New Delhi, Feb 17: Continuing its attack on the NDA on the huge 'Bank Loot scam', the Congress on
Saturday charged the Modi government with institutionalising 'crony
capitalism'.
Addressing a press conference along with AICC
media incharge Randeep Surjewala, Congress leader and AICC senior spokesperson
Kapil Sibal said, 'since the Narendra Modi government came to power at the
Centre, the loan amount has been more than the assets. However, Prime Minister
Narendra Modi has been maintaining a silence in the matter.
During the UPA rule, the BJP charged us with promoting 'crony capitalism. However, they have institutionalised crony capitalism.'
In this context, he pointed out that market capitalisation of listed companies in the gems and jewellery business is Rs 41.66 billion while the gross current debt is Rs 94 billion.
'This means that the debt is twice the market capitalisation and that is a scam in itself. Who can say that the Government did not know this?
The credit norm for the precious stones, gems and the jewellery industry is that you do not credit for more than 90 days but most of these credits were issued for a year with the know-how of banks, branches, RBI and the Finance Ministry,' Mr Sibal said and demanded that the Government tell the country about the exposure that the banks have with this industry given the fact that the debt surpasses the gross income.
On the BJP claims that the 'bank loot scam' dated to the time of the UPA regime, Mr Sibal, quoting the FIR filed by the CBI, said that all the Letters of understanding for loans to Nirav Modi were from 2017, which were due to be paid in 2018.
'The FIRs filed by the CBI show that as many as 151 LOUs were issued in 2017 and payments were due in 2018,' Mr Sibal said.
Alleging that the Prime Minister's office and the Finance Ministry were aware of the scam, Mr Sibal questioend the continued silence of the PM and the Finance minister on the issue.
'The Minister for Human Resource Development and the Social Justice Minister have come out to make a statement on the issue and levelled allegations against the previous UPA government. What does the HRD Minister have to do with this? Is the Minister very admiring of the quality of the human resource of Nirav Modi? What has the Social Justice Ministry to do with this? What has the Law Ministry to do with this scam? Neither the Finance Ministry will come forward, nor any officials of the ministry or RBI will come forward,” he added.
Charging the PMO and the Finance Ministry with turning a blind eye to the scam and the escape of accused Nirav Modi and Mehul Choksi from the country, Mr Sibal said, 'one Vaibhav Khurania wrote to the PMO, Serious Frauds Investigation Office, Corporate Affairs Ministry, SEBI and governments of Gujarat and Maharashtra, on May 7, 2015, warning against Choksi’s plans to flee with public money.
We are making a direct allegation against the PMO and the Finance Ministry. They were aware that our country was being looted, but they turned a blind eye.' UNI
During the UPA rule, the BJP charged us with promoting 'crony capitalism. However, they have institutionalised crony capitalism.'
In this context, he pointed out that market capitalisation of listed companies in the gems and jewellery business is Rs 41.66 billion while the gross current debt is Rs 94 billion.
'This means that the debt is twice the market capitalisation and that is a scam in itself. Who can say that the Government did not know this?
The credit norm for the precious stones, gems and the jewellery industry is that you do not credit for more than 90 days but most of these credits were issued for a year with the know-how of banks, branches, RBI and the Finance Ministry,' Mr Sibal said and demanded that the Government tell the country about the exposure that the banks have with this industry given the fact that the debt surpasses the gross income.
On the BJP claims that the 'bank loot scam' dated to the time of the UPA regime, Mr Sibal, quoting the FIR filed by the CBI, said that all the Letters of understanding for loans to Nirav Modi were from 2017, which were due to be paid in 2018.
'The FIRs filed by the CBI show that as many as 151 LOUs were issued in 2017 and payments were due in 2018,' Mr Sibal said.
Alleging that the Prime Minister's office and the Finance Ministry were aware of the scam, Mr Sibal questioend the continued silence of the PM and the Finance minister on the issue.
'The Minister for Human Resource Development and the Social Justice Minister have come out to make a statement on the issue and levelled allegations against the previous UPA government. What does the HRD Minister have to do with this? Is the Minister very admiring of the quality of the human resource of Nirav Modi? What has the Social Justice Ministry to do with this? What has the Law Ministry to do with this scam? Neither the Finance Ministry will come forward, nor any officials of the ministry or RBI will come forward,” he added.
Charging the PMO and the Finance Ministry with turning a blind eye to the scam and the escape of accused Nirav Modi and Mehul Choksi from the country, Mr Sibal said, 'one Vaibhav Khurania wrote to the PMO, Serious Frauds Investigation Office, Corporate Affairs Ministry, SEBI and governments of Gujarat and Maharashtra, on May 7, 2015, warning against Choksi’s plans to flee with public money.
We are making a direct allegation against the PMO and the Finance Ministry. They were aware that our country was being looted, but they turned a blind eye.' UNI
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