extend overdraft facilities without matching
collateral securities , to these corporates. When loans are not
repaid, no rowdies are sent by banks. The promoters , directors of
such tainted corporates drain – off the companies resources cunningly
through insider trading , finally making the company sick. Such
companies don't pay taxes , electricity bills , water bills , etc
properly to respective authorities. The authorities are deaf , dumb &
blind to all these actions of such corporates. At the end , banks
write-off such loans as non performing assets (NPA) & file case before
courts for recovery of dues. Even if the properties of collateral
security are auctioned-off dues cann't be fully realized. Finally
public money is swindled . ALL THIS IS POSSIBLE DUE TO THE CONNIVANCE
OF KEY BANK OFFICIALS , TAX OFFICIALS WITH CRIMINAL CORPORATES SINCE
THE INCEPTION OF SUCH COMPANIES . THIS ALSO POSES UNFAIR COMPETITION
TO HONEST CORPORATES. How to stop this ? by making corporate
accountability ,accountability of bank , tax officials more stringent
with penal provisions . afterall , they are playing with public money
not their papa's property.
overestimate the project feasibility & it's worth and coolly extend
hundreds of crores of rupees loans without matching collateral
security. The banks extend overdraft facilities without matching
collateral securities , to these corporates. When loans are not
repaid, no rowdies are sent by banks. The promoters , directors of
such tainted corporates drain – off the companies resources cunningly
through insider trading , finally making the company sick. Such
companies don't pay taxes , electricity bills , water bills , etc
properly to respective authorities. The authorities are deaf , dumb &
blind to all these actions of such corporates. At the end , banks
write-off such loans as non performing assets (NPA) & file case before
courts for recovery of dues. Even if the properties of collateral
security are auctioned-off dues cann't be fully realized. Finally
public money is swindled . ALL THIS IS POSSIBLE DUE TO THE CONNIVANCE
OF KEY BANK OFFICIALS , TAX OFFICIALS WITH CRIMINAL CORPORATES SINCE
THE INCEPTION OF SUCH COMPANIES . THIS ALSO POSES UNFAIR COMPETITION
TO HONEST CORPORATES. How to stop this ? by making corporate
accountability ,accountability of bank , tax officials more stringent
with penal provisions . afterall , they are playing with public money
not their papa's property.
Already , by the
connivance of public servants , bank , tax officials
we have witnessed many scams like harshad Mehta , ketan parekh ,
hawala , etc and more than Rs. 2000000 crore NPAs are on the books of
the banks. Now, the government of India is planning to waive-off tax
arrears of corporates to the tune of Rs.85000 crore , why ? read
vijaya Karnataka kannada daily dated 04th January 2007. just look at
this in the backdrop of "QUESTIONS FOR MONEY BY SOME MPs" and "MP
LOCAL AREA DEVELOPMENT FUND ALLOCATION FOR A PRICE SCANDAL". The
government is always unresponsive , careless towards the sufferings
of poor , however it is always on toes to help out corporates that too
criminal ones but not honest corporates. Why ?
we have witnessed many scams like harshad Mehta , ketan parekh ,
hawala , etc and more than Rs. 2000000 crore NPAs are on the books of
the banks. Now, the government of India is planning to waive-off tax
arrears of corporates to the tune of Rs.85000 crore , why ? read
vijaya Karnataka kannada daily dated 04th January 2007. just look at
this in the backdrop of "QUESTIONS FOR MONEY BY SOME MPs" and "MP
LOCAL AREA DEVELOPMENT FUND ALLOCATION FOR A PRICE SCANDAL". The
government is always unresponsive , careless towards the sufferings
of poor , however it is always on toes to help out corporates that too
criminal ones but not honest corporates. Why ?
HRW has extended it's
services to GOI months back itself , to
apprehend tax thieves , till date there is no reply from GOI , why ?
apprehend tax thieves , till date there is no reply from GOI , why ?
Hereby , E-VOICE OF HRW
requests the Honourable Supreme Court of India
to order GOI ,
to order GOI ,
1. to
make necessary amendments to companies act , to make the
promoters , directors of the corporates personally accountable for all
their actions.
2. to constitute committees consisting of public persons with powers
to scrutinize & verify all the actions of corporates for insider
trading like – selling products , materials , shares to their sister
concerns at discounted prices or buying products , materials ,
shares from their sister concerns at inflated prices or lending loans
at discount rates to their sister concerns or taking loans from their
sister concerns at high rate of interest or loaning materials ,
machines to their sister concerns , etc.
3. to constitute committees consisting of public persons , to
scrutinize & verify the annual personal tax returns filed by key bank
officials & tax officials , who have amassed riches & leading
luxurious life styles much beyond the scope of their legal known
sources of income.
4. to recover all tax dues , loan dues , etc from the corporates from
the personal properties , wealth of promoters , directors of such
companies.
5. to put behind bar the key bank officials who have helped the
corporates in swindling public money by overestimating project
viability , worth and by overlooking the insider trading of promoters
and still extending loans to them.
6. to put behind bars tax officials who have helped such corporates
in swindling public money.
7. to take all the necessary help from public like as services
extended by HRW in apprehending tax thieves.
8. to recover & protect public money at any cost.
9. to confiscate all money , properties possessed by directors of such
criminal corporates & properties of corrupt bank , tax officials ,
public servants.
10. to declare illegal black money kept by corporate criminals ,
politicians , etc in the banks of tax haven countries like Trinidad ,
Mauritius , Switzerland , etc as national property of India , as
public property of government of India & to secure that money to
Indian exchequer.
promoters , directors of the corporates personally accountable for all
their actions.
2. to constitute committees consisting of public persons with powers
to scrutinize & verify all the actions of corporates for insider
trading like – selling products , materials , shares to their sister
concerns at discounted prices or buying products , materials ,
shares from their sister concerns at inflated prices or lending loans
at discount rates to their sister concerns or taking loans from their
sister concerns at high rate of interest or loaning materials ,
machines to their sister concerns , etc.
3. to constitute committees consisting of public persons , to
scrutinize & verify the annual personal tax returns filed by key bank
officials & tax officials , who have amassed riches & leading
luxurious life styles much beyond the scope of their legal known
sources of income.
4. to recover all tax dues , loan dues , etc from the corporates from
the personal properties , wealth of promoters , directors of such
companies.
5. to put behind bar the key bank officials who have helped the
corporates in swindling public money by overestimating project
viability , worth and by overlooking the insider trading of promoters
and still extending loans to them.
6. to put behind bars tax officials who have helped such corporates
in swindling public money.
7. to take all the necessary help from public like as services
extended by HRW in apprehending tax thieves.
8. to recover & protect public money at any cost.
9. to confiscate all money , properties possessed by directors of such
criminal corporates & properties of corrupt bank , tax officials ,
public servants.
10. to declare illegal black money kept by corporate criminals ,
politicians , etc in the banks of tax haven countries like Trinidad ,
Mauritius , Switzerland , etc as national property of India , as
public property of government of India & to secure that money to
Indian exchequer.
QUESTIONS FOR MONEY –
PARLIAMENTARY ACTS & LEGISLATIONS FOR ????
-
improper functioning of democracy in india
the vohra
committee report has proved the criminalisation of
politics in india. There are many number of criminals in the
parliament & state legislatures. Some of those criminals are cabinet
ministers as well as members of vital parliamentary committees.
Thereby, they are in a position to manipulate , enact laws favouring ,
benefitting the criminals their cronies.
politics in india. There are many number of criminals in the
parliament & state legislatures. Some of those criminals are cabinet
ministers as well as members of vital parliamentary committees.
Thereby, they are in a position to manipulate , enact laws favouring ,
benefitting the criminals their cronies.
Just see
how the GOI gave export incentive of Rs.1800 crore to
reliance petroleum although it didn't even export a barrel. Reliance
infocom & tata teleservices were CDMA mobile service providers & have
paid license fee of few crores only equal to landline fees without any
competitive bidding . They were supposed to provide mobile service to
operate like fixed phones within a radius of 40k.m. however they were
providing service like mobile service from one state to another like
GSM mobile service providers. By this act of RIC & TTSL , the GSM
providers who have paid thousands of license fee in competitive
bidding were economically hurt , the dispute went to court. The court
was on the verge of pronouncing it's verdict awarding damages worth Rs.
18000 crore to GSM players & Rs. 3000 crore of license fees with
penalty to GOI. The government announced a unified telecom license
regime with retrospective effect. Thereby, the GOI lost thousands of
crores of rupees & the share holders of GSM players lost thousands of
crores. Onceagain the RIC was charged by PSU bsnl THAT RELIANCE IS RE-
ROUTING INTERNATIONAL CALLS AS LOCAL CALLS & SWINDLING THE GOI. This
time too, GOI bailed it out. during the dispute between ambani
brothers the younger ambani mr. Anil ambani director of reliance
himself has stated that for the favours received from the GOI , the
company gifted some shares to then IT & COMMUNICATIONS MINISTER mr.
Pramod mahajan.
reliance petroleum although it didn't even export a barrel. Reliance
infocom & tata teleservices were CDMA mobile service providers & have
paid license fee of few crores only equal to landline fees without any
competitive bidding . They were supposed to provide mobile service to
operate like fixed phones within a radius of 40k.m. however they were
providing service like mobile service from one state to another like
GSM mobile service providers. By this act of RIC & TTSL , the GSM
providers who have paid thousands of license fee in competitive
bidding were economically hurt , the dispute went to court. The court
was on the verge of pronouncing it's verdict awarding damages worth Rs.
18000 crore to GSM players & Rs. 3000 crore of license fees with
penalty to GOI. The government announced a unified telecom license
regime with retrospective effect. Thereby, the GOI lost thousands of
crores of rupees & the share holders of GSM players lost thousands of
crores. Onceagain the RIC was charged by PSU bsnl THAT RELIANCE IS RE-
ROUTING INTERNATIONAL CALLS AS LOCAL CALLS & SWINDLING THE GOI. This
time too, GOI bailed it out. during the dispute between ambani
brothers the younger ambani mr. Anil ambani director of reliance
himself has stated that for the favours received from the GOI , the
company gifted some shares to then IT & COMMUNICATIONS MINISTER mr.
Pramod mahajan.
Various
indian & multinational companies are looting indian
exchequer to the tune of thousands of crores of rupees , through
lobbying / bribing. Take the recent case of allotment of 3G spectrum.
exchequer to the tune of thousands of crores of rupees , through
lobbying / bribing. Take the recent case of allotment of 3G spectrum.
In india,
indirect democracy is the form of governance. In this
form, people's representatives are bound to raise the questions ,
issues concerning their constituents on their behalf , on the floor of
the house. However the sad part in india even after 58 years of
democracy , is the lobbying is at it's peak. The lobbying is a
gentleman's white collared crook's way of forming favour seeker's
group , creating a corpus to pay lumpsum bribe & influencing decision
making.
The people's representatives are bound to represent their people
first , then their party & party think tanks. India has come to this
sorry state of affairs , widespread corruption , huge black economy &
rampant poverty, all due to inefficient legislations & enforcements.
These think tanks & IAS lobby, consider themselves as most super
brains on earth & gives out suggestions . the present state of affairs
is a barometer of their brilliance. These think tanks & IAS lobby are
the hand maidens of lobbyists / bribers.
form, people's representatives are bound to raise the questions ,
issues concerning their constituents on their behalf , on the floor of
the house. However the sad part in india even after 58 years of
democracy , is the lobbying is at it's peak. The lobbying is a
gentleman's white collared crook's way of forming favour seeker's
group , creating a corpus to pay lumpsum bribe & influencing decision
making.
The people's representatives are bound to represent their people
first , then their party & party think tanks. India has come to this
sorry state of affairs , widespread corruption , huge black economy &
rampant poverty, all due to inefficient legislations & enforcements.
These think tanks & IAS lobby, consider themselves as most super
brains on earth & gives out suggestions . the present state of affairs
is a barometer of their brilliance. These think tanks & IAS lobby are
the hand maidens of lobbyists / bribers.
THREAT TO INDIA'S SECURITY BY
CORPORATE CRIMINALS
- An appeal to honourable prime minister of india & honourable chief
minister of karnataka
- An appeal to honourable prime minister of india & honourable chief
minister of karnataka
In india , since ages certain section of people – dalits , tribals are
being oppressed in the name of caste by forward caste people. The name
sake independence has not changed the lives of dalits & tribals. The
upper caste people were in control of government & economic sector
before independence as well as after independence too. The upper caste
people are now MPs , MLAs & are running businesses . they have framed
rules , laws to suit their ends. They are getting bank loans ,
subsidies , tax cuts , etc , by greasing the palms of those in power –
their own caste men. The reservation policy is just a vote winning
gimmick of forward caste politicians , it is neo divide & rule policy.
Only few dalits with money & contacts have benefitted , by the
reservation policy of government. Majority of them are still
sufferring from utter poverty & social oppression.
Now, due to rapid industrialisation & globalisation a new economic
divide has taken place – rich & poor , haves & have nots. Now,
economically poor are also being oppressed along with dalits. The
forward caste people in government have framed laws to suit their
ends , they have provided concessional priority loans , tax cuts ,
subsidies , etc from the government to corporate sector . The
corporate sector has demanded & got monetary benefits , infrastructure
facilities from the government . however the same corporates , MNCs
are violating statuotary laws & are averse to social welfare measures
of the government . they are averse to provide jobs to dalits ,
tribals & poor , why ? these corporates are bribing the labour , tax
department & other government officials . as a result the government
is loosing tax revenues to the tune of thousands of crores every
year , the government doesn't have money to provide social welfare
measures to common people. The lives of common people are under
threat. Now,
the number of common people dying due to starvation , lack of health
care is more than in a war field. The threat to unity & integrity of
india is more from the corporate sector than pakistan or china.
Now, the government of india & other state governments are literally
under corporate control. we have brought to the notice of government
cases of statuotary law violations by various corporate entities ,
till date no action has been taken. Why ? hereby , we once again
offers it's conditional services to the government of india &
karnataka in apprehending corporate criminals , corrupt tax , labour ,
pollution control board offricials. Are you ready sir ????
Black money in foreign
banks amounts to plunder of nation: Supreme Court
Black
money stashed away in foreign banks is not just a case of tax evasion, it is
“mind- boggling crime” amounting to “theft and plunder of national wealth’’,
the Supreme Court said on Wednesday.
In a
frank message to the Union government, the court wanted it to realise the
gravity of the issue. “We are talking about mind-boggling crime. We are not on
the niceties of various treaties,’’ a bench of justices B Sudershan Reddy and
SS Nijjar told solicitor-general Gopal Subramanium.
Earlier,
the government had contended that money in foreign banks was a case of tax
evasion and it cannot make public the names of Indian account holders.
“The
authorities have to go on the basis of mutual agreement with various countries
where the money is stashed,’’ Subramium said.
“This
is the problem worrying us. It is not only about tax evasion and has something
more,’’ the bench said after it was pointed out that the source of the money
could be narcotics, terror fund or arms dealing.
The
court was hearing a petition filed by noted criminal lawyer Ram Jethmalani and
some retired bureaucrats and police officers.
Standard
Chartered Bank’s draft red herring prospectus to raise $500 million-$700
million through the first-ever issue of Indian Depository Receipts (IDRs) has
completely blanked out at least 15 litigations pending against it in connection
with the securities scam of 1992 and a foreign exchange scandal involving the
misuse of its vostro account, also in the 1990s.
The
prospectus has reportedly been cleared by the Securities and Exchange Board of
India (SEBI), which is fully aware that most litigations pertaining to the 1992
scam are still dragging their way through the Indian judicial system. It is
shocking that the Bank has attempted to avoid disclosure, given that the Bank's
deep involvement in the scam is widely known in India and the IDRs are being
sold to Indian investors. What is worse, when asked about the failure to
disclose litigation pending against the Bank, SEBI has chosen to not to respond
to the emails marked to the entire top brass of the Bank.
On
checking with the Bank, Arijit De, head of external communications, has this to
say: “With reference to your email to Neeraj Swaroop, our response is as below:
The IDRs represent the shares of Standard Chartered PLC, UK , the ultimate
parent company of Standard Chartered Bank, India. In accordance with the
disclosure requirements under SEBI Regulations, IDR Rules, other applicable
laws and international practice, SC PLC has made appropriate disclosures of all
material issues in the draft offer document filed with SEBI. We have nothing
further to add beyond what is disclosed in the DRHP.”
However,
a simple reading of page 414 of its draft red herring prospectus suggests
otherwise. It says: “As of the date of this Draft Red Herring Prospectus,
neither the Company, any member of the Group, any Director, or any
material associate of the Company (emphasis ours) are involved in any
material governmental, legal or arbitration proceedings or litigation and the
Company is not aware of any pending or threatened material governmental, legal
or arbitration proceedings or litigation relating to the Company, any
member of the Group, any Director or any material associate which, in
either case, may have a significant effect on the performance of the Group, and
there are no liabilities or defaults (including arrears and potential
liabilities) in relation to such material proceedings or litigation which would
be required to be disclosed under the SEBI Regulations.”
Moreover, the cases filed by the Enforcement Directorate and in the Special Court do not all pertain to the Indian operations (the Bank's Indian operation itself is significantly large and important, especially after the impact of the global financial crisis). In fact, many of them specifically name a former chairman of the Bank, Rodney Galpin.
Moreover, the cases filed by the Enforcement Directorate and in the Special Court do not all pertain to the Indian operations (the Bank's Indian operation itself is significantly large and important, especially after the impact of the global financial crisis). In fact, many of them specifically name a former chairman of the Bank, Rodney Galpin.
Among
the cases that we have information about include some in the Special Court set
up to try the securities scam related offences (MA 365/2003 – SCB v/s the
Custodian & others; Suit 45 of 1995 SCB v/s Andhra Bank; Suit No 6 of 1994
SCB v/s Andhra Bank and Suit No 32 of SCB v/s Andhra Bank). Then there are at
least half a dozen cases filed by the Enforcement Directorate, many of them in
2002. We have sent a list of all these cases to SEBI, but have no response from
the regulator.
Are
these cases serious enough to make a difference to the Bank's global operations
and performance? Probably not. Also, many Indian companies have successfully
raised funds, even after disclosing that the main promoters were accused of
murder or worse. The issue is the Bank's lack of transparency, while selling a
financial instrument to Indian investors.
What
is worse, the failure to insist on this disclosure reflects even more badly on
the market watchdog. In its very first IDR clearance, SEBI has shown that it is
probably overawed with the international bank's plans to raise funds in India
or its fat, 801-page offer document. Either way, it is not insisting on the
same transparency and disclosure standards that it expects from Indian
companies, which should be a matter of serious concern, given that global banks
have not covered themselves in glory in the lead-up to the financial crisis of
2008. — Sucheta Dalal
......................DECLARATION…….......…………………
Name :
...........................NAGARAJA.M.R.
Address : ...................LIG-2 / 761 , HUDCO FIRST STAGE , OPP
WATER WORKS OFFICE , LAKSHMIKANTANAGAR , HEBBAL , MYSORE - 570017 INDIA
Professional / Trade Title : S.O.S - e – Clarion Of Dalit
Periodicity : WEEKLY
Circulation : FOR FREE DISTRIBUTION ON WEB
Donations : NOT ACCEPTED. Self financing . Never accepted any donations , subscriptions either for ourselves or on behalf of other organizations / individuals .
Monetary Gains : nil , never made any monetary gain by way of advertisements on my websites or web news paper or otherwise.
Owner/Editor/Printer/Publisher : NAGARAJA.M.R.
Nationality : INDIAN
Body Donation : Physical Body of Nagaraja M R , Editor , S.O.S- e – clarion of Dalit & S.O.S-e-Voice for Justice is donated to JSS Medical College , Mysore ( Donation No. 167 dated 22 / 10 / 2003 ) , In case of either Unnatural death or Natural Death at the hands of criminal nexus , my body must be handed over to JSS Medical College , Mysore for the study purposes of medical students.
Eye Donation : Both EYES of Nagaraja M R , Editor , S.O.S- e – clarion of Dalit & S.O.S-e-Voice for Justice are donated to Mysore Eye Bank , Mysore , In case of either Unnatural death or Natural Death at the hands of criminal nexus , my eyes must be handed over to Mysore Eye Bank , Mysore WITHIN 6 Hours for immediate eye transplantation to the needy.
Home page :
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Contact : naghrw@yahoo.com , nagarajhrw@hotmail.com ,
Address : ...................LIG-2 / 761 , HUDCO FIRST STAGE , OPP
WATER WORKS OFFICE , LAKSHMIKANTANAGAR , HEBBAL , MYSORE - 570017 INDIA
Professional / Trade Title : S.O.S - e – Clarion Of Dalit
Periodicity : WEEKLY
Circulation : FOR FREE DISTRIBUTION ON WEB
Donations : NOT ACCEPTED. Self financing . Never accepted any donations , subscriptions either for ourselves or on behalf of other organizations / individuals .
Monetary Gains : nil , never made any monetary gain by way of advertisements on my websites or web news paper or otherwise.
Owner/Editor/Printer/Publisher : NAGARAJA.M.R.
Nationality : INDIAN
Body Donation : Physical Body of Nagaraja M R , Editor , S.O.S- e – clarion of Dalit & S.O.S-e-Voice for Justice is donated to JSS Medical College , Mysore ( Donation No. 167 dated 22 / 10 / 2003 ) , In case of either Unnatural death or Natural Death at the hands of criminal nexus , my body must be handed over to JSS Medical College , Mysore for the study purposes of medical students.
Eye Donation : Both EYES of Nagaraja M R , Editor , S.O.S- e – clarion of Dalit & S.O.S-e-Voice for Justice are donated to Mysore Eye Bank , Mysore , In case of either Unnatural death or Natural Death at the hands of criminal nexus , my eyes must be handed over to Mysore Eye Bank , Mysore WITHIN 6 Hours for immediate eye transplantation to the needy.
Home page :
http://sites.google.com/site/eclarionofdalit/Home ,
http://groups.google.co.in/group/e-clarion-of-dalit ,
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Contact : naghrw@yahoo.com , nagarajhrw@hotmail.com ,
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I ,NAGARAJA.M.R. hereby do declare that information given above are true to the best of my knowledge & belief. If i am repeatedly called to police station or else where for the sake of investigations , the losses i do incurr as a result like loss of wages , transportation , job , etc must be borne by the government. prevoiusly the police / IB personnel repeatedly called me the complainant (sufferer of injustices) to police station for questioning , but never called the guilty culprits even once to police station for questioning , as the culprits are high & mighty . this type of one sided questioning must not be done by police or investigating agencies . if anything untoward happens to me or to my family members like loss of job , meeting with hit & run accidents , loss of lives , death due to improper medical care , etc , the jurisdictional police together with above mentioned accussed public servants will be responsible for it. Even if criminal nexus levels fake charges , police file fake cases against me or my dependents to silence me , this complaint is & will be effective.
If I or my family members or my dependents are denied our fundamental rights , human rights , denied proper medical care for ourselves , If anything untoward happens to me or to my dependents or to my family members - In such case Chief Justice of India together with the jurisdictional revenue & police officials will be responsible for it , in such case the government of india is liable to pay Rs. one crore as compensation to survivors of my family. if my whole family is eliminated by the criminal nexus ,then that compensation money must be donated to Indian Army Welfare Fund. Afterwards , the money must be recovered by GOI as land arrears from the salary , pension , property , etc of guilty police officials , Judges , public servants & Constitutional fuctionaries.
date : 01.05.2013…………………………..Your's sincerely,
place : India…………………………………...Nagaraja.M.R.
Cell : 0 9341820313
I ,NAGARAJA.M.R. hereby do declare that information given above are true to the best of my knowledge & belief. If i am repeatedly called to police station or else where for the sake of investigations , the losses i do incurr as a result like loss of wages , transportation , job , etc must be borne by the government. prevoiusly the police / IB personnel repeatedly called me the complainant (sufferer of injustices) to police station for questioning , but never called the guilty culprits even once to police station for questioning , as the culprits are high & mighty . this type of one sided questioning must not be done by police or investigating agencies . if anything untoward happens to me or to my family members like loss of job , meeting with hit & run accidents , loss of lives , death due to improper medical care , etc , the jurisdictional police together with above mentioned accussed public servants will be responsible for it. Even if criminal nexus levels fake charges , police file fake cases against me or my dependents to silence me , this complaint is & will be effective.
If I or my family members or my dependents are denied our fundamental rights , human rights , denied proper medical care for ourselves , If anything untoward happens to me or to my dependents or to my family members - In such case Chief Justice of India together with the jurisdictional revenue & police officials will be responsible for it , in such case the government of india is liable to pay Rs. one crore as compensation to survivors of my family. if my whole family is eliminated by the criminal nexus ,then that compensation money must be donated to Indian Army Welfare Fund. Afterwards , the money must be recovered by GOI as land arrears from the salary , pension , property , etc of guilty police officials , Judges , public servants & Constitutional fuctionaries.
date : 01.05.2013…………………………..Your's sincerely,
place : India…………………………………...Nagaraja.M.R.
Set Up Enquiry Into Koodankulam Scam
By Admiral (retd) L. Ramdas
25 April, 2013
Countercurrents.org
Dear Prime Minister,
It is with deep anguish that I write to you, once again, to draw your attention to matters that affect the safety of our people in light of the latest revelations regarding the Koodankulam Nuclear Power Plant in Tamil Nadu. Frankly I hesitated to write, since my recent letters to did not seem to merit a serious response from your office.
My decision to go ahead and share my concerns was finally influenced by the fact that I have known you for almost three decades now – in all your `avatars’ as professor, secretary in the Finance Ministry, and Finance Minister, when I was the Naval Chief. I am addressing this letter to the good doctor who took office as Prime Minister bringing with him impeccable credentials as a man of integrity and genuine commitment to the people of India.
I am hoping that you will live up to my expectations in the matter of taking immediate note of serious developments at the KKNPP
It is no secret that I have been against nuclear energy in India. However, today I seek to highlight the mounting evidence available [see annexures] regarding the fears expressed in countless forums, about safety and in particular, allegations of corruption associated with the shoddy manufacture and supply of sub standard materials by the Russian suppliers to the KKNPP over a period of time publicly articulated in a newspaper article by Dr AK Gopalakrishnan, a former head of the AERB. This is shocking to say the least. Even worse however, is the studied silence from the highest office in the land – namely the PMO.
This, together with the recent press release from AERB [placed at Annexure] which is a masterpiece of pious platitudes , totally minimises the seriousness of the situation, and sadly discredits the professionalism of both our political and scientific establishments.
You are well aware that unlike any other project being executed in the country today, nuclear power plants in particular must be treated with utmost caution and must include multiple safeguards before commissioning. An accident at Koodankulam, or any other nuclear plant site could be catastrophic. The world is still counting the cost – human and ecological – of the devastation caused by the nuclear accidents in Chernobyl and Fukushima. The growing allegations, from Russian and international sources, of graft and widespread involvement in the supply of sub standard materials, by Russian Company ZiO-Podolsk in Koodankulam, does not augur well for building any kind of confidence among the people who are likely to suffer most. The Peoples Movement against Nuclear Energy [PMANE] has consistently stressed this in countless submissions, documents and depositions.
I assume that the DAE and the NPCIL have already brought these facts to your notice and alerted the authorities in this regard.
Many respected and responsible voices across the country have been raising the alarm over several years now with regard to our seemingly insatiable appetite to implement nuclear power projects at any cost. Alas all of these seem to be falling on deaf ears. In my view, you can no longer afford to ignore the warning signals and need to act now with speed and determination .
In view of all the foregoing I would like to therefore recommend :
1. Immediate suspension of all activities towards commissioning of Reactors 1 and 2 at Koodankulam.
2. The Government should set up a special team comprising independent experts with impeccable credentials, [ie other than those in the DAE and NPCIL] to do a thorough and comprehensive investigation of the actual state of the materials, the structures and the likely areas which have been compromised. This must be carried out BEFORE the reactor is commissioned, as has been clearly articulated by Dr Gopalakrishnan.
I look forward to an Executive Order from my Prime Minister – ordering all activities at KKNPP to be put on hold pending the outcome of this investigation. This will be a true reflection of a courageous leader for whom the concerns for the well being and safety of his people will remain uppermost . At this point of time, the Russian nuclear industry, or for that matter any other foreign nuclear supplier, need us more than we need them – and there is no reason for us to either protect them or safeguard their poor performance which could endanger our people.
I am placing a number of enclosures at the Annexure which elaborate the points I have made.
Today the nation is angered and saddened by the terrible and wanton violence wrought on a young five year old girl in Delhi. A nuclear disaster has the potential to snatch away thousands of young ones and this is certainly not something that any government would like to see happen.
I sincerely hope that your sagacity will prevail over political compulsions.
With highest regards,
L. Ramdas
Mr. Prime Minister, Here Is Yet Another Scam Right Under Your Nose.
And It Has Far More Dangerous Implications
By Dr. E A S Sarma
25 April, 2013
Dianuke.org
Department of Atomic Energy in India comes right under the Prime Minister. The revelation of a mega-scam in Russia involving supply of sub-standard equipment in Koodankulam’s Russian supplier has met with denials from the DAE and the NPCIL We are reproducing Former Power Secretary Dr. EAS Sarma’s letter to the PM on the issue. This is the latest among the several letters sent to the Prime Minister by Dr. Sarma (old letters can be accessed here, here, here, here and here)
Dear Dr. Manmohan Singh,
I have enclosed copies of my three letters 1st cited and a copy of AERB’s press release 2nd cited.
DAE, NPCIL and AERB seem to be determined to function in a highly opaque manner. Lack of transparency will lead to misinformation and doubts. There have been rumours about a series of mishaps at Kudankulam. I have just heard about injuries and loss of life among the workers as a result of shocks from defective cables. I am not sure whether these rumours represent the factual situation at Kudankulam. Had DAE/ AERB insisted on NPCIL functioning in a transparent manner, it would have set to rest some of the unsubstantiated rumours and correctly informed the public of the reasons for the actual failures, if any.
The fears expressed by some of us on the deployment of sub-standard equipment in Kudankulam stand fully corroborated by the latest admission made by AERB in its press release 2nd cited. The cryptic wording used by AERB has raised more apprehensions than provide any clarity on the issues raised by me in my letters.
The fact that AERB is subordinate to DAE and, therefore, cannot be viewed as a credible, independent regulator, as corroborated by C&AG in its recent report, further compounds the apprehensions expressed by me.
It should be noted in this connection that, apart from my letters addressed to you, there have been several reports in both domestic and external news media on rampant corruption prevailing among the Russian companies who seem to have supplied sub-standard nuclear equipment to several countries including India. It is under intense pressure from the civil society that AERB has finally condescended to make a statement, that too apparently half-hearted, on the detection of “four defective valves” in the Kudankulam reactors!
Both DAE and AERB have been silent on instances of corruption reported from Russia, their possible adverse impact on the quality of the equipment used at Kudankulan and the potential dangers associated in DAE going ahead with the commissioning of the power project.
For example, in addition to defective valves, it is possible that the strength of the material used in the other equipment is not as per the safety specifications stipulated for the same. Unless DAE/ NPCIL, in consultation with AERB, investigate the magnitude of the scam in Russia and traces its impact on each component of the Kudankulam plant, it will not be possible for AERB to understand the inherent risks associated with its operation. By restricting itself to looking at a few isolated components, AERB may have missed out on the larger picture of Kudankulam. Some of the components made from sub-standard material may seem to work satisfactorily during the limited trial operations but give way once the plant is fully commissioned. Kudankulam is not just one more industrial project. It is a project that is based on nuclear technology in which there are glaring gaps in the scientific knowledge. Unlike in the case of the other industrial projects, a nuclear accident can have mind boggling consequences, both extensive and inter-generational.
My letters on the reported instance of corruption among the Russian supplier companies have not elicited any response either from DAE/ NPCIL or AERB. Has DAE chosen to keep its eyes closed to the implications emanating from the Russian scam? Are the officials of DAE and NPCIL involved in it in one way or the other?
I am afraid that the way DAE has been handling this whole matter raises serious apprehensions in my mind. During the meeting with the Russian President at the recent BRICS meeting in Durban, you have personally assured the latter that Kudankulam would be commissioned in April. April has gone by and it is doubtful whether the plant can be started even in May or even June. But, DAE seems to be under intense pressure from Russia to start the plant at any cost, without any sensitivity towards the safety of the people residing around the project. Should we not care for the welfare of our own people? Should India cave in to such an unreasonable external pressure? Is there a “foreign hand” operating on India and its rulers?
There are thousands of individual components in a nuclear power plant. The failure of one of these can result in a major accident that can snowball into a Fukushima. Should DAE be allowed to endanger the lives of the people for the sake of shielding its own failures and the failures on the part of the external suppliers?
Till date, NPCIL has not cared to ensure that the local authorities and the people residing around Kudankulam are prepared for a major disaster, though the Hon’ble Madras High Court had given a clear direction on it. On the other hand, the same NPCIL is trying to shield the suppliers who have apparently supplied sub-standard equipment. This does not augur well for the project. If at all a Fukushima-like accident were to take place at Kudankulam, the responsibility would then squarely rest on those in DAE, NPCIL and AERB who seem to have connived with the suppliers.
If you really care for the safety of the public, Mr. Prime Minister, you should initially order a one-year moratorium of the commissioning of Kudankulam, pending a thorough investigation into the supply of sub-standard equipment and its safety implications. If there is an iota of doubt about the safety, a prudent option would be to close down the project, as the lives of the people are more valuable than the cost of closure.
Regards,
Yours sincerely,
E.A.S.Sarma
Former Secretary to Government of India
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