Rs 31,000 cr scam: Rahul Gandhi is right to say Chowkidar hi chor hai, says Prashant Bhushan

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Noted Supreme Court lawyer Prashant Bhushan on Tuesday said that Congress President Rahul Gandhi was right to call Prime Minister Narendra Modi a thief. Speaking at an event to reveal India’s largest financial scam by Cobrapost website, Bhushan said, “Rahul Gandhi is right to saw, we’ve made a chor (thief) our chowkidar (watchman).”

He said that a probe should be launched to see how often the promoter of DHFL,  Wadhawans met Prime Minister Narendra Modi. According to documents unearthed by Cobrapost, the DHFL group had made a donation of Rs 19.6 crore to the BJP.

This was after in what appears to be the biggest financial scam in Indian history, the primary promoters of DHFL were alleged to have siphoned off more than Rs. 31,000 crore of public money. The scam, according to Cobrapost, has primarily been carried out through grants of loans and advances to shell companies and by using other means. Money has also been routed through these dubious companies and parked outside India, to acquire assets. Cobrapost has unearthed the scam by closely analyzing documents available with public authorities and information available in public domain.

The biggest victim of this alleged scam, according to Cobrapost, are Indian banks that are already reeling under enormous stress due to scams hitting the PNB, AXIS BANK and ICICI.

Together these banks have a cumulative liability of a whopping Rs 96,880 crore. These are mostly public sector banks with the exception of Kotak, ICICI, HDFC and Axis. Loans issued by the State Bank of India amounts to Rs 11,650 crore, while Bank of Baroda and Bank India loaned more than Rs 4,000 crores each.

Neither the DHFL nor the Indian government have commented on the sensational revelation.

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