A Press Report-Every year the same old story — Punish the honest, let the dishonest make merry – Whichever the party comes to power the position of the honest remains the same – Pay More


A Press Report-Every year the same old story — Punish the honest, let the dishonest make merry

WATER SCARCITY/SHORTAGE REPORTED


With bountiful rains this season, Bangalore is already beginning to experience the water scarcity in some parts and soon will engulf major portion as the 1000`s of borewells drilled every month, the underground water table has depleted to the new lows.

The water tanker price has also gone up from Rs.300/- a month ago to Rs.400/- now and expected to reach Rs.1,000/- soon.

The water scarcity may be acute by mid may and if the rain fails/scanty this year, then the situation might be grimmer.

CBI RAIDS ONE PROFESSIONAL FIRM


Media reported that the CBI has conducted a RAID on a suspected law firm and few XXXXXXXXX XXXXXXXXXXX may also land up in CBI net for having issued or prepared manipulated or fraudulent books of accounts and statements for the absconding the businessmen, without the connivance of these professionals, FRAUDS cannot cheat or swindle money and run away from the country.

One of the leading professional firm or concern had given its opinion (Title Report) to the Banks and to the buyers of properties in south Bangalore.  This notorious project is having multiple litigations from 2009 till date.  Buyers of properties must be very alert and must not buy any property with such legal opinion or title report or the bank approval of the project.

THE FUGITIVE ECONOMIC OFFENDERS BILL – 2018 IS BEING DRAFTED TO CHECK THE BAD DEBTS AND TO RECOVER THE LOAN AMOUNT


The Central government may soon bring in the Fugitive Economic Offenders Bill, which proposes confiscation of assets of those who flee the country to evade prosecution or refuse to return, in cases involving more than ₹100 crore.

The proposed law assumes significance in view of the reports about major bank frauds.

A draft of the Fugitive Economic Offenders Bill, which is in consonance with similar legislation in several countries, was circulated in May last year seeking comments from all the stakeholders. The Bill was also cleared by the Union Law Ministry with certain recommendations on reconciliation of provisions with the existing laws.

The draft Bill followed an announcement in the Budget 2017-18 that the government planned to introduce a legal measure to facilitate confiscation of assets of the economic offenders who flee to foreign jurisdictions to escape the clutches of law.

The draft Bill defines a fugitive economic offender as an individual against whom an arrest warrant has been issued and who has either left the country or refuses to come back to face prosecution.

Enforcement Directorate is empowered to initiate action and recover the money

As proposed, the Enforcement Directorate would be empowered under the Prevention of Money Laundering Act (PMLA) to initiate the proceedings. It also has a provision enabling repayment of dues to creditors by disposing of confiscated assets, in case the accused offender continues to evade prosecution.

As listed in the draft Bill’s schedule, it will be applicable to various financial and allied offences as defined under the Indian Penal Code, Prevention of Corruption Act, Securities and Exchange Board of India Act, Customs Act, Companies Act, Limited Liability Partnership Act and the Insolvency and Bankruptcy Code.

 

BANK FRAUD AND LOAN RECOVERY


Public money is looted/laundered by the politicians and the bankers in collusion with cheats by lending public money to undeserving (fraud and cheats) businessmen (wilful defaulters) for monetary favours.

There are allegations of scams involving Rs.30,000/- Crores and the recovery is few cars, few rings, few properties and very little or no money in their accounts.

As of today, it is assessed/said/learnt that a total of Rs.500 Crores worth property, jewels, cars and other assets are attached or seized out of Rs.30,000 Crores by the enforcement agencies.

It might take few years even to recover a portion of the LOOTED MONEY and the common man with very bad memory will forget the scam as another big/mega scam will appear within few years, much bigger than this.

CHEATING THE BANKS – BANK OFFICIALS, EMPLOYEES, POLITICIANS AND PROFESSIONALS WHO COLLUDE TO CHEAT MUST BE BOOKED


Fraud image-

Messages of wilful defaulters are making rounds in the social media and the Government is silent on such important issues affecting the Nation.

These scams are not new to our banking system.  The Banking laws, supervisions and procedures have too many loopholes and the bank employees, businessmen, cheats, politicians and all the beneficiaries are involved in cheating the Banks.

The Bank Fraud is no new.  The present fraud or scam of this magnitude cannot be done in a short time.  It is a long-term illegal and unlawful acts of all those involved.

Had the supervisory (Central Bank) authority, had strict procedures, could have prevented such mega fraud, but the central bank failed in its duty and thereby the citizens and the society became the victim of the callousness of such supervisory bank?

It seems that it all began long back, maybe in 2005 to 2010 and shifting the blame from one to the other, may not yield any results.

All the law enforcement agencies must join together and initiate appropriate proceedings to recover the lost money.

YES. IT IS POSSIBLE.

The Questions:

RBI-What were you doing all these years?  Failed miserably to safeguard the interest of the country?

Politicians:  As usual shifting the blame on one another.

COMMON MAN- The affected, does not know, what has happened to him, listening to all the media, confused and worried.

It is much worse than the TERRORISM.  This is called economic terrorism, unleashed by the frauds on the innocent, honest, hardworking and dumb citizens.