PNB Scam: Law fails to net big fishes - BY: Adv. Masood Peshimam

The saying goes that there is the crime behind every big money. The criminals care a boot for law as they feel that they can play havoc with justice by purchasing the same. They don’t fear the consequences as they know that they can be steered clear of the blame put on them as they have the potential and clout to grease the palm at the right corner. Those becoming rich overnight are least concerned with the devastating effects of their criminal acts as the same can be neutralized with the corrupt means of whose escalation everyone is lamenting.Money is not everything but money is more than many things. Muscle Power follows money power. With the twin power of money and muscle drawing the proximity of the Political class which is out to line its pockets with the filthy lucre the very essence of accountability is easily done away with. In the given situationIt’s easy to promote the fortunes very fast. The story of rags to riches with an enormous speed reflect deceit, fraud and chicanery. The Prominent poet late Zafar Gorakhpuri of Bollywood’s “Bazigar” fame can be quoted as
“Kal tak jo the mere sath bhikmangne wale,
Aajekraat me amirkaise ban baithe.”
(How would the immediate rise in the fortunes of those be explained who till the other day sharing begging bowl with me).

Ironical it is also to note that the criminals making a fast buck care a boot for the stigma attached with a scandal. Engaging in the charitable activities so called or otherwise counter balance the scope and magnitude of crime. The charitable activities span over meeting medical expenses supporting some sort of educational cause financially arranging the marriage of needy and Poor so on so forth. The crooks with such good activities enhance the social career graph. The case in point may be the financial help rendered to the poor and needy by the well-known Politician of U.P Raghuraj Pratap Singh Urf or alias Raja Bhayyia who has several alleged crimes to his name including the horrendous murder of a journalist. Proximity to Yadav clan in U.P. has made him a minister in the erstwhile Samajwadi Government. It was the prowess and courage of Mayavati which had put him behind the bar. The new name emerging in list of philanthropists is that of financial Czar Nirov Modi quite associated with the huge scam of Punjab National Bank. Nirov Modi is also known for helpful platform to the poor and needy students. The charitable activities are a camouflage to wash out the sin as well it helps in expanding the social space. The instances galore. In this context it is worth quoting the dialogue of late Tabish Sultanpuri in the Bollywood film “My Friend” in which the legendary music director Naushad has given the Music. The dialogue in Hindi with the English translation runs as follows, “With the loss of some respect amass the vast fortune and out of that huge fortune do some charity and with the paltry charity or help in some sort of peanuts earn the huge respect”. Ultimately money reigns supreme in the social mobilization.

What is no less disheartening being the fact that crass materialism has plagued our society to an extent that those with the shady present and past earn a lot of respect due to their vast riches. Money is the biggest talent. How money is earned is of no consideration. The means hold no relevance whatsoever. The environment has gone so degradingly materialist that even the friends are selected on the basis of good looks, personality and financial clout. Against this background it’s not difficult to find the people not changing their life style though it may tantamount to not clearing the liabilities. More emphasis is placed on maintaining the swanky and affluent life style rather than meeting the liabilities. The woes of the victims keep mounting when justice is not only lethargic and slow but there are different yardsticks judging the situation and deliver the justice.

In contrast with the unearthing of the corporate frauds which is tip of the iceberg the fact remains that in our country the middle class is the good Tax payer. The business class has its own CAs who are tasked to prepare the accounts. The accounts are created with the insertion of the fake bills. The fake bills are created to show to reduce the scope of transaction and show the decline in the margin of profit. The reduced margin of profit attracts the reduced Tax liabilities.

Hence in the given situation dominated by the fraudulent transaction and not inviting the unhappy consequences the crooks and criminals have the field day. The banks are the easy targets to tap the huge funds and the influence of the Politicians work asking banks to disburse funds despite some sort of irregularities.

Adv Jarande of Kalyan Court in Maharashtra has strongly condemned the unfair practices indulged by some CAs to understate the margin of profit to evade the taxes which is not in the national interest.

The failure of our expected to be sound banking system was fairly evident with one of the biggest frauds in Indian Banking occurring in Punjab National Bank. The embezzlement hitting Punjab National Bank is worth Rs 11,300 crore at its Mumbai branch.

The Bank lodged a complaint with CBI on January 31 2018 naming billionaire diamond merchant Nirov Modi and few others. The complaint mentioned his wife Ami Modi, his brother Nishal Modi and his uncle Mehul Choksi, MD of Gitanjali Gems-------------------- a listed company. Two PNB officials Gokulnath Shetty and Manoj Kharat, were also named.

It is alleged that billionaire diamond merchant collected the huge borrowing on the basis of the fake letter of undertaking.

Ironic it is to note that Billionaire jeweler along with his accomplices left India before the registration of an FIR.

Mr. Abu Zaid an advocate practicing in Mumbai Civil and Session Court said referring to the fleeing of Nirov Modi that the criminals during investigation are asked by the investigating officer not to leave the Jurisdiction whether city or village. The Police keeps a tab on the activities of the criminals. Advocate Abu Zaid asks whether Nirov Modi was warned by the investigating authority not to leave the country without informing it. He further suspects if Nirov Modi’s departure was facilitated.

The Punjab Bank scam created a fresh controversy with the BJP stalwarts stating that the scam was going since the tenure of the U.P.A government. The question arises as to what was the NDA government doing when Punjab National Bank scam was going under the very nose of the NDA administration. The NDA government also cannot play safe stating that it was not in the know of the situation. Then the question arises of the competence and credibility of the regulatory authority in the NDA government.

The raging Political battle took a further twist with the Congress releasing a video in which Prime Minister Narendra Modi is allegedly seen hosting choksi at his official residence. What is the explanation of accused Choksi in company of the Prime Minister?

No less ironical is to note in group photo of PM Narendra Modi featuring Nirov Modi in Davos. Without the clearance from the security agencies how could Nirov Modi feature in a photo with the Prime Minister. The security clearance cannot materialize without the nod from some higher up.
It’s not the scrutiny of the security agency of the one country but it’s the multilayered scrutiny of several countries.

With Nirov Modi’s reputation at stake the Bollywood actress Priyanka Chopra would like to disassociate as the brand ambassador of Nirov Modi’s jewelry.
The Bollywood actress Priyanka Chopra should have checked the credentials before being roped in by the business of Nirov Modi.

It was few years back the Easter year actress Tabassum who was campaigning for Dr. Munir’s medicines on T.V criticized him when he got prosecuted for the alleged misinformation of his medicines.Mr. Shabbir Alam studying CCIE from ACIT Mahim, Mumbai said that Dr. Munir had to suffer as he was politically orphan.

The relationship sinks into deep chill between the businessman and the promoters in the event of businessman not left in the driver’s seat and falling from the grace.

Now all said and done the cold reality is that in words law is bigger than the people but in practice rich and mighty with the Political backing appear to be bigger than law whether in some shady scandals or some other social or communal conflict. The grim pattern of events suggest that the law is for some small fries and big fishes play safe. Therein lies the tragedy of our country.

Posted on Feb 26, 18 | 9:22 am