Nirav Modi's devastating deceit with PNB is the biggest fraud in Indian banking history. A fraud of this magnitude is unthinkable unless top bank officials, auditors, politicians etc. are not involved. Moreover, the corrupt system also opened the doors for the culprits to flee from the country. No wonder that because of such widespread revelations and incidents, India ranks 81st in Transparency International's Global Corruption Perception Index 2017.
Undoubtedly, this whole episode has rocked people's confidence in the Indian banking system as also in the law enforcing agencies.It is beyond comprehension for a common man as to why the Indian legal system is crippled and ineffective to apprehend such dinosaurs of corruption.On the other hand, the same system severely penalizes other citizens even for minor offences.
Though Indian PM Narendra Modi and his cabinet colleagues may not be directly involved in this instance yet they cannot shirk from their responsibility being at the helm of affairs. They can still be let off if the offenders are behind bars at the earliest. Nani Palkhivala, the eminent Indian jurist, correctly commented a few years back that the problem in India is not ignorance but inaction.
Bharat Shah
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