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Monday,08-December-2025
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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.

Business

IndiGo disruptions may cause revenue loss, penalties to company: Report

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New Delhi, Dec 8: Widespread flight disruptions at IndiGo are credit negative, and refunds and compensation could cause it “significant financial damage”, credit rating agency Moody’s warned on Monday.

In a note, Moody’s said that regulatory penalties from the Directorate General of Civil Aviation (DGCA) remain possible as the airline failed to plan for aviation rules communicated over a year earlier.

The crisis struck as the airlines entered their peak winter schedule, with “significant lapses in planning, oversight and resource management” as the Phase 2 of the Flight Duty Time Limitation (FDTL) rules were introduced on November 1, 2025, after being communicated more than a year earlier, it noted.

The rules reclassified midnight–6 a.m. duties as night duty and cut permissible landings in 24 hours from six to two or three. The agency said that IndiGo’s lean operating model lacked resilience to integrate the change, forcing a system‑wide schedule reset.

Over 1,600 flights were cancelled on December 5, and over 1,200 were grounded in November, with cancellations beginning on December 2. Moody’s said IndiGo is yet to fully restore normal operations.

IndiGo said it was set to operate over 1,800 flights on Monday, up from 1,650 on Sunday, adding that more than 4,500 bags have been delivered to respective customers, and “we are on track to deliver the rest in the next 36 hours”.

The airline said it expects a return to full schedules by mid-December, adding that it is working “round the clock” to normalise operations.

It has so far refunded Rs 827 crore to affected passengers, and the rest is under process for cancellations up to December 15.

Union Civil Aviation Minister K. Rammohan Naidu said in the Parliament on Monday that the government has initiated a thorough inquiry into the matter.

“IndiGo was supposed to manage the crew and roster…We will take strict action. We will set an example for every airline. If there is any non-compliance, we will take action,” he said on the floor of the Rajya Sabha.

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Crime

Palghar Crime: 40-Year-Old Constable Arrested For Allegedly Raping Woman Inside Kasa Police Station

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Palghar, Maharashtra, Dec 08: A 40-year-old police constable has been arrested for allegedly raping a woman inside the Kasa police station in Maharashtra’s Palghar district, officials said on Monday.

According to a senior official from the Palghar rural police, the incident took place last week when the woman had visited the station to record her statement in connection with an ongoing case. The constable allegedly assaulted her within the premises.

Following a complaint filed by the woman, a case of rape was registered and the constable was arrested on Sunday, officials confirmed.

In the aftermath of the incident, the in-charge of the Kasa police station has been transferred. Further investigation is underway.

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National News

PM Modi recalls how Vande Mataram defied British oppression, stood ‘like a rock’

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New Delhi, Dec 8: Prime Minister Narendra Modi, on Monday, invoked the enduring spirit of ‘Vande Mataram’ while initiating a day-long discussion in the Lok Sabha to mark the 150 years of the national song.

He described it as a hymn that stood “like a rock” against British oppression and continued to inspire unity across generations.

Tracing the song’s journey from its composition by Bankim Chandra Chattopadhyay in 1875 to its role in the freedom struggle, PM Modi said ‘Vande Mataram’ became a current of emotion that bound the nation together.

“Even when crises like the coronavirus pandemic struck, the spirit of ‘Vande Mataram’ continued to connect the country. Today, as we march towards an ‘Atmanirbhar Bharat’ (Developed India), this hymn remains a source of strength,” he noted.

The Prime Minister quoted Mahatma Gandhi, who had described ‘Vande Mataram’ as a song that united the nation.

“Pujya Bapu (Mahatma Gandhi) said ‘Vande Mataram’ connects us. It is the dream of today’s generation to build a prosperous India, and this song continues to inspire that vision,” PM Modi said.

He emphasised that the hymn was more than just words — it was a mantra of sacrifice, resilience, and unity.

From the days of colonial bans, when people were punished for speaking or printing the words, to the sacrifices of countless freedom fighters who embraced martyrdom with ‘Vande Mataram’ on their lips, the song has remained a symbol of defiance and hope.

PM Modi urged the Parliament to ensure that the legacy of ‘Vande Mataram’ is preserved and passed on to future generations.

“This is not just a tribute to history but a reaffirmation of our democratic spirit. The lessons of the past must continue to guide our future,” he said, adding that the 150th anniversary was an opportunity to restore pride in a hymn that has been the heartbeat of Bharat.

Initiating a day-long discussion on 150 years of ‘Vande Mataram’ in the Lok Sabha, PM Modi noted that ‘Vande Mataram’ stood like a rock and inspired unity despite British oppression.

“When ‘Vande Mataram’ completed 100 years, the nation was chained by the Emergency. At that time, the Constitution was throttled and those who lived and died for patriotism were pushed behind bars,” he said.

“The Emergency was a dark chapter in our history. Now we have the opportunity to restore the greatness of ‘Vande Mataram’. And I believe this opportunity should not be allowed to pass,” PM Modi added.

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