During the past almost 72 years since the so-called ‘independence’ in 1947, We, the People have lost more money due to frauds committed by public sector undertakings, institutions and companies which are ‘regulated’ by instrumentalities of the State than in fraudulent transactions committed by private ‘unregulated’ entities. The difference between the two is huge and incomparable.
The public lost more than 12 lakhs Crores Rupees called NPAs. It may be noted that not a single rupee was stolen or robbed, yet huge sums of public money lost solely due to wrongful lending by corrupt bankers & decision-makers who lined their own pockets first with the substantial share in the ‘authorized & regulated’loot.
The ‘unregulated’ Shardha and many other similar ‘ponzi’ schemes by private players just pale in comparison when placed side by side with the mind-blowing ‘loot’ of public money by ‘regulated’ public sector companies, banks and institutions.
Take the example of unbearable loss caused by banks, Air India, MTNL, BSNL,SAIL, etc. which have been regularly bailed out with more public money year after year.
In this view of the shocking history of incalculable loss of public money, one is tempted to say not only our laws, but even the adjudicating and enforcement organs have been‘silent’ facilitators throughout this period.
The bigger tragedy has been when corrupt bankers got posted as high officials in CVC and CBI – which of late have been reeling with corruption charges leveled by their own one group of officials against the other. It is now well established that 75-80% of the total public money is lost majorly due to acts & omissions committed by senior management who use, as co-conspirators, their subordinate internal employees in banks and other public sector companies and organizations.
It is high time that end is put to this rotten state of affairs. The judges are the first independent public guardians who can arrest this growing menace … rather can nip this evil monster in the bud by refusing to grant Stay on court proceedings against rogue bankers in trial courts.
