National

BJP backs policy of loot and scoot: Congress

Jaiveer Shergil. File

Jaiveer Shergil. File  

Cong. says govt. playing role of “facilitator” or remained “mute spectator” whenever fraudsters “fleece and fly”

The Congress on Wednesday slammed the Narendra Modi government in the wake of a criminal case filed by the CBI against two directors of Mumbai-based Frost International for defrauding Bank of India of ₹3,592.48 crore. The party accused the government of encouraging “loot and scoot” culture. Congress spokesperson Jaiveer Shergill told a press conference that the BJP government continued to play the role of either “facilitator” or just remained “mute spectator” whenever fraudsters “fleece and fly.”

‘Discrepancies in probe’

In this latest scam, the 10 company directors are untraceable after allegedly defrauding a consortium of 14 banks led by Bank of India. “This once again reaffirms the BJP’s policy of giving pain to common man and gain to con man,” Mr. Shergill said. He pointed out various discrepancies in the investigation of the case.

The Congress claimed that the consortium of banks had noted the default in payments by Frost International way back in January 2018. But it took them two years to file a formal complaint, which was finally lodged on January 10 last year. A formal FIR was only filed a year later on January 19.

This case, he said, followed the same pattern as cases of Nirav Modi and Mehul Choksi and other economic offenders.

The Congress also raised the issue of rising non-performing assets. “Instead of building a five trillion economy, the BJP has waived off bad loans and emptied public savings to the tune of ₹5 lakh crore,” Mr. Shergill said.

Rahul’s tweet

Former Congress President Rahul Gandhi too on Twitter flagged news stories about doubling of NPAs with Life Insurance Corporation of India. He accused the government of risking people’s future by damaging the financial health of LIC. According to news reports, the NPAs with LIC had doubled and now stand at ₹30,000 crore in five years. “Crores of honest people invest in LIC because they trust it. The Modi government is risking their future by damaging LIC and destroying the trust the public has in it,” Mr. Gandhi said.

“These short-sighted actions create panic and can have catastrophic consequences,” he said.

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Printable version | Feb 24, 2020 10:46:42 AM | https://www.thehindu.com/news/national/bjp-backs-policy-of-loot-and-scoot-congress/article30627661.ece

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