Now it has completely been proven beyond any iota of doubt that the entire nation is infested with robbers and the public money is being syphoned off with virtual impunity. When the UPA was in power, the crony capitalism reigned supreme. The then dispensation allowed their corporate cronies to borrow lakhs of crores of public money from nationalized banks and default, which pushed the banks deep into the NPA crisis. Now, the Modi regime, by granting safe passage to the financial crooks, pushed the cronyism to new heights. The laissez-faire capitalism turned to ‘nationalized’ banks to avail loans and subsequently get a loan waiver. Through this bank fraud both the political dispensations – the UPA and the NDA – implemented “socialism for the rich and capitalism for the poor”.
Recently the NDA government, headed by Modi, who became notorious for its own brand of crony capitalism, gave the extremely obnoxious and sinful bailout to the corporate defaulters in the name of ‘bank recapitalization’. Even while the nation’s banking system is trying hard to pull out of the NPA quagmire, the country’s second largest state-run lender, the Punjab National Bank (PNB) has plunged into another crisis after a scam to the extent of 11, 500 crores were unearthed in the bank. Another Modi, a ‘fat cat’ diamond trader, who was photographed at Davos with ‘neta’ Modi along with the other ‘fat cats in the snow’, is the kingpin of the fraud.
If the UPA has gained notoriety for taking corruption to the dizzying heights, the NDA has mastered the art of giving safe passage to all the fraudulent crooks out the country and thereafter indulge in empty rhetoric with the avowed intention of hoodwinking the people.
The fact of the matter is the two political dispensations in the country – whether it is the UPA or the NDA – they both are nominated by their ultra-rich cronies and it does not make any difference to them who is in power. The entire political exercise called the election, where people get an opportunity to cast their votes for every five years, has been reduced into a trivial ritual, and as a result, the ultra-wealthy oligarchs are able to reign supreme establishing themselves as the crown-less kings.
When Rahul, the Gandhi scion tweeted by stating, “Guide to Looting India by Nirav MODI 1. Hug PM Modi 2. Be seen with him in DAVOS Use that clout to: A. Steal 12,000 Cr B. Slip out of the country like Mallya, while the Govt looks the other way. #From1MODI2another”, he had done a marvellous job. But I’m sure he hadn’t glanced at his face in a mirror while sending that tweet.
Even while the search and seizure drama was unfolding in Nirav Modi case, another oligarch by name Vikram Kothari, the promoter of Rotomac brand of pens, defaulted to the extent of Rs. 3,700 Crores. The common thing among all these bank frauds is the close connivance of the bank officials with the fraudsters. The role played by the politicos is yet to come to the light.
When a fraud of gargantuan proportions strikes the nation, both the political dispensations engage in a blame game and ultimately work towards saving and protecting the interests of their fat cat cronies who indulged in the fraud. After all, they are the ones who finance their political campaigns and it is their way of paying back. Modi government, which hitherto bragged about being a corruption-free regime, is slowly proving to be much more corrupt than the UPA dispensation. The scams that came to light during the UPA regime appear to be notional but these bank scams are real and the sums that are involved are mind-numbingly large. The entire banking system appears to have plunged into a crisis.
The neta Modi, who came to power claiming himself as the messiah of the masses, is fast proving himself a patron saint of the fat cats. His government’s policies are aimed at channelizing more wealth towards the ultra-rich and delivering empty promises and slogans to the poor. According to Oxfam report, India’s richest 1% garnered as much as 73% of the total wealth generated in the country in 2017. The way the successive governments are pushing the neoliberal policies will only result in the further deterioration in income inequalities and push scores of families into further squalor.
Now that Nirav Modi got the much needed safe passage and joined his fellow fat cats Vijay Mallya and Lalit Modi, he will continue to freely move around in a foreign land. As we move ahead as a nation the tribe of financial crooks continue to thrive ceaselessly putting the entire nation to ignominy.
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