PNB Scam: Rahul says Modi’s cronies stealing from banks after demonetisation

Congress President Rahul Gandhi, while addressing a press conference on Saturday evening after a meeting of his party’s newly constituted Steering Committee on Saturday, alleged that Prime Minister Narendra Modi through his actions has destroyed the financial system of this country.

Rahul Gandhi said PM Modi should explain how ₹22,000 crore was "taken" away from the country's banking system by jeweller Nirav Modi, the main accused in the PNB banking scam. "This started on November 8, 2016 when Modiji turned 500 and 1,000 rupee notes into scrap. He took out all the money from people's pockets and put it in the banking system. The Prime Minister teaches students how to take exams for one hour and 45 minutes. But he can't tell the nation who is responsible for Nirav Modi snatching away ₹22,000 crore of the people's money," he told reporters at the party headquarters on Akbar Road, Delhi.

Rahul Gandhi said 90% of the scam took place during the NDA regime and added that a scam of this level could not have been done without high level protection.

Referring to the silence of the Prime Minister and Finance Minister Arun Jaitley on the scam, Gandhi said "several ministers are speaking—social justice minister, defence minister. But the finance minister and Prime Minister, who are responsible, have not spoken a word about it."

"It must have been known to the people in government beforehand, as the amount is so huge. [When] the PM made people deposit money in the banking system, in a way he took the responsibility of protecting people's money. And now he has been a failure at that. We have come to know that his office (PMO) also go to know about it (the scam) beforehand, that Nirav Modi had stolen ₹22,000 crore, which belonged to the people. So, PM has to explain it to the nation."

Asked about allegations of his links with Nirav Modi, Rahul said: "They are trying to divert attention. There is nothing like that. The question is Nirav Modi has taken away ₹22,000 crore. PM Modi has to explain why did it happen and what he is going to do about it."

How do you respond to the fact that it started in 2011, Rahul was asked. "No, it didn't. The bulk of it started in May, 2015. The first complaint was in May, 2015. And the bulk 90% of the transactions are under this [NDA] government, [which] constantly refuses to accept responsibility. The fact of the matter is that the PM has, through his actions, destroyed the financial system of this country. He has demonetised the economy. He has taken money from people's pockets and put it into the banking sector and now his friends and cronies are stealing it from the banking sector and the PM is not saying anything," Rahul said.

Congress Steering Committee demands answers from the Prime Minister

Earlier, the newly-constituted Congress Steering Committee in its Saturday meeting called upon the Prime Minister to:

• Apprise the nation of complete facts about the biggest ‘Bank Scam’, including how the entire banking system was duped through ‘Letters of Understanding’ under the watch of his government and why all authorities, including Finance Ministry, Financial Intelligence Unit, Serious Fraud Investigation Office, Enforcement Directorate, CBI and others were found wanting in preventing the loss.
• Tell the nation how a fraud of this magnitude escaped the eyes of all the auditors and investigators conducting ‘statutory audit’, ‘internal audit’, ‘concurrent audit’ and even the RBI’s own audit
• Tell the nation the reasons for failure of the ‘fraud detection ability’ of the entire Banking Sector and the Finance Ministry
• Share what action was taken by the PMO and other agencies and departments of the Government on the complaints regarding the impending ‘Bank Scam’ which made as early as May 7, 2015 and on numerous occasions thereafter.
• Assure that the guilty will be apprehended, tried and punished in accordance with law

The Congress asserted that these questions need answers in the national interest, if 132 crore Indians were to retain the assurance that their money deposited in banks would be safe from such frauds.