MSC Bank loan scam: police file FIR against directors

first_imgThe Economic Offences Wing (EOW) of the Mumbai police on Monday registered a first information report (FIR) against directors of the Maharashtra State Cooperative Bank for allegedly disbursing fraudulent loans leading to losses to the tune of crores of rupees. While no one has been named in the FIR yet, the bank’s directors, at the time of the alleged offence, include senior Nationalist Congress Party leaders like Ajit Pawar, Vijaysinh Mohite Patil and Anand Adsul.Joint Commissioner of Police (EOW) Rajvardhan Sinha confirmed that the FIR was registered on Monday. The Bombay High Court (HC), which is hearing a public interest litigation (PIL) regarding the case, had last week directed the EOW to register an FIR in the matter within five days. “We have only mentioned directors of the bank as the accused in the FIR for now, and further action will be based on investigations,” Mr. Sinha said. The FIR has been registered under the relevant sections for cheating and forgery under the Indian Penal Code.The HC issued the directive on a PIL filed by activist Surinder Mohan Arora, who alleged lack of police action on his complaint regarding the fraud.The PIL was filed on the basis of a National Bank for Agriculture and Rural Development inspection report in 2011, which indicated widespread malpractices while granting loans amounting to crores of rupees by the bank to various cooperative sugar factories. The report indicates that the losses caused to the MSC Bank were to the tune of ₹2,061 crore.The HC Bench had last week observed that the report indicates bank records were forged and profits were fraudulently declared, and that non performing asset accounts were kept hidden while sanctioning illegal loans.last_img read more

Embargoed, Saddam Hussein’s Iraq exists in solitary confinement

first_imgIt is tempting to look at Iraq as a hindi movie script gone horribly over the top. Saddam Hussein is Amrish Puri.Dharmendra defeated but did not quite demolish him, so now Sunny Deol has sworn to finish the task – George Bush followed by George W. Bush.Behind such black humour,It is tempting to look at Iraq as a hindi movie script gone horribly over the top. Saddam Hussein is Amrish Puri.Dharmendra defeated but did not quite demolish him, so now Sunny Deol has sworn to finish the task – George Bush followed by George W. Bush.Behind such black humour and the equally facile plans of Pentagon war strategists, there lies a country of 25 million, a human drama encapsulating every possible emotion. Iraq’s society is more liberal and secular than any other in the Middle East; Iraq’s polity is built around terrorism-the terrorising of a people by their self-proclaimed emperor.Iraq used to be the progressive face of Arab Islam, the stabilising, moderating influence in a region of religious extremes. The energy of its educated, white-collar middle class was every neighbour’s envy. Today, only a shell survives.An entire value system has collapsed. Iraq was once throbbing; now it is just tired, very tired. Humiliation in the Gulf War, 1991, has been compounded by a decade of economic sanctions. It has taken the luxury of consumerism out of the average Iraqi’s life; indeed, it has consumed the life out of the average Iraqi.Iraqis fear what American bombs may do to their children but the zeal with which they rallied around their patriarch through the war with Iran in the 1980s and then in 1991 has gone. So has the pride and swagger of the legatees of Mesopotamia, of Sumer, of Babylon. All that they are left with is nostalgia; and hope.advertisementI DICTATE, WE DO, THEY DRIVEA couple celebrate their wedding at Baghdad’s state-run Ishtar Hotel – it was once the Sheraton – amid the ubiquitous presence of the “Wise Man of the Arabs”; Sardar Cars, the city’s biggest auto dealer, still sells 50-60 cars a month, from Mercs old and new to pick-up trucks. Only a buccaneer elite, enriched by the parallel economy the embargo has spawned, can afford to buy.COLD COMFORT, HOT MOVESOil is aplenty, water is scarce. An Iraqi improvises his bathtub into a roadside “shop” to sell fellow Baghdadis what they covet most-safe drinking water. The concerns at a city party are altogether different and a throwback to the time when the Iraqi capital’s nightlife still roared.GETTING ALONG GAMELYIf a cursory survey of poster shops be proof, David Beckham is Iraq’s favourite foreigner. His sport itself is a craze and this repaired-football salesman appears confident of good business. His compatriots in a Baghdad cafe wait for their country’s luck to change.WORSHIP, HERO WORSHIPSaddam’s regime is dominated by Sunnis but over 60 per cent of Iraqis are Shias. In Karbala, Shias from across the world congregate at the mausoleums of Imam Hussain.Abbas, part of the Prophet’s family. Meanwhile in Baghdad, a motorist dresses up his Volkswagen Beetle for his leader.last_img read more