There have been numerous aftershocks following the collapse of Nirav Modi’s diamond and jewelry business empire, together with that of his close associate Mehul Choksi. The culpability of the Punjab National Bank and officials suspected of involvement in the scam is under continuous scrutiny, with numerous arrests taking place in recent days. Finance Minister Arun Jaitley has given banks a fortnight to come with preventive measures against a repeat. A tightening of banking regulations are to be put in place overseen by a government appointed regulator.
Karti Chidambaram arrested
One scam over, another pops up. Karti Chidambaram, son of former Finance Minister P. Chidambaram, was arrested for bribery and corruption by sleuths of the CBI. They took prior precautions with close surveillance of the Chennai, Bangalore and Hyderabad airports to prevent possible escape be netting their quarry. The court has refused bail to the accused. Law minister Rudi Prasad said the law must take its course. Quite so. Justice must be done, and seen to be done. The Congress party has accused the government of vengeance. The vengeance of the electorate come the general election is what the party leadership should fear most (Times of India, E conomic Times, Hindu, Mint, BN usiness Line, March 1).
Roosting abroad
Such purveyors of sharp practice, it would appear, have been plying their trade in deceit, bribery and much else abroad, in other words in countries, where they detect opportunities to make the proverbial fast buck, and hence decided to roost decided to roost in close proximity with victims. The Hindu newspaper devoted an entire page (February 27) to the scams perpetrated in South Africa by the Gupta brothers, Atul, Ajay and Rajesh, who immigrated to the country in the mid-1990s. Their business activities may be likened to that of an anaconda as its enwraps its coils round its victims, suffocating, then devouring them in a slow and measured exercise of its digestive tract.
The Guptas insinuated themselves in the heart of South Africa, before spreading their wings. Their transactions involved billions of dollars lodged in secure offshore accounts. Their reach extended to the centre of government and included the Presdent of the Republic Jacob Zuma, his son Duduzane and one of his wives, Gloria Ngeme Zuma, who was on their payroll. The initial murmurs of protest at the the President’s extravagant lifestyle grew in volume, leading eventually to his repudiation by the ruling African National Congress and his enforced resignation from office.
Respected South African banks refused to handle the Guptas’ business accounts, hence the brothers turned to the Bank of Baroda to help out
Case to answer
The head of its South African operations, Sanjiv Gupta by name but no relative of the Guptas, is now being investigated for wrongdoing, and if found guilty, will surely face disciplinary charges back home. A senior Indian government who asked not to be named by the newspaper revealed that the Central Vigilance Commission, India’s top anti-corruption body, had been instructed to initiate proceedings against Sanjiv Gupta, which could result in his dismissal.
Raids have been conducted on the Guptas’ Johannesburg mansion by South Africa’s anti-corruption squad, incriminating documents were reportedly discovered and Atul and Rajesh Gupta placed under arrest. The second of the three Guptas, Ajay, has fled the country and is believed to be nesting in Dubai.
Meanwhile, Cyril Ramaphosa, the new President of South Africa has the herculean task of cleansing the Augean Stables left to him by his fallen predecessor and his cronies. Insatiable greed was the Guptas’ undoing. The more they acquired through fair means and by foul, the more they coveted. It’s a sorry tale.
Railways on cusp Leapfrog: Goyal
India’s rail network among the oldest and largest in the world, long a cash cow for ministers eager to woo their constituencies with headlong expansion with little consideration of purpose or feasibility. Its technology was built on refinements of a century-old technology, but its present minister Piyus Goyal, having taken over the reins is set to make the system fit for 21 st century purpose. The archaic signaling technology, the root cause of the network’s malaise, is being replaced the world’s most modern ETCS2 system. Rolling stock for commercial traffic will be separated from those for passenger traffic. Endemic delays are destined to become a thing of the past.
Bullet trains
Bullet trains along designed inter-city industrial corridors at around 300km per hour or over, the first between Mumbai and Ahmedabad, the second linking Mumbai and Delhi are works in progress, and will be followed by others integration north, south, east and west. India will be one of the world’s leading manufacturing hubs, said Minister Goyal. ‘Then you have the technologies such as the Hyperloop, which I hope will get the first call port of call in India and look into the future.’
India’s growth bounce back
India third quarter (October-Dember 31) growth of 7.2 per cent, on the back of manufacturing, construction and agriculture, has exceeded expectations. Growth in fixed capital formation points to a possible resurgence in investment following a lacklustre cycle. (Economic Times, Times of India, Mint March 1).
Setting the India-Nepal record straight
Nepali journalist Kanak Mani Dixit issued a litany of grievances against India in an edit-page article in the Hindu newspaper [February 20] stemming from a widely held perception of his country’s political class, of India’s big brother bullying attitude towards its neighbor. There is, likewise, much matching self-scourging displays of remorse among certain sections of India’s elite. The time has come for straight speaking.
Amnesia
Dixit’s amnesia overlooked the uprising in the early 1950s which overthrew his country’s oppressive Rana oligarchy and sent King Tribhuvan and his family to seek sanctuary in India. His son and successor King Mahendra, with a large chip on his shoulder, began the grievance game during the 1960s, and veiled threats to turn to China for aid and succor. Anti-Indian demonstrations became the flavor of the season on the slightest pretext.
India bashing
Here is one example. Rumour mills in Kathmandu falsely accused Bollywood film star Rithwick Roshan of stating Nepali women were ugly. Mob fury erupted in the capital targeting the Indian Embassy. The BJP Prime Minister of the day Atal Bihari Vajpayee suspended Indian flights to Nepal in response and restored them following telephone call from his Nepali counterpart expressing regret and promising normalcy. In the aftermath of the earthquake that devastated Nepal, Indian relief supplies were the first to arrive on the scene. It is true that the Indian media highlighted the shortcomings of the Nepali administration in meeting the dire challenge. The Indian media are not government controlled, and hence the government in Delhi cannot be held responsible on everything that appears in print or on television. Decades earlier violent anti-Indian demonstrations on Sikkim’s accession to India, led to Ambassador M.K. Rasgotra threaten to close the embassy with the full authorization of then prime minister Indira Gandhi, all related in his memoirs, ‘Fifty Years in Diplomacy.’
Transit for currency smugglers, terrorists
Nepal has become a transit route for Pakistani jihadi gangs smuggling counterfeit Indian currency into India; also arms for terror purposes. These are issues Mr Dixit would do well to consider. It takes two to tango, does it not?
Nehru-Ho Chi Minh set up the platform
In a tour d’horizon of the bilateral relationship, President Quang said Jawaharlal Nehru and Ho Chi Minh between them established the platform to ties grow and develop around mutual trust and the convergence of national interests. Setting the scene for the visit, Vietnam’s Ambassador to India Ton Sinh, briefing reporters in New Delhi, said President Quang would be raising issues related to the South China Sea with Indian leaders (Times of India, Hindu February 28)
Trudeau’s India blues
The much awaited visit to India of Canadian Prime Minister Justin Trudeau was not all smooth sailing. He is young, charismatic and pleasantly affable, but his government’s apparent indulgence of Khalistani militants back home earned sharp Indian media censure.
Farewell to Sridevi
Beautiful and regal, gifted with a stunning voice, with songs that held India in thrall, Sridevi, Chennai-born with a mastery of the South Indian languages, her own Tamil, Telugu and Malayalam, learned Hindi and strode the silver screen in Bollywood with grace and panache. She died in Dubai, drowning in a freak accident in her bath. Thousands lined the streets of Mumbai to bid goodbye to their once gracious Queen.
