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Loan Fraud: Cong accuses Modi govt of complicity, collusion & connivance

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The Congress on Monday accused the Narendra Modi-led Central government of ‘complicity, collusion and connivance’ by those sitting in the highest echelons of power in what it called ‘India’s biggest fraud’.

Addressing a press conference here, Congress leader Gaurav Vallabh said, “‘Shahenshah’s’ promise was $5 trillion economy, but he gave us bank fraud of Rs 5.35 trillion in the last 7.5 years.”

Vallabh’s remarks came after it was found that the sensational Rs 22,842 crore mega loan fraud allegedly perpetrated by the Gujarat-based ABG Shipyard Ltd (ABGSL) did not even spare the IPO-bound Life Insurance Corporation of India (LIC), while ICICI Bank and IDBI Bank took the worst-hit among other government, private, and foreign banks and NBFCs.

“Average fraud in the banking industry per day in the last 7.5 years (2,737 days) is Rs 195.5 crores a day, as per an RTI reply, while RBI’s recovery rate in 2020-21 of these frauds stood at 0.7 per cent. ‘Loot and escape’ is Modi government’s flagship scheme for bank fraudsters. A total of Rs 22,842 crore of public money was swindled. Ease of committing fraud is the new scheme launched by the Modi government for bank fraudsters,” Vallabh said.

The Congress also alleged that the biggest ever bank fraud of Rs 22,842 crore happened under Modi government’s watch, and after a five-year delay, the CBI finally registered an FIR on February 7 against Gujarat-based ABG Shipyard owned by Rishi Agarwal and others for duping 28 banks.

The State Bank of India (SBI), which first reported the scam, has named ABG Shipyard Ltd, the corporate guarantor ABG Shipyard International Pvt Ltd, the company’s Chairman-cum-Managing Director Rishi Kamlesh Agarwal, Executive Director Santhanam Muthaswamy, Directors Sushil Kumar Agarwal, Ashwini Kumar (all from Mumbai), Ravi Vimal Nevetia (Pune), besides unknown persons and public servants.

Private lender ICICI Bank has been duped of a staggering Rs 7,089 crore — the highest — followed by the IDBI Bank Ltd with a fraud amount of Rs 3,639 crore.

Maharashtra

171 Maharashtra Tourists Safe, Search On For Missing Woman In landslide-hit Uttarakhand

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Mumbai: A woman tourist from Maharashtra has remained untraceable since landslide and flash floods hit Uttarkashi district of Uttarakhand, state Disaster Management Minister Girish Mahajan said on Saturday.

The minister’s office in a statement said that 171 out of the 172 tourists from Maharashtra, who were stranded in the Dharali area, could be contacted, and they were all confirmed safe.

The Statement

“Only one person, Kritika Jain, is still missing, but the authorities are trying to locate her. Efforts are underway to establish contact with the tourist, and the Uttarakhand State Emergency Operations Centre (SEOC) has been instructed to conduct a search for her,” the statement said.

Of the 171 tourists from Maharashtra, 160 are safe at various locations – 31 are in Matli, six in Jolly Grant, and 123 in Uttarkashi – and have continued their journey as planned. The remaining 11 tourists are safe in Harsil and will be airlifted to safety, it stated.

Mahajan is overseeing the rescue operation on-site in Uttarkashi to ensure the safety of tourists.

The Maharashtra State Emergency Operation Centre (SEOC) is in constant touch with its Uttarakhand counterpart, the district control room, the district emergency operations centre in Uttarkashi, and the National Emergency Response Centre in New Delhi.

According to the statement, Chief Minister Devendra Fadnavis is monitoring the situation.

As per information shared by Uttarakhand authorities, the airlift of tourists stranded in Harsil was scheduled for Saturday morning. Army, NDRF, SDRF and local rescue teams are operational in Dharali.

The landslide and floods have damaged roads and disrupted communication networks. Efforts are underway to restore connectivity and basic infrastructure.

A satellite phone has been deployed by IGP Rajeev Swaroop, and the Army has been alerted for immediate response.

The Maharashtra SEOC is coordinating rescue arrangements, updating information, and assisting the concerned families, the statement added.

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National News

‘Hurt By US President Donald Trump’s Tariff Attack, PM Modi Now Posing As Farmers’ Defender,’ Says Congress Leader Jairam Ramesh

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New Delhi: Congress leader Jairam Ramesh took a swipe at Prime Minister Narendra Modi for attempting to portray himself as a champion of Indian farmers, after being “hurt and subdued” by recent criticism from US President Donald Trump.

Ramesh recalled the 2020-21 farmers’ protests against the three farm laws, alleging that the Prime Minister mocked the agitators by calling them “protest enthusiasts” in Parliament. He claimed that over 700 farmers lost their lives during the protests, yet the Prime Minister expressed no regret or sympathy.

“Five years ago, there was a time when the Prime Minister, in Parliament, mocked the protesting farmers by calling them ‘protest enthusiasts.’ More than 700 farmers lost their lives during the protests against three black, anti-farmer laws, but not a single word of pain, regret, or sympathy came from the Prime Minister’s mouth for them. Farmer organizations are still demanding a legal guarantee for MSP, calculated by adding 50% profit to the total cost of production (C2), along with concrete debt relief. The Prime Minister remains completely silent on these demands, even though these same issues were raised by India’s former Vice President,” he posted on X.

“In November 2019, the Prime Minister was fully prepared to include India in the RCEP trade agreement, which could have caused significant harm to Indian farmers and dairy producers. However, due to persistent pressure from the Congress Party and farmer organisations, Prime Minister Modi had to back down at the last moment,” he added.

He further took a jibe, saying, “Now, hurt and subdued by Trump’s attacks, PM Modi is trying to present himself as the greatest champion of Indian farmers, but no one is under any illusion about this.”

On Thursday, in a message against the tariffs imposed by the United States, Prime Minister Narendra Modi asserted that farmers remain India’s top priority and that the country would never compromise their interests.

“For us, the interest of our farmers is our top priority. India will never compromise on the interests of farmers, fishermen and dairy farmers. I know we will have to pay a heavy price for it, and I am ready for it. India is ready for it,” PM Modi said while addressing the MS Swaminathan Centenary International Conference.

His remarks come amid the Trump administration doubling the tariff imposition to 50 per cent on goods from India. During trade negotiations, the United States was pushing for greater access to India’s agricultural market, especially for corn, soybeans, and cotton.

However, India has so far resisted the opening of the agricultural sector and dairy products due to concerns about domestic livelihoods and potential impacts on farmers.

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National News

28 Tourists From Kerala, Maharashtra Feared Missing After Uttarakhand Cloudburst And Landslides

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Kochi: A 28-member group of tourists, who are natives of Kerala, has gone missing after a cloudburst triggered massive mudslides in Uttarakhand, family members said on Wednesday.

Of the 28 individuals, 20 are reportedly from Kerala settled in Maharashtra, while the remaining eight are from various districts in Kerala, a relative of one of the couples in the group told the media.

She said the couple’s son last spoke to them a day ago.

“They said they were leaving from Uttarkashi to Gangotri at around 8.30 am that day. The landslides occurred along that route. We have been unable to contact them since they left,” she said.

She added that the Haridwar-based travel agency, which arranged the 10-day Uttarakhand tour, was also unable to provide any update on the group’s whereabouts.

“Their phones may have run out of battery by now. There is no mobile network in that region currently,” she said.

At least four people have been confirmed dead in the disaster that struck Dharali, an ecologically fragile region in Uttarakhand, following the cloudburst on Tuesday afternoon.

Officials said nearly half of Dharali was buried under a massive mudslide of slush, debris, and water. The village is a key stop on the route to Gangotri, the origin of the Ganga, and hosts several hotels and homestays.

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