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Home India Unplugged

Skeletons in my banks and national system

Dinesh Bareja by Dinesh Bareja
17/04/2018
in India Unplugged, IW Hall Of Shame
0

There are thousands of loans which have gone bad and a loan will usually go bad when the banker has his/her own “interest” in the disbursement. Unfortunately the bigwigs of the banking sector in India are still roaming around free and the small fry have been arrested. And of course all the guys who have screwed the system with billion rupee frauds are living life king size whether in India or abroad.

 

The score till date :

b/f Winsome, Lalit Modi, Vijay Mallya Rs. 17,700 cr

The rats who have run away and living in St Kitts and London.

FEBRUARY 2018 Rs. 15,006.77 cr

MARCH 2018 Rs. 32,270.74

plus

MARCH 2018 Rs. 23,095 (Nirav Modi, Gitanjali, Rotomac)

APRIL 2018 (upto 15th) Rs. 7,306.28 cr

The figures are culled from the various news paper / media reports and may not be the exact figures. The numbers include some hefty tax dues in addition to the bank / loan defaults and frauds.

It is interesting to see that if the system was diligent enough to stem the rot this money could have been given out to the farmers who have failed crops (and stopped many a suicide) or could have been diverted to many other schemes… however it was not to be and has made these white collar criminals richer by millions.

 

DATEFRAUDSTER / DEFAULTERAMOUNTBANK
Apr 04Shirdi Industries, Mumbai (Rakesh Agarwal. Earlier Piyush Goyal, Union Railways Minster was CMD)650 crUnion Bank (waiver 65% by NCLT)
Apr 08SBI NPAs up for sale

  • Garden Silk Mills, Surat 225.06 cr
  • Korba West Power Company, Gurgaon 124.78 cr
  • Modern Steels, Chandigarh 122.61 cr
  • SNS Starch, Secunderabad 66.87 cr
  • Leitwind Shriram Manufacturing Pvt Ltd 64.95 cr
  • Unijules Life Sciences 59.25 cr
  • Scania Steels & Power 42.42 cr
  • KSM Spinning Mills 40.42 cr
  • Modern Dairies 39.93 cr
  • Asmita Papers 37.20
848.54 crSBI
Apr 08PNB NPA up for Sale

  • Shree Sidhbali Ispat Ltd (Meerut 165.30 cr
  • Sri Guruprabha Power Ltd., Chennai 31.52 cr
  • Dharamnath Investment, Mumbai 17.63 cr
214.45 crPNB
Apr 10Diamond Power Infrastructure Pvt Ltd, Vadodara2,654 cr11 banks
Apr 14Ex-CMD of UCO Bank (Arun Kaul; Era Engineering Infra India Ltd; Altius Finserve Pvt Ltd – their directors and CA621 crUCO
Apr 14SSK Trading Pvt Ltd187.29 crPNB & 5 ors
Apr 13Nakoda Limited, Surat (CMD Babulal Gumanmal Jain, Jt-MD Devender Babulal Jain)2,107 crCanara Bank & 12 ors
Apr 15Fashion Designer Pradip & Neha Hirani (Kimaya Stores)24 crIDBI

 

MARCH 2018

 

DATEFRAUDSTER / DEFAULTERAMOUNTBANK
Winsome Diamonds7,000 crPNB, OBC etc
Lalit Modi1,700 crED wants him
Vijay Mallya9,000 cr
MarchNirav Modi13,000 crPNB & others
MarchMehul Choksi, Gitanjali Diamonds6,400 crPNB & others
MarchRotomac Pens, Kanpur (Vikram Kothari)3,695 crBoB & 7 ors
Mar 03Shri Lakshmi Cotspyn, Kanpur (M P Agarwal)4,000 cr16 banks
Mar 03Shah Bros Ispat Pvt Ltd 7.20 crGST Fraud
Mar 03R P Infosystems, Kolkata515 crPNB & 9 ors
Mar 01Subhiksha Supermarkets, Chennai790 crvarious banks
Mar 03City Union Bank, Chennai $ 2 m13 crSWIFT Fraud
Mar 16Chandri Paper & Allied Products Pvt Ltd9 crPNB same branch
Mar 25Nathela Sampath Jewellers, Chennai250 crSBI & 3 ors
Mar 23Totem Infrastructure Ltd, Hyderabad (Kavita and Salalith Totempudi – recipient of Young Entrepreneur Award – Andhra Pradesh 2008)1,394.43 crUBI
Mar 23Dwarkadas Seth International390 crOBC
Simbhaoli Sugars109 crOBC
Mar 21Kanishk Gold, Chennai (Bhoopesh Jain, Neeta Jain) also read824.15 crSBI & 13 ors
Mar 23Indian Technomec, Himachal Pradesh (Vinay K Sharma)6,000 crTax Fraud
Mar 19Parekh Alluminex Ltd4,000 crAxis & 21 ors
Mar 09S,Kumars – Reid & Taylor Bankruptcy5,000 crIDBI & ors
Mar 05447 companies failed to submit TDS3.200 crIncome Tax Dept
Some contenders for the Scamster Roll of Honor:
Deepak Talwar (commission in defence deal); Sanjay Bhandari (customs duty evasion in car imports for stars)
Mar 06Monnet Ispat10,200 crICICI and ors (waiver 75% by NCLT)
Mar 24Chandrasekhar Harish Chennapagari AGM Guntur Branch sanctioned loans for non existent fish farms

 

93.73 crIDBI
Mar 24IDBI’s GM Battu Rama Rao, CGM R. Damodaran, 22 aggregators and bank panel valuers – made merry with this fish farming scam445.32IDBI
Mar 23Deccan Chronicle, UII officials, CARE ratings CEO Rajesh Mokashi, IDFC CFO Sunil Kakkar30 crUnited India Insurance
Feb 28Aircel Bankruptcy15,000 crBankruptcy
Feb 27Ramnandi Estates, Jamdshedpur6.77 crCorp Bank

 

 

FALLOUT OF NIRAV’S CAPERS…………

  1. Karti Chidambaram accused and arrested on bribery charges.. innocent until proven otherwise
  2. Dam contractor in Mumbai shoots himself – he had defaulted on 100 cr loan. he was accused in Maharashtra irrigation scam.
  3. PNB etc officials arrested, including internal audit head
  4. ICAI accused of being weak and govt starts pushing for a new oversight body again – National Financial Reporting Agency to punish auditors
  5. Banks asked to audit SWIFT and NPA above 50 cr
  6. 7000 bank employees in Gujarat transferred (TOI Feb28, 2018)
  7. Nirav Modi’s Firestar files for bankruptcy in USA
  8. Ex bureaucrat writes to PM indicting KPMG and IAS officers
  9. Gem and jewellery business faces credit crunch!
  10. SWIFT says banks have to be vigilant
  11. RBI suspends issue of LOUs
  12. 14 Mar 2018 – RBI says it is helpless
  13. Gem and jewellery business faces credit crunch!
  14. SWIFT says banks have to be vigilant
  15. RBI suspends issue of LOUs
  16. Public Sector banks lost Rs 2,450 to employee fraud between April 2013 and June 2016 — RBI reports
  17. Indian Banks reported at least 1 fraud every hour in FY 2017 and the highest number of frauds are at Bank of Maharashtra, then ICICI and then SBI .. read more..

your help is solicited, in case I have missed out any, and even in future

Tags: bank frauddefaultersfinancial crimeindiamallyanirav modiNPAPNBrotomacSBIwinsome
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Dinesh Bareja

Dinesh Bareja

Cyber Security practitioner and evangelist working in cyber security in national and enterprise application. Contributor to national policy, awareness and development of capacity / capability. Keeps a critical eye on the past, present and future in the infosec domain, and firm believer in common sense. Uses practical thinking to demolish purveyors of cyber hype and snake-oil.

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