The Congress has alleged that India has been led into “financial anarchy” with the “utter economic mismanagement” by the BJP led Narendra Modi government. According to the Congress, that has resulted in bank frauds over Rs 70,000 crore. It further said that the Modi government is now compelling the LIC to purchase the loss making IDBI Bank to “hide its failures”.

“Post the numerous bank loot scams that have plunged the banking sector in deep crises, one more mega scam worth Rs 6,978 crore has been uncovered taking the total value of 13 bank loot scams to Rs 70,014 crore,” said Congress spokesperson Randeep Singh Surjewala.

He also alleged that criminal conspiracy, cheating and frauds of Rs 6,978.72 crore has been done by the Faridabad-based SRS Group which is a diversified company. He alleged that 17 banks have bene defrauded by the company using hundreds of shell companies. The company also allegedly has laundered money and cheated thousands of home buyers.

The Modi government’s financial anarchy is going on unchecked because the NPAs of banks touched Rs 2,63,000 crore in fiscal 2013-14 and now that figure is around Rs 10,30,000 crore, alleged Surjewala while talking about the Q4 losses for 2017-18 of the Indian banks that touched an “astronomical” Rs 90,000 crore.

He said that the gross NPA of the IDBI Bank has touched a figure of Rs 55,588.26 crore in Q4 while its Q4 losses have grown to Rs 5,663 crore and therefore according to him, IDBI Bank is the worst performing public sector bank. He added that a bad loan ratio of close to 28 per cent exists for the bank.

“Utter economic mismanagement of Modi government and its Finance Ministry is writ large. To cover up its mess, it is now jeopardizing the hard-earned money of 38 crore LIC policy holders by forcing it to purchase the rapidly sinking IDBI Bank” he said.

“It’s a classic case of selling family silver of 38 crore LIC policy holders to hide the economic mayhem of failed ‘Modinomics-Jaitleynomics’,” he said.

Despite a number of complaints being filed against the SRS Group as early as August 2017, a number of government departments and agencies including the Prime Minister’s Office, Finance Ministry, the Reserve Bank of India and the Central Vigilance Commission, were completely silent, Surjewala said.

He alleged that SRS Ltd, one of the SRS Group companies, has cheated thousands of people in the name of public deposits that it received. He also claimed that despite various orders from National Company Law Tribunal, the company has not repaid repayments of about Rs 90 crore.

“In one of the glaring examples, the bank has served notices to 1,200 flat owners in SRS Royal Hills, Sector 87, Faridabad to vacate the flats to recover the loan,” he said, adding that the residents had been staying for years without even a registry.

(Adapted from