Posted on 21/07/2022
Updated on 08/08/2022
Suppose, hypothetically speaking, I have taken a loan of 2 lakh rupees from a PSU or Private Bank and I have cut a sorry figure to repay the loan. My mortgages would be seized almost immediately and I, a willful defaulter, would be incarcerated.
However, in India, the astronomical amount of loans taken by willful defaulters (amounting approximately to a staggering 90k crores!) are either waived off or written off. They are thereby allowed to roam scot-free like discharged jailbirds. Why these lumpen bourgeoisie are not caught and the money taken by them be invested in the welfare of the Indian republic? The same thing should also be applied in the case of those who deposited money in the Swiss Bank. Last year, during the Second Wave of the Pandemic, PSU Banks had technically written off 68k crores in favour of such super-rich willful defaulters!
Banks Technically Write Off Over Rs 68,000 Cr Loans, Choksi Among 50 Top Wilful Defaulters: RTI VIEW HERE⤡ (As reported on 28th April, 2020 ©News 18)
Why Interpol is not taking action against the fugitives despite the fact that red notices have been issued in the name of those business tycoons after the same was appealed by the National Crime Bureau?
Why India’s red notice requests gather dust VIEW HERE ⤡ (As reported on 19th November, 2018 ©Times of India)
It is quite transparent that without taking any help from the ruling party, these willful defaulters could not fly away from India to other countries (mainly England).
38 wilful defaulters including Nirav Modi, Vijay Mallya fled India in last 5 years VIEW HERE ⤡ (As reported on 15th September, 2020 ©India Today)
The total defaulting amount is more than enough for the sustainable development of India, if not misused for statue-nationalism, temples, new Parliament building or the Central Vista Project, the Vishwanath Mandir corridor etc.
Top 100 wilful defaulters owe lenders Rs 84,632 crore VIEW HERE ⤡ (As reported on 9th February, 2021 ©Economic Times)
Here are some screenshots from the official portal of the Interpol, which contains red notices that have been issued in the name of these stray vultures:
Let us compare the default amount of beleaguered company DHFL and the entire default amount of the willful defaulters:
This type of negligence from both the Indian nation-state and the international body, viz., Interpol, is hampering the financial ecosystem of the country. Our Honorable Prime Minister, before being a PM, declared in a election rally, that he would bring back the black money, deposited in the Swiss Bank.
However, Indian kitty in Swiss banks jumped 50% to over ₹30,000 crore in 2021 VIEW HERE ⤡ (As reported on 16th June, 2022 ©The Hindu)
Whom do we, the citizen of India, blame: the crony ruling party, whose assets are increasing by leaps and bounds or the ramshackled Indian judiciary?
UPDATED-ANALYSIS OF INCOME & EXPENDITURE OF NATIONAL POLITICAL PARTIES FOR FY 2018-19 VIEW HERE ⤡ (as reported on 25th June 2020) ©Association for Democratic Rights in India (ADR)
ANALYSIS OF ASSETS & LIABILITIES OF NATIONAL PARTIES– FY 2016-17 and 2017-18 VIEW HERE ⤡ (as reported on 31 Jul 2019 © Association for Democratic Rights in India ADR)
ANALYSIS OF DONATIONS FROM CORPORATE & BUSINESS HOUSES TO NATIONAL POLITICAL PARTIES FOR FY 2018-19 (KNOWN DONATIONS ABOVE RS 20,000 ONLY) VIEW HERE ⤡ (as reported on 20 Nov 2020 © Association for Democratic Rights in India ADR)
Rs 13.33 cr or 99.75% of such donations without PAN as well as address details worth Rs 13.364 cr belong to the BJP.
1. BJP’s Declared Assets Increased By 627% in 10 Years: ADR Report VIEW HERE ⤡ (as reported on October 17 2017 © BloombergQuint)
2. BJP highest earner in FY19 at Rs 2,410 crore; TMC’s income spikes 3,628% VIEW HERE ⤡(as reported on January 16, 2020 © BusinessToday)
3. BJP’s assets increased by 22% in 2017-18, Congress’ down by 15%: ADR VIEW HERE ⤡ (as reported on 01 Aug 2019 © Economic Times)
Following report of the Cobrapost alleged that political donations (as expected in the crony capitalist scenario) worth crores of rupees to the Bharatiya Janta Party (BJP), in violation of Section 182 of Companies Act, 2013 for political donations.
DEWAN HOUSING FINANCE CORPORATION LIMITED- THE ANATOMY OF INDIA’S BIGGEST FINANCIAL SCAM VIEW HERE ⤡ (as reported on January 29, 2019 ©Cobrapost)
Even, it is alleged that in case of individual party member is also gaining through nepotism, e.g.,
Amit Shah’s Son Delayed Filings, His Total Income Rose By 15000% From 2014-19: Report VIEW HERE ⤡ (As reported on 5 Nov 2019 ©The Logical Indian)
Amit Shah’s son’s ₹6 crore company got credit facility worth ₹97 crore, says Congress VIEW HERE ⤡ (As reported on11 Aug 2018, ©National Herald)
Hence, it is beyond the shred of doubt that India is witnessing a massive surge in financial corruption in favour of the creamy layer of the country, the parasitic super-rich. It has become an oligarchical, Orwellian state— where the human rights are infringed without turning a hair.
A NOTE ON THE DIFFERENCE BETWEEN ‘WAIVING OFF’ AND ‘WRITING OFF’ LOANS: We must clear the distinction between “waiving off” and “writing off” loans: Difference Between Loan Write-Off and Loan Waive-Off VIEW HERE ⤡
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