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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.

National News

India and Pakistan to stop all firing and military action: MEA

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New Delhi, May 10: A few minutes after US President Donald Trump announced a “full and immediate ceasefire” between India and Pakistan, the Ministry of External Affairs (MEA) said that both sides would stop all firing and military action on land, air and sea with effect from 5 PM Indian Standard Time, on Saturday.

“The Director General of Military Operations of Pakistan called the Director General of Military Operations of India at 1535 hrs earlier this afternoon. It was agreed between them that both sides would stop all firing and military action on land and in the air and sea with effect from 1700 hrs Indian Standard Time today,” Foreign Secretary Vikram Misri said in a short media briefing.

“Instructions have been given on both sides to give effect to this understanding. The Director General of Military Operations will talk again on the 12th of May at 1200 hours,” the Foreign Secretary added.

Earlier, US President Donald Trump announced a “full and immediate ceasefire” between India and Pakistan without sharing any details of the negotiations or the ceasefire.

US Secretary of State Rubio also said in a State Department statement that he and Vice-President J D Vance conducted the ceasefire negotiations.

“After a long night of talks mediated by the United States, I am pleased to announce that India and Pakistan have agreed to a full and immediate ceasefire,” President Trump wrote on Truth Social, the social media platform he owns.

“Congratulations to both Countries on using Common Sense and Great Intelligence. Thank you for your attention to this matter!” he added.

Secretary of State Rubio said in a separate statement: “Over the past 48 hours, Vice President Vance and I have engaged with senior Indian and Pakistani officials, including Prime Ministers Narendra Modi and Shehbaz Sharif, External Affairs Minister Subrahmanyam Jaishankar, Chief of Army Staff Asim Munir, and National Security Advisors Ajit Doval and Asim Malik.

“I am pleased to announce the Governments of India and Pakistan have agreed to an immediate ceasefire and to start talks on a broad set of issues at a neutral site. We commend Prime Ministers Modi and Sharif on their wisdom, prudence, and statesmanship in choosing the path of peace,” he stated.

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National News

Trump says India and Pakistan ‘agree to full and immediate ceasefire’

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Donald Trump says “India and Pakistan have agreed to a full and immediate ceasefire”.

In a post on social media platform Truth Social, the US President says: “After a long night of talks mediated by the United States, I am pleased to announce that India and Pakistan have agreed to a FULL AND IMMEDIATE CEASEFIRE.

“Congratulations to both Countries on using Common Sense and Great Intelligence. Thank you for your attention to this matter!

We have not heard this from either India or Pakistan, stay with us for the latest developments.

Pakistan and India have agreed to a ceasefire with immediate effect, Deputy Prime Minister of Pakistan, Ishaq Dar says.

He adds: “Pakistan has always strived for peace and security in the region, without compromising on its sovereignty and territorial integrity!”

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Maharashtra

Maharashtra Cyber Department warns against fake news circulation amid rising India-Pak tensions

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Mumbai, May 10: The Office of the Additional Director General of Police, Maharashtra Cyber Department, on Saturday issued an advisory warning against the circulation of fake news amid cross-border tensions, asking the citizens to show restraint.

“Spreading false information, knowingly or unknowingly, is a punishable offence under relevant provisions of law. Maharashtra Cyber strongly advises all citizens to exercise restraint and discernment while consuming and sharing information, particularly in relation to matters of national importance. The Government of India maintains official communication channels and verified platforms for issuing statements, updates, and press releases concerning national security and defence matters. Citizens are urged to rely exclusively on these official sources for information and are firmly discouraged from forwarding or amplifying unverified messages, videos, or images that may contribute to social discord or misinformation,” said the advisory.

The department has appealed to all individuals to act responsibly, verify facts from authorised sources, and report any suspicious or misleading content at the earliest opportunity.

“In view of the prevailing cross-border tensions, accurate and timely information concerning developments at the border and adjoining regions holds vital importance for citizens. However, Maharashtra Cyber has observed with concern that amidst the dissemination of critical information, several instances of fake news are being circulated across various digital platforms. This misinformation not only misleads the public but also promotes confusion and unrest within society,” said the advisory.

“A considerable volume of this fake content pertains to alleged army movements, strategic operations, or retaliatory measures from neighbouring countries. Such unverified and misleading content poses a serious risk to national security and may contribute to the escalation of tensions. Unsocial elements appear to be exploiting the sensitivity of the situation by generating and distributing this fake news with the intention of gaining followers, inciting panic, or manipulating public perception,” said the advisory.

Taking cognisance of these developments, Maharashtra Cyber has issued several notices for the removal of such false narratives across social media and communication platforms. The department remains fully committed to maintaining a secure and trustworthy information environment and will continue to coordinate with platform operators and enforcement agencies to curb the spread of misinformation.

The Cyber Department’s advisory comes a day after Chief Minister Devendra Fadnavis and Deputy Chief Minister Eknath Shinde warned that the government will take stern action against those spreading fake news on social media.

CM Fadnavis, at the meeting he chaired to review the security arrangement and preparedness amid escalating conflict between India and Pakistan, asked the administration to study the central government’s ‘Union War Book’ in depth and inform everyone about it.

Police cyber cells in every district should monitor social media and identify handles that are helping Pakistan and take action against them. If anyone is helping the enemy or spreading false information, take action against them, he said at the meeting.

Further, Eknath Shinde said, “Spreading fake news on social media is a serious crime. Strict action would be taken against it. We request that people not film, video, and broadcast whatever preparations are being made by the military and coast guard forces, as it is important from a security perspective.”

He announced that the government will initiate strong action against those engaged in spreading fake news on social media.

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