Dalit-Online
Weekly e news paper
Editor: Nagaraja.M.R.. Vol.17....Issue. 12..............21/03/2021
Answer
Honourable RBI Governor
- RBI & Corporate Thugs
PIL
- Corporate Crimes & Corporate Thugs
IN THE SUPREME COURT OF INDIA ORIGINAL
JURISDICTION
CRIMINAL WRIT PETITION NO. OF 2015
IN THE MATTER OF
NAGARAJA . M.R
editor SOS e Clarion of Dalit &
SOS e Voice for Justice
# LIG 2 , No 761 ,, HUDCO First Stage , Laxmikantanagar ,
Hebbal , Mysore – 570017 , Karnataka State
.
....Petitioner
Versus
Cabinet Secretary ,Ministry of
Corporate Affairs , Government of India & Others
....Respondents
PETITION UNDER ARTICLE 12 to ARTICLE 35 & ARTICLE 51A OF THE CONSTITUTION
OF INDIA FOR ISSUANCE OF A WRIT IN THE NATURE OF MANDAMUS UNDER ARTICLE 32
& ARTICLE 226 OF THE CONSTITUTION OF INDIA.
To ,
Hon'ble The Chief Justice of India and His Lordship's Companion
Justices of the Supreme Court of India. The Humble petition of the
Petitioner above named.
MOST RESPECTFULLY SHOWETH :
1. Facts of the case:
a. "Power will go to the hands of rascals, , rogues and freebooters. All
Indian leaders will be of low calibre and men of straw. They will have sweet
tongues and silly hearts. They will fight among themselves for power and will
be lost in political squabbles . A day would come when even air & water
will be taxed." Sir Winston made this statement in the House of Commons
just before the independence of India & Pakistan. Sadly , the forewarning
of Late Winston Churchill has been proved right by some of our criminal ,
corrupt public servants.
b. There are many companies in
india , promoters of which are indulging in illegal practices in
their greed to make money. They are swindling lending banks &
share holders by posting wrong picture about their project worth ,
product costing, etc. They siphon off money too to their sister companies by
insider trading , by buying machineries & material at
higher than market price from sister companies , by selling products to
their sister companies at lower value , by lending loans , guarantees to their
sister companies , etc. some of our greedy auditors & company
secretaries are teaching these criminal industrialists how to tweak
laws , how to escape through legal loop holes unscathed. These
type of Industrialists are nothing but Rogues , Third class people with
third class culture but in First class attire.
c. Add to this corporate
corruption , the high ranking executives indulge in corrupt practices during
purchase , sales functions draining the company resources.
d. The managers of lending banks ,
executives of SEBI , officers of MCA have a say in the
running of the culprit companies. But they keep mum , for a price ?
e. Most part of that swindled
money , black money is destabilizing our economy , causing inflation ,
funding underworld & Terrorist outfits.
2. Question(s) of Law:
What is the guarantee for public money invested or lent to
such fraudulent companies ? How to recover the public money ?
3. Grounds:
Requests for equitable justice , Accountability for public money worth crores
of rupees.
4. Averment:
Private companies in their greed for
money are violating norms in league with public officials.
They have caused loss to the public exchequer and to the public. Hereby ,
I do request the honorable supreme court of India to consider this as a
PIL for : “writ of Mandamus” and to issue instructions to the concerned public
servants in the following cases to perform their duties & to answer the
questions in the case of Reliance , RPG , Nestle and others.
PRAYER:
In the above premises, it is prayed that this Hon'ble Court may be pleased:
(i) Hereby , I do request the honorable supreme court of India to consider this
as a PIL for : “writ of Mandamus” and to issue instructions to the concerned
public servants in the following cases to perform their duties & to
answer the questions.
(ii) to pass such other orders and further orders as may be deemed necessary on
the facts and in the circumstances of the case.
(iii) To bring all private
companies who have either borrowed loans from public , bank , FIs ,
government or collected share capital from public , FIs ,
government or received subsidy , seed capital from public ,
public institution under purview of RTI Act of Government of India.
(iv) To annually make public
, combined list of all Non Performing
Assets of banks , FIs , NBFCs , Government with names
of defaulting promoters.
(v) To annually make public
wealth details of Bank Managers , FI managers.
(vi) To make it mandatory
for each company , to take approval of share holders , banks before
making any donations either to political parties , religious bodies ,
etc.
(vii) When a company goes bust
due to siphoning off money by promoters , in such cases the sister
companies or companies in criminal nexus who have benefitted from the
swindled money must also be seized , personal properties of promoters of the
culprit company / sister companies and the properties in the names
of their family members must also be seized , auctioned off to
recover public money.
(viii) The financial transaction or
material transaction like purchase / sale of material between an Indian company
and a company abroad , must be endorsed by share holders , lending banks.
(ix) To annually make public
wealth details of all state government & central
government Tax officials , who are aiding the Criminal
Industrialists in their crimes.
(x) We at SOS e Voice for Justice
& SOS e Clarion of Dalit offer our conditional services to the
SCI , to apprehend criminals , guilty industrialists. Are you ready to
utilize it ?
(xi) Whistle blowers who alert about
corporate crimes must be protected & rewarded.
(xii) The channeling of money
from these corporate to Underworld & Terrorist outfits must be
stopped.
(xiii) All NGOs , Political
Parties , Religious Bodies must annually make public the details of
donations received from public & corporates.
(xiv) To make Corporate Social
Responsibility mandatory for all corporate making profit .
(xv) To annually make public CSR
details of Corporates and punish those showing inflated figures.
(xvi) As a final step
banning all corporates from making donations to NGOs , Political Parties
, Religious bodies and make it mandatory for them to invest in CSR
initiatives.
(xvii) In cases of corporate crimes
, liability should cover promoters , directors ,
decision making executives of the company individually.
FOR WHICH ACT OF KINDNESS, THE PETITIONER SHALL BE DUTY BOUND, EVER PRAY.
Kindly read full details at following
web page :
Fraud in Banking Sector
http://www.bis.org/review/r130730a.pdf
,
http://media1.intoday.in/businesstoday/images/fraud-survey-ErnstYoung.pdf
PIL- Reliance Scams
https://sites.google.com/site/sosevoiceforjustice/pil---reliance-scams
PIL – Killer Colas , Noodles ,
Medicines
https://sites.google.com/site/sosevoiceforjustice/pil---killer-noodles-colas-medicines
RBI – Robber’s Bureau of
India
https://sites.google.com/site/sosevoiceforjustice/rbi---robberer-s-bureau-of-india
DOW – Pay up
https://sites.google.com/site/sosevoiceforjustice/dow---pay-up
Corporate Terrorists of India
https://sites.google.com/site/sosevoiceforjustice/corporate-terrorists-of-india-1
Vostro Account Scam
https://sites.google.com/site/eclarionofdalit/vostro-account-scam-crimes-of-r
CORPORATE CRIMES RPG CABLES LIMITED
http://crimesatrpg.blogspot.com/ ,
http://crimesatrpg.wordpress.com/ ,
Dated : 16th January
2015……………………………………….. FILED BY: NAGARAJA.M.R.
Place : Mysuru , India………………………….. …………………..PETITIONER-IN-PERSON
Public
Questionnaire to Honourable
Governor RESERVE BANK OF
INDIA MUMBAI
Refer RTI APPLICATION No:
RBIND/R/E/20/04870
HEREBY , I DO 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
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 ?
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 ?
3. why there is no
security check up of officers during entry & exit
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 ?
5. Immediately after
noticing the crime, why did not you transfer all
the employees of those
sections ?
6. why did not you take
steps to preserve3 & protect respective
documents relating to
such high profile crime ?
7. why didn't you
immediately issue charge sheet to all the accussed &
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 ?
9. why CBI also failed to
put those people in the charge sheet before
the court ?
10. is it because they
were in favorable terms with the vested
interests ?
11. did the CBI dance to
the tune of vested interests in RBI while
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 ?
13. in normal times ,
what is the period specified in RBI regulations
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 ?
15. does not this point
to connivance of higher authorities of RBI ,
with the criminals ?
16. RBI authorities have
conducted domestic mass enquiries , instead
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 ?
18. The alleged
crime was committed in 1977-79, but charge sheet was
framed in mid 1985 , why
this long delay ?
19. didn't this
facilitate the masterminds of crime to destroy ,
manipulate evidences ?
20. as stated before
court , indeed some records , 22nd currency note
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 ?
22. is it not due to
inefficiency , negligence of duty by such high
ranking managers , that
such a crime occurred in RBI Bangalore ?
23. what disciplinary
action RBI has taken against the inefficient ,
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 ?
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 ?
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 ?
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 ?
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 ?
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 ?
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 ?
31. did the RBI pay
interim relief to mr.G.Hariram , during suspension
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 ?
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 ?
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 ?
36. is it true that that
only 5% of sample inspection is done out of
bundled verified
defective note packets ?
37. is not the conduct of
joint / mass enquiries of all charge sheeted
officers illegal ?
38. how come such an
important evidence 22nd note packet went
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 ?
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 ?
42. does not it show that
some body else was misusing the seals ,
putting some innocents
seals over the notes ?
43. does it not show that
, crime has taken place at verification
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 ?
47. is it not true that
you failed to produce all records showing
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
?
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 ?
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 ?
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 ?
52. are not their chances
of some criminals putting the seal marks of
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 ?
54. is not the charge
sheet amounting to higher ups picking up
officers they dislike
& falsely implicating them ?
55. is it not cunning
ploy of higher ups to divert attention from
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 ?
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 ?
58. why you have dropped
charges against five asst treasurers ? why
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 ?
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 ?
62. who are the bank
employees , from whom you have recovered the
alleged bank loss of
Rs.220000 ?
63. were all of them
charge sheeted , enquired , legally prosecuted ,
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
?
65. where as you have
records of other officials attendance in those
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 ?
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 ?
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 ?
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 ?
70.
does not all these prove higher authorities of RBI & CBI
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 ?
72.
how do you monitor the work of companies , in which banks
have invested ?
73.
how do you monitor the rapid wealth growth of certain bank
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 ?
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.
77.
is not collection of loan from debtors of bank through
rowdies / recovery agents
, illegal ?
78.
why not criminal complaints filed against bank mangers for
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 ?
80.
what is the exact amount of loss caused to the exchequer
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 ?
83.
how you are controlling the illegal finance activities ,
money lending by
individuals , pawn brokers & chit fund companies ?
84.
how you are monitoring the receipt of public donations ,
foreign donations by many
NGOs ?
85.
how many erring NGOs , chit fund companies , pawn
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 ?
87. who recruited
the candidates below merit rankings in R.B.I for
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
?
90. how the raw
materials ie number of paper sheets, ink, etc are
accounted for in inward
stores & while issuing for printing ?
91. how wastages,
scrap of ink , papers , etc in the printing process
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?
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 ?
97.
give me the merit ranking list of all candidates for the
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 ?
99.
is not RBI & BRBNMPL authorities created by statuotary
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
?
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 ?
102. give me
specific figures bank wise with respect to loss caused
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 ?
104. To my
previous rti requests and appeals you gave half truth information
to few questions and for most questions you didn't answer. Your denial of
information helped crime cover ups and aided criminals to
escape & commit more crimes unabated. Crime cover up and aid to crime
in itself is one more crime. Why should not you be together with RBI governor
legally prosecuted for the same.
Date : 21.03.2021. Nagaraja M R
Place : Mysuru. Editor
State Bank of India rewards
whistleblowers with dismissal, defamation suit
CHENNAI: Defamation complaints and
dismissal from service - these were the gifts management of the State Bank of India showered on four of its employees who acted as
whistle-blowers and exposed a series of 'currency bundle missing' cases
involving several lakhs of rupees from various branches of the bank.
Halting the witch-hunt by top brass of the biggest bank in India and coming to
the rescue of the employees one of whom was even dismissed from service, Madras
high court said: "It is unfortunate that a public sector bank like the SBI
should file a (defamation) suit not only claiming damages for loss of
reputation, but also seeking for a prior restraint on the trade union in
publishing hand bills, posters and putting up placards."
A division bench of Justice V Ramasubramanian and Justice K Ravichandrabaabu
said, "Image of the bank cannot be confused with officers at lower level
committing fraud, misconduct and embezzlement. Certainly when a trade union
finds that action is not being taken, they can take the issue to the public and
the grievance projected in no way amounts to defaming the bank. An employee
working in a public sector bank also owes a public duty when public funds were
frittered away or misappropriated."
In May 2006, a sum of Rs 30 lakh -
six bundles of Rs 500 denomination - went missing from currency notes stored in
the strong room of Avinashi branch of Coimbatore module in SBI's Chennai
circle. Holding that chief general manager Pradip Chaudhary cannot be spared
for the loss caused to the bank, three persons - M V Thangaswamy, president, S
Gunasekar, general secretary and G Arasukumar, treasurer of SBI Ambedkar Trade
Union - wrote complaints to the RBI and pasted posters seeking action.
In this regard, they pointed out that cash bundles worth Rs 5 lakh had gone
missing from Salem branch, Rs 6 lakh went missing from Rasipuram branch, Rs
5.5. lakh from Aminjikarai branch, Rs 5 lakh from Kulithalai branch, Rs 6 lakh
from Avinasi branch, Rs 1 lakh from Avinasi branch and the latest case of Rs 30
lakh going missing from the same Avinasi branch.
The bank hit back by issuing show-cause notices, memos, defamation suits and
then dismissal of one officer from service, on the ground that they pasted
posters without properly verifying the truth and with a view to defame the bank
and cause damage to their business and reputation.
Setting aside the dismissal and other proceedings, the judges said, "It is
seen from the contents of the posters that it was only an appeal to the bank
for taking action. Specific instances were pointed out to the chief general
manager to take appropriate action. Instead of taking action on the grievances
projected by the trade union, the bank had filed the suit."
Exposing inaction of the bank in the light of a series of cash shortages can
only be in public interest and making such statements cannot be detrimental to
the interest of the bank, the bench said. The bank itself expects its officers
to take all possible steps to ensure and protect the interests of the bank.
Publishing or exposing the cash shortages in the bank and the inaction of the
top officers cannot amount to willful damage to the property of the bank. It
cannot even be said to be prejudicial to the interest of the bank, they
concluded.
"Merely because it has exposed some irregularities, the poster will not
affect the commercial interest of the bank," they said, adding that on the
other hand, only by such exposures, correctional measures could be taken and
the bank could assure the general public that all is well with them.
In this regard, the bench pointed out that it is usual practice for trade
unions and public sector banks to publish the list of defaulters and the
non-performing assets of the bank in order to bring it to the notice of the
general public and the government, so that corrective actions can be taken.
R B
I and
Mafia
Bad
debts: Write-offs big fraud, give us defaulter list, orders Supreme Court
The Supreme Court ordered RBI to share
information about cases where loans amounting to Rs 500 crore and above have
been written off by public sector banks.
Taking suo motu cognizance
of The Indian Express report that Rs
1.14 lakh crore of bad loans had been written off by state-owned banks between
2013 and 2015, the Supreme Court Tuesday ordered the Reserve Bank of India
(RBI) to share with it names of all defaulters who owe over Rs 500 crore and
continue to lead “lavish lifestyle”.
“People are owing thousands
of crore to the public banks… it is a big fraud. Top ten public sector banks
have written off Rs 40,000 crore alone in 2015. It is all there in this Indian
Express report. Public financial institutions are lending money despite knowing
no returns. RBI is supposed to keep a watch on these banks. What are you doing
about it?” a bench headed by Chief Justice T S Thakur asked Solicitor General
Ranjit Kumar.
On February 9, The Indian
Express reported that a RTI response from the RBI revealed that while bad loans
stood at Rs 15,551 crore for the financial year ending March 2012, they shot up
over three times to Rs 52,542 crore by the end of March 2015. The government
has been trying to shore up public sector banks through equity capital and
other measures even as bad loans written off between 2004 and 2015 amounted to
more than Rs 2.11 lakh crore.
More than half such loans
(Rs 1,14,182 crore) were waived between 2013 and 2015. Responding to the RTI
application which had sought details of the biggest defaulters, whether
individuals or business entities, whose bad debts to the tune of Rs 100 crore
or more had been written off, the RBI said: “The required information is not
available with us.” Banks are required to report the bad loans on a
consolidated basis, it said.
On Tuesday, the Supreme
Court bench, also comprising Justices R Banumathi and Uday U Lalit, directed
the RBI to submit details of defaulters with debts over Rs 500 crore, rejecting
the banking regulator’s argument that it will have to first check the policy on
such disclosures. The court was hearing a PIL filed in 2003 by NGO CPIL
regarding alleged irregularities in advancing loans by the Housing and Urban
Development Corporation Limited (HUDCO) when its counsel Prashant Bhushan
handed over The Indian Express report, pointing out that the problem of bad
loans has assumed dangerous proportions.
After going through the
report, the bench questioned the Solicitor General: “This report is based on
RTI… it is not based on the reporter’s assumptions. NPA (non-performing assets)
declaration is not unknown to any economy but one has to be prudent in
advancing loans, and cautious and vigilant in recovering it. Are you happy in
keep funding these companies who declare themselves as sick companies and they
have lavish lifestyle?” Ranjit Kumar said the government is taking steps under
the SARFAESI Act (Securitization and Reconstruction of Financial Assets and
Enforcement of Security Interest Act) whereby banks can recover loans in cases
where NPAs are backed by securities charged to the bank by way of hypothecation
or mortgage or assignment.
But the bench said:
“Thousands of crore have been written off as bad debts on one day. You must
recover that money. From this news report, it looks like a regular phenomenon.
Thousands of crores are being written off every year and then you spend more
money to recover money. Issue of bad debts is a general issue faced by public
sector banks. This is plaguing all financial institutions, especially PSU
banks.” It made RBI a party and issued notice, seeking details of defaulters
where loans of Rs 500 crore and more have been restructured. When the RBI
counsel said it would be difficult to adduce the list, the bench said: “You are
supposed to keep a watch on these banks. What are you doing about keeping a
watch if you don’t even have this information? You have a list of major
defaulters who run empires and yet default. You file an affidavit showing
extent of bad debts written off in last five years within six weeks.” It
accepted the RBI counsel’s plea to let it submit the details in a sealed cover
initially.
PIL
– Stop Robberies @ RBI by bank staff
IN THE SUPREME COURT OF INDIA ORIGINAL
JURISDICTION
CRIMINAL WRIT PETITION NO. OF 2015
IN THE MATTER OF
NAGARAJA . M.R
editor SOS e Clarion of Dalit & SOS e Voice for Justice
# LIG 2 , No 761 ,, HUDCO First Stage , Laxmikantanagar ,
Hebbal , Mysore – 570017 , Karnataka State
.
....Petitioner
Versus
Honourable Governor , Reserve Bank of India (RBI) & Others
....Respondents
PETITION UNDER ARTICLE 12 to ARTICLE 35 & ARTICLE 51A OF THE CONSTITUTION
OF INDIA FOR ISSUANCE OF A WRIT IN THE NATURE OF MANDAMUS UNDER ARTICLE 32
& ARTICLE 226 OF THE CONSTITUTION OF INDIA.
To ,
Hon'ble The Chief Justice of India and His Lordship's Companion
Justices of the Supreme Court of India. The Humble petition of the
Petitioner above named.
MOST RESPECTFULLY SHOWETH :
1. Facts of the case:
"Power will go to the hands of rascals, , rogues and freebooters. All
Indian leaders will be of low calibre and men of straw. They will have sweet
tongues and silly hearts. They will fight among themselves for
power and will be lost in political squabbles . A day would come when even air
& water will be taxed." Sir Winston made this statement in the House
of Commons just before the independence of India & Pakistan. Sadly , the
forewarning of Late Winston Churchill has been proved right by some of our
criminal , corrupt public servants.
2. Eventhough , I have repeatedly appealed to RBI authorities since years
seeking justice regarding illegalities , irregularities in
recruitment , currency handling , currency theft , etc @ RBI , they didn’t
provide justice at all.
3. For a common man it is a herculean task to get Rs.5000 loan from
a bank , but rich & connected get lakhs , crores of rupees loan
quite easily from banks , how ?
4. When a common man , farmer defaults to pay loan of few thousands of rupees
bank immediately dispatches loan recovery agents / Rowdies , seizes his
property & auctions and recover their dues to last penny. Farmers are
committing suicide unable to pay loans to escape from ignominy .
5. Huge companies get crores of rupees
loan from banks eventhough basically the project report itself is at fault ,
not viable. Siphons off company resources by insider trading to their
sister concerns although bank representatives are very much their on the board
of companies.
6 . Such companies default on loan dues
to bank , but no recovery agents / rowdies are sent by banks. Finally the
company becomes bust.
7. Bank looses money , the
company is declared as NON PERFORMING ASSET and government + bank
waives off interest or else loan itself.
8. End looser the public whose money
went down the drain , profiteers – company promoters , executives and bank
manager. No recovery from their personal , family properties why ?
2. Question(s) of Law:
Is it right for banks , government to
let out fraudsters without criminal prosecution ?
3. Grounds:
Requests for equitable justice , Prosecution of master minds of financial
frauds.
4. Averment:
Covering up Financial Frauds. Please read details at :
https://sites.google.com/site/sosevoiceforjustice/rbi---robberer-s-bureau-of-india ,
https://evoiceofhumanrightswatch.wordpress.com/2015/07/19/rbi-robberers-bureau-of-india/
,
Hereby , I do request the honorable supreme court of India to consider this as
a PIL for : “writ of Mandamus” and to issue instructions to the concerned
public servants in the following cases to perform their duties & to answer
the questions.
The Petitioner has sent many letters / appeals / petitions to supreme court of
india & other courts through e-mail , DARPG website & through regular
mail requesting them to consider those as PILs. But none ofthem were admitted ,
even acknowledgement for receipts were not given. See How duty conscious ,our
judges are & see how our judges are sensitive towards life , liberty of
citizens , commonmen & see howcareless our judges are towards anti national
crimes , crimes worth crores of rupees. That the present petitioner has not
filed any other petition (which are admitted by courts) in any High Court or
the Supreme Court of India on the subject matter of the present petition.
PRAYER:
In the above premises, it is prayed that this Hon'ble Court may be pleased:
a . Hereby , I do request the honorable supreme court of India to consider this
as a PIL for : “writ of Mandamus” and to issue instructions to the concerned
public servants , RBI authorities in the following cases to perform their
duties & to answer the questions.
b . to pass such other orders and further orders as may be deemed necessary on
the facts and in the circumstances of the case.
c. To legally prosecute authorities of M/s RBI & M/s BRBNMPL , who
denied job opportunities to me under the behest of criminals responsible for
late PM Rajiv Gandhi assassination case.
FOR WHICH ACT OF KINDNESS, THE PETITIONER SHALL BE DUTY BOUND, EVER PRAY.
Kindly read full details at following web page :
https://sites.google.com/site/sosevoiceforjustice/rbi---robberer-s-bureau-of-india ,
https://evoiceofhumanrightswatch.wordpress.com/2015/07/19/rbi-robberers-bureau-of-india/
,
Dated : 23rd July 2015 ………………….FILED BY: NAGARAJA.M.R.
Place : Mysuru , India…………………….PETITIONER-IN-PERSON
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:
* 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.
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.
- See more at: http://cobrapost.com/index.php/news-detail?nid=102&cid=28#sthash.A3aucIV4.dpuf
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.
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.
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:
- See more at: http://cobrapost.com/index.php/news-detail?nid=89&cid=27#sthash.Vq8BfSpR.dpuf
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!
Edited, printed , published owned by NAGARAJA.M.R. @ #
LIG-2 No 761, HUDCO FIRST STAGE , OPP WATER WORKS
, LAXMIKANTANAGAR , HEBBAL
,MYSURU – 570017 KARNATAKA INDIA Cell
: 91 8970318202
WhatsApp 91 8970318202
Home page :
http://eclarionofdalit.dalitonline.in
https://dalit-online.blogspot.com
Contact : editor@dalitonline.in ,
editor.dalitonline@gmail.com
