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Punjab National Bank (PNB) SCAM
16 February 2018
SARCAJC’S cartoonist has also made a few toons- Mega Bank Scam (PNB).
17 February 2018
Newspaper of the Day on PNB Loot:
Most newspapers are carrying details of the government action of raids, passport suspension, post hue & cry over Nirav Modi Scam, which is over a billion rupee. Dainik Bhaskar stand out today for its large colored cartoon on page 12, where a seeming retired bank officer in formal rags is frying pakora, behind is the logo and board of PNB. He is seem telling a small boy & man (looking surprised) - “PNB.. Meaning pakore naram banege (pakoras will be soft”. The editorial of the day has been penned down by Kalpesh Yagnik, the Group editor of by Dainik Bhaskar which has appeared with heading-“Nirav Modi has looted- who will imprison those who allowed him to loot? “. Kalpesh has informed the readers in details of the mess and has not minced words . Kalpesh questioned why for such a big scam (over Rs billion ) only junior bank employees have been have been made accountable (read suspended) , while top ones have been spared. He has criticized the audacity of the present CEO of PNB - Sunil Mehta to come in front of the media and state in relaxed manner- “Bank is able. Will not allow any loss to any investor/customer””. …He should have been suspended. Court case should have been filed against him. All public sector banks have made a cruel joke. He recounts that for Vijay Mallya scam, State Bank of India (SBI) has not even suspended even one employee, forget any going to jail. He goes on to explain how PNB fraud was executed in simple language. He holds the government responsible. And ends- “Banks are ours. …Bank loss is like our loss. Have to save.”. Not surprising, Dainik Bhaskar claims on its masthead-”You re reading country’s most trusted and Number 1 Newspaper”.
16 February 2018
The Indian banking lead by public sector banks is reeling under tremendous stress, thanks to lack of accountability. Apart from huge pile up of Non performing assets, now scam has emerged in lead by Punjab National Bank (PNB).
Look closer to the front page headlines in newspapers scanned by us today:
“Finding NiMo: Nirav & Kin left India by Jan 6”(Times of India)
“ËD seizes assets worth Rs.5100 cr (Financial Express)
“ED seizes Rs. 5100 crore of Nirav Modi assets(Hindu Businessline)
“Pay up, RBI tells PNB”(Business Standard)
“Ägencies seize Rs 5100 cr from Nirav Modi’s firms”(Mint)
“Rs 5100 cr assets seized in PNB case”(Hindu)
“Nirav Modi Virus spreading rapidly”(DNA)
“ËD seizes Ts 501k cr Nirav Modi assets”(Hindustan Times)
“Cong targets Modi on Nirav ‘lonk’, ED seized Rs 5k cr gems” (Asian Age)
“Alerted on scam, govt did nothing: Cong”( Tribune)
“Fraud expands: Rs 3000 cr more from 17 banks, money laundering evidence”(Indian Express)
“Raid on Nirav Modi’s 17 places, jewellary worth 5100 cr seized”(Punjab Kesari)
“Raid on Nirav Modi’s 17 places”(Hindustan)
“Raid by ED on Nirav’s places property worth 5100 cr seized”(Dabang Duniya)
“ED raids Nirav, seizes Rs 5100 cr jewelley”(Pioneer)
“PNB scam: ED seizes Rs5100 cr worth Diamonds, jewellery”(Statesman)
Hindu- “Gen of Scam”- urges for speedy investigation to resolve faith in the banking system, though also concedes- “The banker -borrower nexus has been blamed for problem in banking system for years..”
DNA- “Bank Fraud”- alleges- “It is still the tip of the iceberg”.
Asian Age- “Is huge fraud really an aberration?”
Indian Express- “A costly delay”, blames government for being late in undertaking cleaning of bank balance sheet
Business Standard- “Bank Vulnerabilities” argues for accountability imposed from government”.
Times of India- “Money for Free”. Argues for privatization of banking system, Public sector banks in India are in “Governance collapse”.
Pioneer-”A fraud for the ages”. It goes on to state the obvious- “ ..Scale of fraud in PNB shows there is something deeply rotten in India’s public sector banks..The Indian public sector banking sector is in a deep state of rot & 4 years into his administration, Narendra Modi should be worried..”. The editorial ends with a pertinent question-”…But is there more bad news on the horizon?”
Tribune- “Loot with impunity” . Indeed-”Crony capitalism & risking bank frauds”. Only editorial to have pin-pointed need for bringing creamy layer in PNB to book-”… Bank frauds will never stop unless Chairman & top management are held accountable for lapses”. Opps- “lapses’ or “corruption”?
However, despite the huge scam, PNB Housing did not hesitate to place advertisements newspapers such as Financial Express, Hindus Buinessline, Hindustan Times featuring elephants, penguins, bear, monkeys. The caricatures of Mallaya, Nirav & crushed tax payer appeared in Times of India. The cartoon by Jayanto in Hindustan Times, and a large toon in Punjab Kesari on page 4. The front page of Malayama Manorma featured cartoons with prominence - Nirav Modi fleeing on plane inscribed- Rs. 11400 cr, ahead of him is Vijay Mallaya flying in place inscribed- “9000 cr”.