MillenniumPost
Big Story

Congress demands white paper on banking system

New Delhi: The Congress Sunday alleged 'fraudsters' were linked to the 'highest echelons' of the BJP-led NDA and urged the government to bring out a white paper on the banking system which it said had witnessed scams involving over Rs 61,000 crore in the last five years.
"Bank frauds are tumbling out of the closet faster than you can say, Jack Robinson," Congress spokesperson Manish Tewari said, alleging that another banking fraud was now out in the open.
Referring to the Rs 11,400-crore scam in which billionaire jeweller Nirav Modi and his uncle Mehul Choksi allegedly acquired fraudulent letters of undertaking (LoUs) from state-owned Punjab National Bank (PNB), Tewari said while the "Modi-Choksi tango" was still going on, reports had emerged about another banking fraud.
Vikram Kothari, the owner of Rotomac pens, owes Rs 800 crore to a consortium of Indian banks and was now untraceable, he said.
The frauds in the Indian banks are growing every day, the former Union minister said, claiming that according to Reserve Bank of India data, Rs 61,260 crore of banking frauds had taken place in the last five years.
Next Story
Share it