Nirav Modi, the billionaire diamond merchant, has fled to the United Kingdom, after cheating the public sector Punjab National Bank to the tune of Rs.13500 crores. His uncle Mehul Choksi also fled to the UK. Both are enjoying a luxurious life.
When a common man fails to repay the loan the banks make all out efforts and employ all methods to recover the loaned money from him. It seems that people with political clout can obtain any amount of loan from banks.
Business men and industrialists can get any amount of money from banks as loans with the help of people in the corridors of power. The number of businessmen and industrialists who have honestly repaid the loans is better known to the banks themselves.
Bank officers, fearing the wrath of politicians, are liberal in granting huge amount of loans to business men and industrialists without asking any questions. If the loans are not repaid they are treated as bad debts. Such irregularities and malpractices happen in nationalised and private sector banks.
Only questions like who regulates the sanctioning of loans from banks and what is the Reserve Bank of India doing can be raised. Another industrialist Vijay Mallya has also fled to a foreign country after defaulting in loan repayment to a consortium of banks. He has been leading a luxurious life.
The question of extraditing Mallya and Modi to India and arresting them is being raised by the Congress party against the BJP at every dais. The issue was raised in the parliament also. But the BJP did not provide a convincing reply and came out with lame excuses.
The Enforcement Directorate was also accused of not initiating any action against them. But the Enforcement Directorate strongly refuted this saying that it had been taking necessary action to extradite Nirav Modi. The Congress raised the issue at every public meeting.
As if it woke up from its slumber, the BJP said that action was being taken to bring them back to India and assured that both Mallya and Modi would be extradited from the UK.
West Bengal Chief Minister Mamata Banerjee refused to give credit to the Narendra Modi government for the arrest of fugitive diamantaire Nirav Modi, saying it was a “got-up match” and the arrest may have been fixed by the Centre beforehand. It is one of the ‘strikes’ by the Modi government to reap electoral dividends, she said.
And it would not be an exaggeration. With the Lok Sabha election only a few weeks away, the BJP has covered its face with a mask to escape from the criticisms of the opposition parties and to show that it would not hesitate to launch any action however highly placed the accused may be. We the common people should realise that these are the election time stunts staged by the BJP.