IBO Association presentation about the scam, Loot continues

Researchers Views further

 Indian Bank Officers Association gave presentation about the Banking Scams.

Indian Banks were FIRMLY Controlling Private Companies up to 1996 – Promoters equity directly could be 12% when RIL took over L&T and PSU Banks around 25% – plus there were Independent Directors and Government Appointed Directors. GSPC, NIRAV like Scam was impossible.

NDA-I & II Promoted TRADING IDEAS than INDUSTRY & FARMERS – Making $Billions Without Any Or Little VALUE ADDITION. Forwarding TRADING in Stocks -Commodities – PSU Banks Supported Such Speculative Activities On GOI-RBI Directions. Forwarding Trading in Food Commodities is 20-30 Times than Farmers Sales at APMC. 

In Diamond & Gold Trade Value Addition on average is 2% but Banks Provided 100% to 500% LONG TERM Loans That too Without Collateral. 

Ø 600m FARMERS Income Could Have DOUBLED or TRIPLED If They Shall Get even 15 month Crop Loans – Storing & Processing by Farmers. 

Ø Farmers add 80% Value, 200% After Storing & Processing Not Supported.

RIL alone Operated 500 Companies from its Corporate Head Office. DOING ONLY ‘FAKE’ FINANCIAL TRANSACTIONS.

ESSAR take Priority Loans With INCENTIVES for REFINERY but diverted money for TELECOM – JV – ESSAR-HUTCH which was valued @ $21b.

 Ministers Goyal, Gadkari & Prabhu Take Up UNVIABLE PROJECTS WITHOUT PROJECT REPORTS that may not be ready in 20-30 years – all PSU Bank Funded.

RBI Governor who as Director of GSPC – couldn’t see Rs.23,000 Cr Scam, No insist on ADHAAR LINK of Promoters of Companies.

 Nirav Modi & Mehul Chowksi Scams –

1.   There Was No Collateral against Rs.21,000 Cr worth BANK ROBBERY,

2.   No FACTORY Production – FAKE TRANSACTIONS – Zero Value Addition.

3.   No I.Tax was paid or Even Project Report made by Nirav Modi & Chowksi.

4.   No JOBS Created. Just lllegal Enrichment. 

5.   Money Transferred to Foreign Accounts – impossible to bring back.

6.   Banks were ROBBED.

Nothing of above Happened in case of Simbhaoli Sugar which is 85 Years old company [Founded 1933] Crushing 2.1 million tones of Sugarcane, reported Rs.881 Cr Turnover. Simbhaoli Sugar supported 1,50,000 Farmers-Labor since 1933. Merely diverting MONEY from one Account of Company to another is not a FRAUD-Scam.




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