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Illegitimate money flows from India have long been the primary business of a group of insider traders and system manipulators that may be described as operational associates of the PC network. This is the “Mumbai Financial Force”, a small and secretive group... .
The MFF may more accurately be described as the Mumbai Financial Fraud Force (MFFF). Given the number of senior officials who have derived monetary and other benefits from the PC-linked MFFF...
Given the number of senior officials who have derived monetary and other benefits from the PC-linked MFFF, it is small wonder that any infraction of law that comes to light usually gets described and later compounded as a “procedural lapse”.
Harshad Mehta’s Narasimha Rao-era formula for rigging the movement of share prices so as to loot the small investor went unobstructed for years, owing to a “procedural lapse”, according to officials.
The co-location shenanigans in the National Stock Exchange (NSE) have yet to yield any of the perpetrators before the portals of justice. Indeed, the matter is being treated—not just even but especially by SEBI—as largely a “procedural lapse”.
During the period when Chidambaram was Union Minister for Finance, nationalised banks were made to sell loan assets at throwaway prices to a very few investors. These loans were before long resold to others at a huge profit.
Thus far, no forensic audit has been undertaken of such loan asset sales by Public Sector banks during the Chidambaram period.
Among the most successful operations of the PC network was the MCX matter. The then MD of MCX was the classmate of an individual at the heart of the algo transactions, and he was reported to have shared live data with his classmate for the benefit of select clients.
There is a network of present and former officials regarded by their peers as having facilitated the operations of the MFFF and the PC network. Only a CBI enquiry into the PC-MFFF nexus would unearth the truth... .
It has been estimated that the loss to the public of lack of sincere regulation has led to more than 71% of the NPAs incurred since 2001 by banks run by the govt. Only 29 per cent of NPAs have been caused by genuine borrowers whose failure to pay was based on the market... .
Once the CVC & the Home Ministry take up with the Finance Ministry the manner in which delay in sanctioning prosecution of the 4 officials is sabotaging PM Modi’s efforts at cleaning up the system, it will be difficult for the PC network to sabotage such sanction for much longer.
