India's fight against corruption : News & Disscussion

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RISING SUN

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Dec 3, 2017
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UAE allows banks to share Winsome Group information with India
The United Arab Emirates (UAE) has given a go-ahead to banks to share vital information with India in relation to the Winsome Group case, according to a report by Economic Times.

Diamond house Winsome Group is India’s second-largest wilful defaulter after Vijay Mallya’s Kingfisher Airlines. UAE’s banking regulator and monetary authority, the Central Bank of the UAE, communicated its decision to banks, a week ago, the report suggests. Moneycontrol couldn’t independently verify the report.

Standard Chartered, which is one of the members of the consortium of lenders that had financed the two Winsome Group firms -- Winsome Diamonds and Jewellery and Forever -- has a large network of branches in UAE. The two firms together owe Rs 6,800 crore to 15 banks.

According to the report, the Central Bureau of Investigation (CBI) could establish the money trail with the information about the movement of funds in and out of the bank accounts of Winsome Group firm, subsidiaries and clients in UAE.

The report suggests that the investigative agency will use the information to build a case that the diamond house defrauded banks by transferring money to related parties which were disguised as genuine customers.

“CBI had approached Reserve Bank of India in seeking the support of the UAE central bank. UAE bank information would be crucial in verifying Jatin Mehta’s story…The money trail audit done by Punjab National Bank is limited to Indian bank accounts. It may not lead them anywhere,” a person familiar with the CBI investigation told the newspaper.
UAE allows banks to share Winsome Group information with India
 
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Key CBI sleuth in Nirav Modi probe repatriated
CBI joint director Rajiv Singh, who was supervising the probe into Rs 13,578 crore Punjab National Bank scam involving Nirav Modi and others, has been prematurely repatriated with “immediate effect” to his parent cadre of Tripura.

Joint director Nina Singh, who was heading special crimes zone in CBI, has also been sent back to her parent cadre of Rajasthan. Other than Rajiv Singh, two other CBI officers from the Tripura cadre — R Gopal Krishna Rao (SP) and DIG Anish Prasad — have also been repatriated to the state.

The move comes a week after CBI filed two chargesheets against Nirav Modi, Mehul Choski and top PNB officials, including former MD-CEO Usha Ananthasubramanian, in the scam and there are plans to issue a red corner notice against Modi and his family members.

Officials said repatriation of 1993 batch IPS officer Rajiv Singh was done by the government after Tripura chief minister Biplab Kumar Deb recently wrote to the Centre asking it to send back the IPS officers serving on deputation at the Centre. Sources said shortage of officers in in the state was cited as the reason.

“Rajiv Singh has already led filing of chargesheets in PNB scam, so 80% of work is already done. The rest of the investigations can be easily pursued by another officer now,” said a CBI official requesting anonymity. Singh had earlier successfully probed several financial frauds including the Saradha and Rose Valley chit-fund scandals.

Under his supervision in the last four months, CBI’s Bank Security and Fraud Cell (BS&FC) registered over 40 cases related to major bank frauds against Rotomac, Simbhaoli Sugars, and other big names while a preliminary enquiry was initiated against ICICI Bank CEO Chanda Kochhar’s husband Deepak Kochhar.

Rajiv Singh has already led filing of chargesheets in PNB scam, so 80% of work is already done. The rest of the investigations can be easily pursued by another officer now, said a CBI official
Key CBI sleuth in Nirav Modi probe repatriated - Times of India
 
Vijay Mallya’s extradition: Sushma Swaraj reveals what PM Narendra Modi told Theresa May about Indian jails
External Affairs Minister Sushma Swaraj said Prime Minister Narendra Modi had brought up the issue of defaulter businessman Vijay Mallya when he met his British counterpart Theresa May during the Commonwealth summit last month. Mallya is wanted in India on charges of money-laundering and loan default.
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PM Modi with Britain's Theresa May |Photo Credit: ANI

New Delhi: External Affairs Minister Sushma Swaraj said on Monday that Prime Minister Narendra Modi communicated to his British counterpart Theresa May that UK courts asking about the conditions of Indian jails was not right “as these are the same prisons where they (the erstwhile British colonial authorities) had jailed our (Indian) leaders like Mahatma Gandhi and Nehru”. Swaraj was responding to a question on the efforts being made for the extradition of defaulter businessman Vijay Mallya to India.
She said Modi had brought up the issue of Mallya when the two leaders met during the Commonwealth summit in London last month. Earlier this month Mallya, who is wanted in India on charges of money-laundering and loan default, lost a key lawsuit filed by Indian banks in a UK court that were seeking to collect more than $1.5 billion from him.
The judge refused to overturn an order freezing Mallya's assets and upheld a ruling by an Indian court that a consortium of Indian banks was entitled to recover funds from the former liquor baron.

In 2016, the 62-year-old Mallya left India when banks were trying to recover about Rs 9,000 crores in unpaid loans to the premium Kingfisher Airlines, which the flamboyant businessman had started in 2005 (but it shut down years later).
He was later arrested in the UK following a warrant issued by Indian officials that accused him of conspiracy to swindle IDBI Bank via a Rs 91 billion loan to Kingfisher Airlines.
Last week the NSE issued a show-cause notice to Mallya’s UB (Holdings) for delisting its shares since trading had been suspended for a long period owing to regulatory non-compliance.
Vijay Mallya’s extradition: Sushma Swaraj reveals what PM Narendra Modi told Theresa May about Indian jails
 
Digital India is a fight against graft, black money: PM Narendra Modi
PM Narendra Modi has said the Digital India programme has helped check black marketing and corruption, and asked people to use RuPay, the Indian version of credit/debit cards, to ensure that transaction and processing fee is not earned by foreign companies.

Modi, who interacted with beneficiaries of the various Digital India efforts and representatives from common service centres (CSC) on Friday, said when RuPay is used, the money remains in India and is used for development works and infrastructure projects.

Modi associated the use of RuPay cards with nationalism. "Not everyone can go and fight on the borders. Using Ru-Pay is also a kind of national service," he said, adding that more than 50 crore RuPay cards have been issued in less than four years of its launch.

Speaking about the Digital India programme, he said it is a war against touts and middlemen and has helped the government check the spread of black money and black marketing while creating immense job opportunities in smaller towns and rural areas.

IT minister Ravi Shankar Prasad also said that the Digital India initiative was aimed at digital inclusion, and empowering the underprivileged with the power of technology.

"Digital India is a fight with dalali (touts)," he said. "Digital India has checked black money and black marketing and uprooted middlemen… The movement towards more digital payments is linked to eliminating middlemen."

Modi added that 23 electronic manufacturing centres have been set up in 15 states and the number of units manufacturing mobile handsets and their components have multiplied from just two in 2014 to over 120 now, providing employment to 4.5 lakh people.

Also, the Rs 550 crore BPO promotion scheme has led to the creation of two lakh job opportunities, the PM said.
Digital India is a fight against graft, black money: PM Narendra Modi - Times of India
 
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I-T department recovers record Rs 1 lakh crore in FY18: Report
The Income Tax (I-T) Department has made record recoveries of Rs 1 lakh crore in 2017-18, contributing 10 percent of total direct tax collection in the last financial year, according to a Business Standard report.The department resorted to a number of coercive measures such as selling of assets, which resulted in 33 percent growth in arrears and tax recovery, the highest-ever, according to the report. Taxmen sent notices to directors of defaulting companies, holding them liable to pay tax demands, the report added. Besides selling movable and immovable assets to make recoveries, the tax authority also filed prosecution cases against those who did not pay the demand.

In FY17, there was a 10 percent growth in recoveries at around Rs 75,000 crore. “Recoveries by the department contributed a large chunk to our direct tax collection. The focus was prosecution, selling assets and pushing for convictions to make recoveries. We opted for a lot of unconventional measures. In the current fiscal year as well, the focus will continue,” a senior tax official told the paper. The source added that 15 properties were sold by the department in FY18 to recover tax dues. “In addition, we also emphasised on creating a rapport with the courts for expedited judgements. We encouraged counsel to meet the judges regularly and ask for early hearings,” the official noted.

Of the Rs 1 lakh crore, Rs 60,000 crore were pertaining to arrears carried forward and Rs 40,000 were fresh demands made during the fiscal.
I-T department recovers record Rs 1 lakh crore in FY18: Report
 
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Red Corner Notice issued against Nirav Modi
A Red Corner Notice has been issued against absconding diamantaire Nirav Modi by the Interpol in connection with the multi-crore Punjab National Bank (PNB) scam.

Interpol has also issued Red Corner Notice against Nirav's brother Nishal Modi and his company's executive Subhash Parab in connection with the scam.

This comes after the Enforcement Directorate (ED) requested the Interpol to issue the notice against Nirav, who is wanted in India in the money laundering case.

It is to be noted that the notice issued by Interpol urges its member countries to detain or arrest an accused, who is wanted in a country.

Nirav, who is at the centre of the multi-crore bank fraud, is reportedly in the UK and needs to be extradited as non-bailable warrants (NBW) are already issued against him.

On June 28, the Ministry of External Affairs (MEA) official said India has requested a group of countries to deny entry to Nirav.

The Ministry also sought assistance from some European countries including France, United Kingdom, and Belgium to trace and restrict Nirav's movements.

For those unversed, the PNB detected the multi-crore scam this year, wherein Nirav and his uncle-cum-business-partner Mehul Choksi had allegedly cheated the bank to the tune of USD 2 billion, with the purported involvement of a few employees of the bank. (ANI)
Red Corner Notice issued against Nirav Modi
 
Govt, RBI plan setting up database to track all non-cash transactions: Report
The Centre and the Reserve Bank of India (RBI) are planning to set up a database or a 'search engine' to track all non-cash financial transactions in the country, the Times of India reported.

The move is aimed at widening the government's crackdown on black money and will help RBI establish a money trail to investigate money laundering cases and operations of shell companies.

The new platform will allow RBI to record all non-cash transactions and share them on a need-to-know basis, a senior government officer told the newspaper.

"It is not going to be available on tap but will be shared based on a specific request," the officer was quoted as saying.

The RBI has reportedly held preliminary discussions on the matter after the finance ministry, income tax department and some investigating agencies deliberated on it in order to widen their scope of cracking down on shell companies and money laundering.

It is not clear whether the proposed tool will be sufficient to help investigating agencies track transactions meant to siphon off money. Tracking all transactions related to an entity and its key functionaries may be difficult in the current setup, officials told the paper.

The government feels that a trail of transactions is crucial to get rid of shell companies. Theoretically, shell companies are companies without active business operations or significant assets. They can be set up by business people for both legitimate and illegitimate purposes.

These entities may route funds through a maze of companies and earn a commission for it.
As of now, the Financial Intelligence Unit tracks suspicious transactions and all cash transactions of over Rs 10 lakh.
Govt, RBI plan setting up database to track all non-cash transactions: Report
 
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CAG report unearths massive land allotment scam in Karnataka with children named as beneficiaries
A report released by the office of the Comptroller and Auditor General of India (CAG) has shocking unmissable anomalies in the allotment of government-owned land in Karnataka' state capital, Bengaluru city. Titled 'Grant, lease and eviction of encroachment and regularisation of unauthorised occupation of government land', the report comes barely days after a survey done by the Centre for Media Studies concluded that Karnataka is the state where corrupt practices are most prevalent in the country.

In its audit analysis, CAG claims that close to 4.48 acre of government land has been encroached upon in Bengaluru. In fact, the report further alleges that about 117 acres of public land have been signed over to two dozen beneficiaries. However, what is surprising is that these beneficiaries are all minors aged between 7-17 years. The CAG's findings suggest that the encroachment is likely to cause thousands of crores in loss to the exchequer.

Officials with the agriculture and the revenue department have been deemed reprehensible for the allotment. Sections of the media suggest that 30-40 cases have been registered department-wise against erring officials. An investigation into the matter revealed discrepancies with the inventory management machinery and the procedure of application for allotment of government land in Karnataka.
The report also established that the state government had extended the grants or leased out land reserved for public use despite it being a clear violation of the Karnataka Land Revenue Rules.

Agricultural Minister of Karnataka, Shivshankar Reddy said that action has to be taken on the officers who gave a grant or passed the resolutions. He added that underage citizens cannot be made owners of a property.
CAG report unearths massive land allotment scam in Karnataka with children named as beneficiaries
 
Congress lies busted: UPA govt did not blacklist AgustaWestland, Modi govt did and never withdrew the blacklisting
After the Enforcement Directorate told a court that Christian Michael, the middleman in AgustaWestland AW101 deal, has named some “Mrs Gandhi”, “the son of the Italian lady”, the Congress party is scrambling to protect the “family”. And the party is trying to do that with the only weapon they have nowadays, lies.

Briefing the media, Congress spokesperson Randeep Singh Surjewala said that UPA government had blacklisted AgustaWestland, and Modi government removed the company from blacklisting on 22 August 2014. He also said that the AgustaWestland was given FIPB approval for FDI by the Modi government. Surjewala also said that Modi government allowed AgustaWestland to participate in the bid for navy helicopters.

Every sentence in the above para is a lie, and this is not the first time Congress is making these allegations. They have been alleging these for the last two years.

Let’s take them one by one.

Did UPA government blacklist AgustaWestland?
Congress party has been claiming for a long time that they blacklisted AgustaWestland company.

But the reality is, they did not. Although the UPA II government cancelled the VVIP chopper deal with the company, ordered a CBI investigation and recovered the money already paid, it did not blacklist the company. On 5 February 2014, then defence minister AK Antony had informed the Rajya Sabha that “no decision has been taken till date to debar the said company”.

The Finmeccanica group of companies, including the AgustaWestland, was blacklisted on 3 July 2014, means it was done by the Modi government.

The order dated 03/07/2014 blacklisting Finmeccanica including Agusta WestlandDid Modi government withdraw the blacklisting of AgustaWestland?
It is an absolute lie that the companies blacklisting was withdrawn by the government. On August 2 this year, the defence ministry had released a list giving detail of companies debarred and suspended from doing business with the ministry of defence. And in this release, the list of suspended companies includes AgustaWestland and Leonardo S.p.A., into which Finmeccanica was merged in 2016, and four other group companies. Which means that the companies are still blacklisted. In the same list, it is clearly mentioned the companies were blacklisted on 3 July 2014.

Defence ministry note dated 02/08/2018 informs that Finmeccanica & group cos are still blacklisted
Surjewala said that on 22 August 2014, Modi government whitelisted AgustaWestland, which is not true. The order issued by Defence Ministry’s vigilance department makes some modifications to the order blacklisting the company, it does not withdraw the blacklisting.

22/08/2014 order clarifies that Finmeccanica & group companies are barred from ongoing and future defence deals
The order, shown above, says that if there are any contracts with Finmeccanica group companies which are already under execution, or already have been executed but only regular maintenance etc are needed, such deals can continue. But Finmeccanica and its group companies cannot be provided tender papers for bidding in defence deals, if it has already submitted tender that will not be considered, and even if it has been declared as the lowest bidder in a tender, such procurement process will be put on hold. This order makes it clear that Finmeccanica and its group companies can’t participate in ongoing and future deals, only past deals can continue. It can be noted that there were no past deals with the company, with the VVIP helicopter deal cancelled.

Did Modi government give FIPB approval for FDI by AgustaWestland in India?
An FDI proposal by AgustaWestland to set up a joint venture with Tata Sons was approved by the government of India on 2nd September 2011, when UPA was in power, not Modi. It is important to note that this was a completely private sector deal, and not linked to VVIP chopper or any other deal by the defence ministry. A defence company blacklisted by defence ministry means it can’t participate in defence ministry deals, it is free to do other business subject to fulfilling norms. The JV with Tata, known as Indian Rotorcraft, was for AW119Ke helicopter, which is a civilian utility helicopter. The foreign investor in the JV was AgustaWestland, the Netherlands. But as it later merged with AgustaWestland, Italy, they had submitted an application with the FIPB to change the company’s name to AgustaWestland S.p.A, Italy, and they also wanted to change the helicopter to be made in India to AW119Kx, an upgraded version. In 2015, these changes were granted by the Modi government, but the original FDI proposal was already approved during the UPA government.

Did Modi government allow AgustaWestland to participate in the tender for Navy helicopters?
In August 2012, Indian Navy had issued Request for Proposal (RFP) for Naval Utility Helicopters, and AgustaWestland was one of the companies that had submitted their techno-commercial proposal in March 2013, during UPA government, when the VVIP chopper scam was already known and the Indian government had already started investigations. After coming to power, the RFP was scrapped by the Modi government, as it was decided that the helicopters will be manufactured in India under make in India program.

In August 2017, the government issued Request for Information for the purchase of 111 Naval Utility Helicopters, along with 123 naval multirole helicopters. The RFI was sent to Lockheed Martin and Bell Helicopter of U.S., Airbus Helicopters of France, and Russian Helicopters of Russia. Several Indian companies submitted their bids with proposed joint ventures with these companies, and AgustaWestland did not submit any bid for the contract.
Congress lies busted: UPA govt did not blacklist AgustaWestland, Modi govt did and never withdrew the blacklisting
 
'No Extradition, Abducted and Brought to India': Corporate Lobbyist Deepak Talwar’s Startling Claim
The Delhi High Court on Tuesday sought a response from the Enforcement Directorate on corporate lobbyist Deepak Talwar's plea challenging his detention after being brought here from Dubai.

Talwar, in Enforcement Directorate custody after being deported from Dubai on Thursday, has challenged his deportation before the court as being illegal.

Senior advocate Mukul Rohatgi, who appeared for Talwar, told the court that his client had been “abducted and brought to India”. Alleging that procedure was not followed, Rohatgi said extradition was not carried out.

Talwar is wanted by the ED and the CBI in a case of misusing over Rs 90 crore taken through foreign funding route as part of corporate social responsibility (CSR).

He has been charged with criminal conspiracy, forgery and under various other sections of the FCRA for allegedly diverting Rs 90.72 crore worth of foreign funds meant for ambulances and other articles received by his NGO from Europe's leading missile manufacturing company.

Talwar was booked by the ED and the Central Bureau of Investigation (CBI) in criminal cases of corruption, while the Income Tax Department charged him with tax evasion.

An alleged accused in the Rs 3,600-crore AgustaWestland helicopter deal - Rajiv Saxena - was extradited from the United Arab Emirates and brought back to India on Wednesday. Deepak Talwar, who is wanted in a money laundering case was also extradited from Dubai and brought back on the same flight as Saxena.

Both Saxena and Talwar were arrested by the Enforcement Directorate on their arrival.
'No Extradition, Abducted and Brought to India': Corporate Lobbyist Deepak Talwar’s Startling Claim
 
Extradition process against Mehul Choksi begins in Antigua
The extradition process against absconding diamond jeweller Mehul Choksi has begun in Antigua, official sources said Wednesday.

They said Indian investigative agencies like the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have sent across documents to authorities in that country to peruse and send back Choksi to India, accused in the USD 2 billion PNB fraud case along with his nephew Nirav Modi and others.
Nirav Modi was arrested by the London police on Tuesday as part of a similar extradition request India sent against him to the United Kingdom authorities.

The extradition process against Choksi is on and we are hopeful of a positive response from the authorities of Antigua and Barbuda, they said.

The legal processes are on and the probe agencies are looking forward to the next intimation by the authorities of that country, they added.

Choksi took Antiguan citizenship last year after he surrendered his Indian passport.

In August last year, India handed over Antigua a request for Choksi's extradition.

The businessman, who left India last year, is wanted by the CBI and the ED, which are probing the PNB fraud case, the biggest banking scam in the country.
Extradition process against Mehul Choksi begins in Antigua: Report
 
A few days ago, former Prime Minister Manmohan Singh wrote of the “palpable climate of fear in our society today" as one of the reasons for India’s economic slowdown. This fear is partially caused by a crackdown on corruption, which is choking new projects, investments and bureaucratic decisions. The slowdown is partially a result of the government using harsh methods to eliminate corruption, black money and tax evasion. This may sound strange. How can attempts to end corruption slow the economy down? Shouldn’t it be the other way around? Shouldn’t a clean and corruption-free society foster economic growth?

Economists have quite a bit to say on the issue. Corruption, defined as “the use of public office for private gain", is usually said to hamper efficiency and economic growth. However, economists have also made the case that in certain institutional settings, corruption often helps economic efficiency and growth, and one must be careful to distinguish between “good corruption" and “bad corruption". In countries that have burdensome and pervasive regulation, “good corruption"—or rather, the type that increases efficiency—might actually help improve economic growth.

India has a nightmarish regulatory system, inherited from the British Raj and subsequently from its socialist Licence-Permit-Raj era. Despite some deregulation in the 1990s, India remains overregulated. Over-regulation combined with a weak state fosters corruption. Cumbersome rules that make market entry difficult or impose costs on legitimate economic activity, if well-enforced, tend to hamper growth because they create high barriers for new projects, investments and entrepreneurial ventures, and this hurts economic activity.

In this kind of institutional setting, economic activity facilitated by corruption could be the next best alternative. One of the initial models developed around this idea was by Nathaniel Leff in his 1964 paper Economic Development Through Bureaucratic Corruption. He argued that, “If the government has erred in its decision, the course made possible by corruption may well be the better one." Others, like Francis Lui, developed queuing models, where “speed money" helps move files along myriad administrative departments and helps get ahead in slow moving queues. Samuel Huntington is even more forgiving in his book Political Order In Changing Societies, where he argues that, “In terms of economic growth, the only thing worse than a society with a rigid, over-centralized, dishonest bureaucracy is one with a rigid, over-centralized, honest bureaucracy".

As an economist, Manmohan Singh likely knows the difference between “good" and bad corruption. The Indian economy, especially its small and informal business sectors, has been high on corruption because India’s regulatory structure is a disaster. Virtually everything is controlled, and anything could be deemed illegal. Most businesses in India are informal because the cost of formality is too high. And informality often brings with it corruption. Coming down hard on this kind of corruption, especially in the informal sector, hampers economic growth. The argument is not that corruption is objectively and unconditionally good. Rather, it is that achieving high economic growth under the current regulatory structure will likely be accompanied by a large degree of informality and corruption.

The Manmohan Singh government may have gone to an extreme, as it seemed to turn a blind eye to corruption in India. India witnessed rapid growth under Singh’s leadership, but also had several corruption scandals. His silence on these scandals could be interpreted as support for corruption and nepotism at high levels. And while Prime Minister Singh, who was in office from 2004 to 2014, should have been more circumspect about political shenanigans around him, economist Singh may possibly have had the correct intuition.

Unfortunately, the Narendra Modi government seems to have gone to the other extreme, essentially going to war against corruption and the informal economy, killing a lot of economic activity in the process. Demonetization and the current tax harshness are examples of this kind of faulty economic thinking because much corruption in India is occasioned by the regulatory framework. The government needs to recognize that India’s informality and accompanying corruption will end only when it is easy and profitable to do business formally. The corruption scandals under the United Progressive Alliance related to telecom spectrum allocations, mining licences, etc., disgusted citizens and led to distrust of the ruling class. These cannot and should not be condoned. But these must be differentiated from the good, or at the very least, “necessary" corruption across India’s informal economy.

To fix this, India needs sensible economic thinking. India needs a second incarnation of the 1991 reforms, a wholesale revision of its regulations, especially in the factor markets of land, labour and capital. The current government’s assault on corruption, if accompanied by liberalization and deregulation, could help the Indian economy grow faster and also deliver a functional and clean society. Deregulation will eliminate the need for “good corruption". And then, state capacity can be reserved for the “bad corruption" that’s attempting to capture India’s top institutions and privileges. Without reforms, an assault on corruption will likely slow the economy down even further.

Shruti Rajagopalan is senior fellow with the Mercatus Centre at George Mason University, US

Opinion | India ought to distinguish ‘good corruption’ from bad

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What a twisted article.
The solution is to cut down on redtape and bureaucracy to allow better economy, instead of allow corruption so that redtape is bypassed.
And this is what the govt has been doing with Ease of Doing Business jumping up.
Congress is attempting to even corrupt the thought process to hide their trackrecord.
No wonder the suggestion came from a congress PM.
 
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All the ingredients are there, all it needs is good cooks.

The largest drivers for the economy could be actually the PSU's changing management. The units where the government doesn't want to disinvest at least get better leaders to change them. ONGC, HPCL. OIL, BHEL, BEL, BDL, EIL, NTPC, MDL, CSL, and a lot more are sitting on loads of cash which is people's money that needs to be recirculated in the market that would jump-start the growth cycle. At least have a strategic plan to ensure a 15%CAGR and 20% book growth YoY strategy for 50% of the PSU, the numbers would be mindnumbing.
 
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