Tag Archives: fraud

Rs. 45,000 crore telecom scam – spat between Congress and BJP

08 Friday Jul 2016

Posted by in BSNL, Telecom

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Instead of recovering the Rs. 15,000 crore (exactly Rs. 12,488.93) from the private telecom firms which the CAG has found out as the amount of tax due from them for the fraud committed by showing under-valued revenue, the Congress and the BJP are shouting at each other accusing the other for the fraud.

By under valuing the revenues, the six telecom private companies viz. Bharti Airtel, Vodafone, Reliance Communications, Idea Cellular Tata Teleservices and Aircel India had cheated the government of its taxes, as part of the revenue sharing. The CAG had submitted its report to the government that theses companies had shown their revenue less by about Rs. 45,000 crores, resulting in a loss of Rs. 15,000 crore to the government.

The fraud has taken place during the period of Congress, but even after coming in to power, the BJP has not taken any action.

In the meantime, the DOT has stated that the process for the recovery is being initiated.

Whether UPA or NDA, both take a soft stand when it comes to the corporate, MNCs  and big business. Of course, they are the governments of the corporates!

More Fraud by the rich – Dy. Governor RBI

27 Saturday Jul 2013

Posted by in General

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It is a well known fact that the culprits behind the Non-Performing Assets (NPA) ie. the loans to be returned, are the rich. Thousands of crores of loans are not paid by the corporate houses to the banks which are treated as NPA and never recovered. But in the case of small loans taken by the ordinary people, the banks are very harsh and take all aggressive measures to recover the money.

It is the same with the frauds on banks. During the last 10 years, 1,76,547 frauds have been reported in the banks according to K.C.Chakraborty, Dy. Governor of the Reserve Bank of India. Only 61 fraud cases involved a whopping amount of Rs. 13,000 crore. And who are the culprits? They are all the rich and affluent, according to the Dy. Governor. These are mainly wrong sanctions at the highest level of banks , meaning that the top officers in the banks are also involved.

We are happy that a top authority himself has opened the lid open on the frauds being committed by those in power with the rich.

2G Scam – Reliance and Tatas

24 Wednesday Jul 2013

Posted by in Telecom

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The skeletons in the cup-board are falling down one after another in the 2G scam. Now in his testimony to the CBI, Reliance Group Chairman Anil Ambani has stated that the Tatas has funded Unitech to take undue advantage in the 2G spectrum auction. There is every chance that it is true. In the same way, allegations have been made against Reliance that it funded Swan Telecom in the same way.

This is the way of these big telecom companies violate the law. Both the Tatas and Reliance have cheated the government and taken advantage of the loop holes in the law. They should be taken to task for causing huge losses to the government and the people.