Editorial
The investigating agencies have failed to nab PNB bank looter Nirav Modi and others so far. Unfortunately even after lapse of nearly four months the investigating agencies are beyond the reach of fugitives Nirav Modi and his uncle Mehul Choksi.
With extremely slow pace it will be difficult to bring back these criminals to India and ensure stringent punishment. Both the criminals Nirav Modi and Mehul Choksi have made it clear to the CBI that they would not return to India as they are busy in their business abroad. Presumably the CBI is either helpless or politically under pressure to go slow to fade the case from the memory of the people, as has happened in previous such corruption issues. The NDA government has passed Fugitive Economic Offenders Bill to empower probe agencies but it has not helped in any way. The Bill is more a political propaganda than a tool for action against PNB scam accused. There is no dearth of law in the country to act against the criminals but it required political will which NDA government lacked in this case.
The NDA government has also failed to improve functioning in the public sector banks which has led to PNB scandal. The banking sector has been facing dire crisis because of massive fraudulent activities which have been coming out in public domain regularly.
While banks non-performing assets (NPAs) have virtually pushed the PSBs to the brink of disaster, such frauds have added further crisis to the sector. It is shocking that the fraud in PNB continued to be hidden from the gaze of officers and even adversely affected other banks, which had provided funds to Nirav Modi’s family on the basis of fake letter of understanding issued by the PNB.
The fraud has amply exposed weaknesses in the bank’s security system and maintenance of its records. With nearly Rs 13000 crore PNB fraud, biggest ever in the banking sector the sector has totally failed to evolve a fool proof safeguard to protect the money of the customers. The banking sector in collusion with the politicians and businessmen has virtually pushed the entire financial system to the collapse.
