Connect with us
Saturday,28-June-2025
Breaking News

Business

ABGSL scam: ICICI, SBI helmed by women when fraud detected

Published

on

Top women bankers headed the private ICICI Bank and public sector State Bank of India when the Gujarat-based ABG Shipping Ltd (ABGSL) mega scam of Rs 22,842 crore was quietly brewing.

While ICICI Bank was helmed by the high-profile Chanda Kochhar till October 2018, when she quit in a cloud of allegations, the SBI was captained by Arundhati Bhattacharya, who retired in October 2017.

Of the reported Rs 22,842 crore frauds, the ICICI Bank took the biggest hit of Rs 7,089-crore and SBI ranks third with an exposure of Rs 2,925 crore, with IDBI Bank Ltd. sandwiched in the second slot and duped of Rs 3,639 crore.

Interestingly, the SBI’s Forensic Audit Report (January 18, 2019) — on which the CBI finally lodged its complaint — covers the period April 2012-July 2017, when the ABGSL scam took place — and said the accused “colluded together and committed illegal activities, including diversion of funds, misappropriation, criminal breach of trust and for purposes other than for which the funds are released by the Bank.”

However, the banking unions and experts fume at the manner in which massive public monies have again been blown off in the scam and how the banks are now “shifting the entire blame on the borrowers”.

“Was the entire banking system sleeping during these goings-on. The Reserve Bank of India conducts audits and also has its representative on the bank boards. What were they doing at that time and what was their exact role in the scam,” demanded United Forum of Banking Unions Convenor Devidas Tuljapurkar.

Trade Unions Joint Action Committee (TUJAC) Convenor and banking expert Vishwas Utagi wondered how can the CBI ethically take at face value the SBI’s contentions that the bank officials are not involved, particularly when it has been duped of huge public funds, and whether the other consortium members have also adopted a similar stand.

“In such gigantic frauds involving a big banking consortium, all persons above the GM level are definitely responsible. Will the CBI investigate or connive with SBI? We demand the CBI should honestly investigate from the top — probe Chairpersons, Managing Directors, Directors, etc. to unravel the murky truth,” said Utagi.

Referring to the SBI’s purported ‘accommodating’ stance vis-a-vis AGBSL, All India Bank Officers Association (AIBOA) General Secretary S. Nagarajan said the banks are not sympathetic when it comes to even small Education Loans by needy students.

“Whenever such huge loans are cleared at the Consortium leader’s request, did the other banks cross-check, monitor the accounts or seem enhanced security? If not, then there is something fishy,” Nagarajan pointed out.

Virtually defending ABGSL, the SBI alluded to its glowing past performance of 165 vessels built in 16 years, how the global shipping industry crisis hit with a fall in commodity demand, prices, cancellations and no fresh orders even from defence post-2015.

“The company was finding it very difficult to achieve milestones, as envisaged in CDR. Thus, the company was unable to service the interest and installments on the due date,” said the SBI note to CBI, sounding like a tear-jerker.

Utagi said that since the fraud has been established, even the Enforcement Directorate (ED) and other agencies must also join the investigations to track the money trail and the ultimate beneficiaries of the public funds, as was done in the Punjab National Bank scam by diamantaires Nirav Modi-Mehul Choksi five years ago.

Tuljapurkar feels that since banks have made 100 per cent provisions for NPAs, there will be no new losses accruing from this, and called for a thorough probe despite the huge delays.

National

Need to educate youth so that Emergency is not repeated: Delhi CM Rekha Gupta

Published

on

New Delhi, June 28: Delhi Chief Minister Rekha Gupta on Saturday recalled the murder of the Constitution during the Emergency imposed by former Prime Minister Indira Gandhi in 1975, highlighting the need for reminding youth about the dark chapter of democracy.

“Just as we stage Ramlila every year to tell youngsters that they should not become like demon king Ravana, this annual commemoration of the Emergency is needed to prevent the return of the dark chapter in future,” she said at a mock parliament organised by Mahila Morcha of Delhi BJP.

Highlighting the Emergency-related changes made in the Constitution, forced sterilisation, restriction on media and films, she said, “The Congress has only worked to retain power over the past 70 years. Even in the Shah Bano case, the then Congress government brought in a law to appease a community at the cost of the exploitation of women.”

She described Prime Minister Narendra Modi as “Guardian” of the nation, showcasing his vision to start women-friendly schemes, free cooking gas, toilets, tap water, nutrition scheme for women and the quashing of ‘Triple Talak’.

“It started with Beti Padhao, Beti Bachao and today it is Beti Badhao,” she said, underscoring the encouragement for women in the BJP to take up leadership roles.

“Today, when the country is giving a big role to women in decision-making and governance, we will also need to raise our ability to respond to the situation,” Rekha Gupta said, highlighting that a common worker of the BJP like her could become a Chief Minister.

“Who other than Sonia Gandhi is a prominent woman politician in the Congress?” she asked, urging women workers of the BJP to ensure that they play a significant role to oppose any other attempt being made to impose an Emergency like that by former PM Indira Gandhi.

In Delhi, when people want delivery of good service after 27 years of misrule in the city, we as women politicians must have the capability to understand the needs of people and deliver the goods, CM Gupta said.

Earlier, the Delhi BJP released a short video on its X handle as part of the Emergency 50 protest. The video carried the message: “Democracy wasn’t just paused. It was strangled and put behind bars, beneath fear and silence.”

The video titled ‘Emergency Never Again – June 25, 1975, The night democracy died’ shows a character, purportedly similar to late Prime Minister Indira Gandhi, walking away barefoot, leaving behind footprints on the ground that highlight the dark aspects of the Emergency.

As the character walks onto the screen, the ground highlights: “Constitution Torn, Democracy Strangled, Press Silenced, Voices Crushed, Opposition Arrested, Innocents Jailed, No Right to Life”.

Continue Reading

Crime

Parents of Kolkata law college rape victim should be ready for long battle like us: RG Kar victim’s parents

Published

on

Kolkata, June 28: In the midst of the outrage and politics over the rape of a woman in a Kolkata law college, the parents of the R.G. Kar Medical College and Hospital rape and murder victim stated on Saturday that the law student’s parents should also be ready to fight a protracted legal battle.

Their comments came days after a Kolkata-based law college student became a victim of rape within the college premises on June 25 evening.

They stated that the woman’s parents should also be ready for a long battle considering the influential backing enjoyed by the three accused in the case.

The mother of the junior doctor who became a victim of a ghastly rape and murder in August last year, expressed apprehension that like the case of her daughter, there might be attempts to protect the accused in the law college rape case also in the due course.

Hence, they feel that what is required now is a mass movement exactly in line with what happened after the heinous crime with their daughter.

“What is even more shocking is that even after the tragedy with my daughter, there was not enough initiative to ensure the safety of women within educational institutions where they study. The administration and ruling party are now trying to shy away from their responsibilities over the crime in the law college rape. It is natural. But the reality is that the influential backing that the accused persons enjoyed gave them the courage to conduct such a heinous crime within the college premises,” the R.G Kar victim’s mother said.

The father of the R.G. Kar victim said that he fears that like the case of his daughter, there might be attempts by influential people and even a section within the administration to protect the accused.

“So I also feel that the parents of the victim in the law college case should also be prepared for a long battle like us. They should understand that the administration will not do anything and they will have to fight their own battle as we have been doing. What the victim’s parents need now is the spontaneous public support which we have received,” he said.

All the three accused in the case, namely Monojit Mishra, Zaib Ahmed, and Pramit Mukhopadhyay were linked to Trinamool Congress’ students’ wing Trinamool Chhatra Parishad (TMCP).

Pictures of Mishra with different top and heavyweight Trinamool Congress leaders have already flooded social media. While Mishra is a former student of the same law college, the other two are existing students.

All three of them, on Friday, were remanded to police custody till July 1.

Continue Reading

Crime

25 prison officials in Punjab suspended in crackdown against drug networks

Published

on

Chandigarh, June 28: In a major action against corruption and drug networks in prisons, the Punjab government on Saturday said it has suspended 25 officials, including three Deputy Superintendents and two Assistant Superintendents.

The government said the action is part of the drive to root out corruption and dismantle drug networks operating inside prisons.

“Following reports of irregularities and drug-related activities within jails, the government said the action was to end corruption and drug networks. The big action was taken as per information received about corruption and drug networks in jails,” the government said in a statement.

In March, the government shifted notorious jailed gangster Jaggu Bhagwanpuria from the high-security Bathinda Central Jail to Silchar Jail in Assam as authorities suspected that detained gangsters were running drug syndicates from Punjab’s prisons.

The Narcotics Control Bureau (NCB) had arrested Bhagwanpuria, also an accused in the killing of Punjabi singer Sidhu Moosewala, under the Prevention of Illicit Traffic in Narcotics and Psychotropic Substances (PIT NDPS) Act.

Bhagwanpuria, against whom 128 FIRs have been registered in Punjab and other states, was arrested in a murder case in 2015 and, since then, has been lodged in several jails, previously in Punjab.

In the singer Moosewala’s murder case, it was Bhagwanpuria and gangster Lawrence Bishnoi who had hatched a conspiracy to kill him.

However, later, both fell apart. Bhagwanpuria, a native of Gurdaspur district, is considered the most dreaded gangster of Punjab after Bishnoi and has more than five cases under the Unlawful Activities (Prevention) Act (UAPA) for hatching conspiracies to disturb communal harmony in Punjab.

Bhagwanpuria is facing 15 cases of arms and drug smuggling. On his shifting to Assam, the NCB had said then that Bhagwanpuria was moved out of Punjab as he had “established linkages” with international operatives in Canada, the US and Pakistan. His relocation was a must to disrupt the ecosystem, facilitating continued criminal activities, it added.

Continue Reading

Trending