Over more than 2 decades, the former FinMin, who is 5th in importance in the Congress Party after Sonia Gandhi, Rahul, Priyanka & Ahmed Patel, has established a network of officials who have assisted him in operations not (in the view of experts) congruent with his Oath of Office
Throughout Modi 1.0, sufficient action against Chidambaram and his associates was stymied by the “PC network”, including by a cleverly created misperception that such an action would destabilise stock markets and generate a negative impression among global investors.
It is clear that Prime Minister Narendra Modi has himself given the green light to go forward on the matter of the former Finance Minister, no matter what the fallout. The fallout has been underwhelming.
North Block remained unchanged in mindset and functioning even after the 2014 Lok Sabha polls, and among the consequences has been the continued operation of the PC-backed Mumbai Financial Force (MMF) and their high level backers in the Lutyens Zone.
Because of the scale of the misdeeds committed by the still active and influential “PC network”, it was expected in 2014 itself that swift action would be taken against the principal depredators who have hollowed out key elements of the economy, including from 2004 onwards.
However, not only did North Block not initiate such justice, those active in the MMF continued to have rich pickings thanks to “PC network” contacts retained in key positions within North Block.
US Treasury has been willing to share software that is capable of tracking money flows with pinpoint accuracy in most locations, barring a few territories [...] As yet, this offer (which is still standing) has not been taken up by North Block, according to the experts spoken to.
An expert made the disturbing claim that the list of illicit overseas bank accounts of citizens of India that was obtained from Germany during Modi 1.0 had several names that were removed by certain officials before the list was passed on to locations outside North Block.
Among the claims is that a very high official in the Enforcement Dir. (ED) has for decades been “exceptionally close” to a Congress politician from Gujarat known to be the closest aide of Sonia, and that this official “routinely passes on information” (to the Congress politician)
The sources who gave a confidential briefing claim that several important ED cases have been “deliberately slowed down almost to a stop” by the very senior officer concerned, on instructions from the Congress leader.
Examples given were the enquiries into Sterling Biotech, Robert Vadra and the matter of FIBP approval for a private airline done on “instructions of then Union Minister for Finance” P. Chidambaram.
Properties in the Middle East were acquired by C.N. Thampi, an enterprising businessman based in the UAE, who is also reported by the sources spoken to of having helped secure land for Robert Vadra in Kerala and Haryana.
With the coming of Modi 2.0, the chokehold of the “PC network” on various institutions of governance has been reduced. This opens the door for the charges made by the expert officials to be investigated without getting slowed down because of internal sabotage caused by PC network
Expert sources spoken to say that some of the other matters needing investigation during Modi 2.0 include the matter of FIPB action in the matter of Katra Holdings, Nicholls Stein of South Africa and Diageo.
It is difficult to believe that issues relating to certain loans made by ICICI stopped at the door of Chanda Kochar, but this is what the agencies seem to believe...
The progress of the case against her resembles a trajectory slower than the onward progress of a snail.
The progress of the case against her resembles a trajectory slower than the onward progress of a snail.
The systematic looting of millions of small investors by a few vulture operators trading in coordination with the management of exchanges has continued in India irrespective of the government in power.
Corrupt officials, especially those affecting the economic wellbeing of the country, are a national security risk who need to be the focus of detailed investigation and enquiry.
Integrity within the financial system is core to the success of the economy. Matters such as the NSE co-location scam seem as yet not to be getting the attention they merit from the relevant agencies.
An official who was the right hand man of Chidambaram in several operations still enjoys a high position within the government, and is even being backed for a still higher post by a senior ruling politician with whom he struck a friendship during the UPA period.
In the view of the experts on global financial crime spoken to, unless the NSE co-location matter gets adequately probed and responsibility fixed, global investors will continue having doubts about the integrity of share and commodity markets in India.
While most members of the IAS are honest, and many are indeed outstanding in their dedication and competence, the bad apples need to be removed from the basket before they infect others with the disease of self before service.
Among the routes most commonly used to bring unaccounted money back to India are Participatory Notes (PNs). These reached a peak in 2007, when more than half of Rs 4.5 lakh crore of foreign portfolio investments were through such instruments.
Another matter awaiting attention in Modi 2.0 is the De La Rue matter. Why did an official bypass Finance Minister Chidambaram (despite being a favourite of his) and write to the Home Ministry to bypass the blacklisting of the company?
Why were orders issued for the supply of paper from De La Rue even three years after the Sheelbhadra Banerjee report was ready for implementation and after Finance Minister Pranab Mukherjee had in 2012 ordered De La Rue to be blacklisted?
When even Chidambaram as FM ordered the company to get blacklisted in 2010 itself, why did he stand by while an official close to him and who was known to always take his counsel allowed the contract with the company to continue?
If the official, Arvind Mayaram, comes clean on the episode, the minister who gave the actual commands deserves to be booked and Mayaram treated with leniency.
Why did Mayaram make it easy for Pakistan to produce counterfeit notes of Indian currency, and who is responsible for the fact that the old (and inadequate) security features of pre-demonetisation currency notes remain in the new notes?
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"𝐌𝐨𝐝𝐢 𝟐.𝟎 𝐨𝐯𝐞𝐫𝐜𝐨𝐦𝐢𝐧𝐠 𝐏𝐂 𝐧𝐞𝐭𝐰𝐨𝐫𝐤’𝐬 𝐬𝐚𝐛𝐨𝐭𝐚𝐠𝐞 𝐨𝐟 𝐞𝐜𝐨𝐧𝐨𝐦𝐲: 𝐄𝐱𝐩𝐞𝐫𝐭𝐬"
The Sunday Guardian
i.mdnalapat.com/tsg121019
"𝐌𝐨𝐝𝐢 𝟐.𝟎 𝐨𝐯𝐞𝐫𝐜𝐨𝐦𝐢𝐧𝐠 𝐏𝐂 𝐧𝐞𝐭𝐰𝐨𝐫𝐤’𝐬 𝐬𝐚𝐛𝐨𝐭𝐚𝐠𝐞 𝐨𝐟 𝐞𝐜𝐨𝐧𝐨𝐦𝐲: 𝐄𝐱𝐩𝐞𝐫𝐭𝐬"
The Sunday Guardian
i.mdnalapat.com/tsg121019
Modi has been clear that corruption will be fought to the close, no matter what political party the corrupt individual is from. Officials throughout the govt are watching this effort of a deceased politician’s daughter to transfer to herself those benami assets of the parent … .
