Illegal sand mafia is flourishing in the state with the full support of Shivraj Singh Chouhan government, and the perpetrators are mostly relatives of the CM. In 2017, the CM announced that there will be no illegal sand mining from the Narmada. This was followed by trucks and dumpers overloaded with illegally mined sand getting caught by a mining officer. Later it was found that these dumpers belonged to the son of the CM’s younger brother.
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Liabilities of yet another company, Infrastructure Leasing & Financial Services(IL & FS), due to steady default, is leaving a direct impact on the Indian economy. The company owed ₹91,000Cr to banks, finance institutions and ordinary investors as of 31st March 2018. The company's net profit has fallen by 900%. Its debt jumped by 44% and now does not have the resources to pay back the loans. Its equity now has been classified as 'junk' by the rating agencies, thus dismissing any chance of redeeming the loan. India's biggest insurer, LIC, the biggest bank, SBI and the Central Bank of India hold 40% of the equity of IL&FS. How did a company, with 40% of its share owned by LIC, SBI and Central Bank of India, accumulate a debt of ₹91,000Cr ? How did this go unnoticed by the representatives of LIC, SBI, etc.? Adding fuel to fire, the PMO and the Finance Ministry are now pressurising the RBI, SBI, LIC and NHAI to bail out this company. Here, it is to be noted that 35% shares of the company are owned by foreign investors, a Japanese fund and an Abu Dhabi fund being the major ones. By forcing Indian institutions to bail out this sick company, the Modi government will also be bailing out the foreign investors. Why is the government showing an extraordinary amount of interest in bailing out IL&FS using public money?
Image Courtesy: Financial Express
Around Rs 54 crore was misappropriated in the Indira Priyadarshini bank in Chhattisgarh since 2003, till the fraud came to light in 2006. The bank offered huge amounts to Chief Minister Raman Singh, who was also the manager of the bank then, and his ministers.
Dinesh Patel, son of late PCC Chief Nand Kumar Patel, was killed in a Maoist ambush on a Congress convoy when he was about to expose this scam through a CD which had ample evidence.
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Indigold Refinery was allowed to sell two lakh square metres of land in Kutch, which was allotted to set up an industry, to another business firm. The then Revenue Minister of Modi Government, Anandiben Patel, allowed the sale violating the concerned rules. In 2014, the Supreme Court set aside the allotment and called Patel’s action ‘arbitrary’.
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There was a huge amount of corruption during the International Film Festival of India (IFFI) which led to a loss to the state exchequer. CAG has exposed a Rs 5 crore scam in tendering of some works for the IFFI 2014. CAG report also observes that in addition to this, the Entertainment Society of Goa (ESG), the nodal agency for holding IFFI, has incurred an additional expenditure of Rs 61.69 lakh for the work carried out by agencies appointed separately for decoration, etc. CAG also revealed that ESG spent Rs 40 lakh for procuring 11,500 tote bags to be distributed to delegates but only 8,400 bags were supplied and there is no account for the rest.
Image Courtesy: India Today