25 Lakh Crore Scam in Forex derivatives

Forex derivatives a bigger scam than 2G

Nineteen banks, which violated the RBI and FEMA guidelines to sell forex derivatives to exporters in 2008, caused a monstrous loss of Rs 25 lakh crore

Bibhuti Pati Bibhuti Pati
Bhubaneswar http://www.tehelka.com/story_main52.asp?filename=Ws190312FOREX.asp

IT’S A scam with an estimated value of approximately Rs 25 lakh crore, much bigger than the 2G scam that rocked the country in 2010. Nineteen banks, which violated the Reserve Bank of India (RBI) and Foreign Exchange Management Act (FEMA) guidelines to advise and sell forex derivatives to Indian exporters in 2008, resulting in humongous losses to them, have been penalised by the RBI negligible amounts ranging from Rs 5 lakh to Rs 15 lakh each. Several other countries have also faced major economic crises in recent times, as a result of volatility due to similar derivative contracts. Even Barack Obama has noted that unregulated derivative contracts are the main cause of recent financial crises. In the Indian context, the RBI has stated that the losses sustained by customers do not amount to gain by the banks as a result of such derivatives. The question then is — who stands to gain from derivatives during volatility in the money market?

Amidst the dying embers of the 2G scam, and the sparks flying from the anti-corruption movement led by Anna Hazare, however, there is one scam that has somehow got buried.

The RBI recently investigated violations of FEMA by 19 banks. The immediate victims of these violations were importers, exporters and firms selling foreign exchange derivative contracts, resulting in massive losses due mainly to fluctuations in the value of the dollar. What has recently come to light is that the RBI itself had not vetted any of the contracts that were sold, a fact it has admitted. A few of the erring banks have been penalised relatively negligible amounts of Rs 5-15 lakh. “The scam is estimated to be valued at approximately Rs 25 lakh crore, much bigger than the 2G scam,” says Orissa High Court advocate Manoj Mishra.

As per the CBI affidavit in the Orissa High Court, “The RBI has been monitoring the gross mark-to-market (end-to-end) losses incurred by the banks. As on December 2008, the gross mark-to-market gains (that correspond to losses incurred by consumers) of 22 banks that were in the business of derivatives work out to Rs 31.719 crore,” says RP Luthra, advocate, Delhi High Court.

This figure, however, is contested by Pravajan Patra, an eminent economist, in a PIL filed in the Orissa High Court. His contention is that the total value of derivative contracts sold in India and approved by the RBI is $3 trillion, based on the statement of the then finance minister P Chidambaram in the Rajya Sabha. Compare this to the total GDP of India, which is not more than $1 trillion, or its total export and import (including oil bills), that do not exceed $500 billion a year on average. The fluctuation in the value of the dollar during the period in question in 2008, however, was Rs 8.50-10. If this difference is multiplied by even the (conservative) estimate proposed by Chidambaram, that of $3 trillion, we end up with a loss in excess of Rs 25 lakh crore. Compare this to the estimated loss incurred by the exchequer in the 2G scam — Rs 1.76 lakh crore. Peanuts.

Based on the PIL, the Orissa High Court ordered a CBI investigation into these missing funds. The court directed the CBI to hold a preliminary inquiry. Instead, the CBI just sent a questionnaire to the RBI and investigated the president of a forex derivative consumer forum, mere eyewash as opposed to the inquiry that was required.

In addition to this, the 19 banks which violated RBI and FEMA guidelines have paid a negligible penalty. The RBI penalised the banks in its order of April 19, 2011 for violations of its guidelines under the Banking Regulations Act, 1949, and found the banks guilty on various counts, ranging from failure to carry out due diligence with regards to suitability of products, to selling derivative products to users without risk management policies, for not verifying the adequacy of underlying and eligible limits under the past-performance clause. Then in August 2011, the RBI, in response to an rti filed by Delhi lawyer Karan Jain, admitted that the banks had flouted FEMA and RBI guidelines.

But how did 19 major banks manage to violate FEMA rules simultaneously and with impunity, without being in conjunction with a larger purpose? With the very economy of the country at stake, could this monetary crisis possibly have been generated to siphon off significant amounts of money abroad? Where this money has gone can only be a matter of speculation, and leaves one to believe that there is, indeed, a larger conspiracy.

Apart from this, a surprising admission by the RBI was that it does not vet all forex derivative products sold by banks in the country, in effect leaving the door open for a repeat of such scandals in the future. A CBI probe is definitely needed to look into how these violations took place, and how exporters, who are the main victims of the scam, can get some reprieve.


What are unregulated derivative contracts?

WHAT, THEN, is a derivative? It is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between two parties. It is often used to hedge a transaction.

DERIVATIVE DECODED. It is a contract between two parties that specifies conditions under which payments, or payoffs, are to be made between them. At any particular point in time, if the conversion rate is Rs 40 to a dollar, an exporter should get Rs 40 lakh for exporting goods worth $1 lakh

. If, by the time the transaction takes place, the value of INR appreciates to Rs 35 per dollar, the exporter, even though his goods were worth $1 lakh, would eventually end up with Rs 35 lakh as payment

Hence, to avoid such loss, exporters are encouraged by banks to enter into a derivative contract

To understand how this works, let us look at an example: We know that when an exporter sells his goods abroad, he transacts through banks authorised to deal in foreign exchange. Let us suppose that for a particular exporter in a particular transaction, the export is worth $1 lakh in the US. The exporter expects to get back an amount in Indian rupee (INR) corresponding to the conversion rate prevailing at that time.

Let us now suppose that at any particular point in time, the conversion rate is Rs 40 to a dollar. The said exporter should get Rs 40 lakh for exporting goods worth $1 lakh. If, by the time the transaction takes place, the value of rupee appreciates to Rs 35 per dollar, the exporter, even though his goods were worth $1 lakh, would eventually end up with Rs 35 lakh as payment, effectively losing Rs 5 lakh during the transaction due to volatility in the exchange rate. To avoid such loss, exporters are encouraged by banks to enter into a contract whereby the exchange rate is insured or sealed at a particular level, so that even if there is an unexpected fall in the rate, the exporter would not suffer big losses. Therefore, when the market is volatile and the rupee appreciates alarmingly against the dollar (that is, the net return in rupee against the dollar falls), the exporter sustains no loss if his product value is secured/insured by the derivative contract. On the other hand, if rupee depreciates (that is, the net return in rupee against the dollar rises), the exporter sustains a loss, as due to the same contract, he would get less amount than the actual conversion value. Thus the derivative, in this case, protects against rupee appreciation, but not against depreciation.

The Derivative Regulations of 2000 issued by RBI and FEMA regulations detail procedures for regulating such derivative transactions. As it turns out, they were clearly flouted in 2008.

It can now be understood as to why exporters and corporate houses, apprehensive of future appreciation of the rupee that would lead to huge losses, and being misinformed and misdirected by the banks, would enter into long-term derivative contracts.

This is exactly what happened. In 2008, the price of steel skyrocketed, and as a result, the construction industry was heavily affected. At this time, the value of rupee against the US dollar started appreciating alarmingly, from Rs 39-40 in January-February.

Taking advantage of the volatile situation, unscrupulous foreign exchange traders like foreign banks and some leading Indian banks tried to project in the electronic and print media that in the near future, the rupee would further appreciate, and may soon reach
Rs 30 to the dollar or less.

Exporters, including corporate houses, lured by such publicity and fearful of losses, started entering into derivative contracts with banks that had long-term tenure and exposure much beyond this limit.

As is often the case, the government never allows such appreciation to go on unchecked, beyond a point. So, in reality, the situation started improving as the Indian government started taking steps shortly after the initial scare in 2008, and the rupee started depreciating against the dollar.

But, fed by scare stories, exporters and corporate had by that time, already entered into derivative contracts with banks, and ended up incurring huge losses. Many small exporters closed down, while shareholders and investors in big corporate houses also sustained huge losses.

This loss incurred by investors/importers/exporters, based on what they thought was reliable information by the RBI, is nothing short of fraud, influenced by a conspiracy of bankers and other unknown co-conspirators.

But who gained? The banks selling derivatives say that they are only agents and get a commission in each transaction.

It is important to note here that whenever a derivative contract is executed for a particular amount, there is a back-to-back contract with another bank in India or abroad. They are called counter parties. The difference goes to counter parties as service charges, at the cost of investors/exporters in India. The RBI clearly admitted that there are large-scale violations of FEMA by banks while dealing with derivative contracts. As has been noted earlier, the RBI admits that due to such actions, the loss sustained by customers do not amount to gain by the bank. It is however not so forthright about the counter parties, the actual gainers, in this case mostly banks based abroad. Could there also have been a concerted effort between these counter parties and the 19 Indian banks to coerce Indian exporters and corporate to jump into these derivative contracts? The way events panned out, it certainly suggest so.

Moreover, what was the role of the Indian media? Were they also knowingly involved in doing so? In light of the Press Council of India report in 2010 that found a significant section of the media indulging in publishing paid stories, nothing seems impossible in the brave new India.


Did india’s banks fulfill their fiduciary responsibilities?

FIDUCIARY responsibilities are the responsibility of a bank to act in the best interests of the depositors. An association of scheduled commercial banks, public financial institutions, primary dealers and insurance companies that represents the interests of the banks allegedly sold illegal forex derivative products to small and medium scale enterprises (SMEs) in dereliction of such responsibilities. The Orissa High Court passed a path-breaking judgment on this issue, in the case of Nahar Industries vs Axis Bank, stating that these cases could not be referred to the Debt Recovery Tribunal (DRT) of India, and should be heard only by the local court having jurisdiction in the matter. It is also hearing the petition filed by the Fixed Income Money Market and Derivatives Association of India (FIMMDA), asking for an RBI inquiry in the case.

IRRESPONSIBLE RBI. According to the RBI and CBI’s own submissions, there have been massive violations of FEMA and RBI guidelines. Till now, no remedial action has been taken by the RBI and the government to mitigate the situation

. With the dollar falling again due to inflow of hot money into the stock markets, it is time that government initiated some policies to protect industry from the negative impact of such temporary inflows

Some larger corporates with huge working capital and separate treasury cells may find derivatives useful (even though companies like Wockhardt in India, and many others abroad have suffered unimaginable losses) but in general, are these products then really of much use in generating competitive advantage for corporates? Do they really help them to operate more efficiently? Products like these are being wrongfully sold to SMEs in particular in India, causing huge problems in industries like textile, pharma. Is it proper to allow sales of such sophisticated and high-risk instruments to SMEs with smaller working capital, jeopardising hundreds of thousands of jobs? Larger questions on the fiduciary responsibility of banks, on allowing leveraged derivatives with unlimited downside to be sold in the country, arise. There are ample examples of banks and countries going down due to ill-advised use of derivative products in the West. Is our country in general and SMEs in particular suitable for sale of such products?

Banks, the world over, are under scrutiny for their role in recklessly using various derivative products to precipitate crises and profit from it. Recent examples would be the sub-prime crisis in the US that brought the global economy to the brink of collapse, as also the Greek solvency crisis, where credit default swaps (CDSs) were used to profit from the rescue efforts to stabilise and salvage the Greek economy. Is unfettered sale and use of derivative products desirable? In the US and the EU where, incidentally, speculation is legal, lawmakers are bringing about legislations to prevent such incidents from happening in the future.’

In India, where speculation, especially in foreign exchange, is illegal, and where, according to the RBI and CBI’s own submissions, there have been massive violations of FEMA and RBI guidelines, there has been no remedial action by the RBI and the government to mitigate the situation. Is the well-being of small and medium scale corporates, and the citizens employed in such enterprises, not a matter of concern for the government? Why is it that three years since this crisis broke, a year since the interdepartmental group (IDG) of the RBI made its submissions and findings, no action has been taken to ameliorate the condition of the affected parties?

With the dollar falling again due to inflow of hot money into the stock markets, isn’t it time that government of India initiated some policy measures to protect industry from the huge negative impact of such temporary inflows? Many countries have initiated policy measures, including taxing such inflows, amongst others, to reduce the attractiveness to speculators, and to encourage long-term investment in the country. What is the Indian government doing?

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J&K Education Minister Peerzada Sayeed allows proxy to write for son -caught and resigns

Senior Congress Minister of J&K Assembly Involved in Educational Fraud

    

Jammu and Kashmir Education Minister Peerzada Sayeed, a senior leader of the Congress party is under fire for an alleged involvement in helping his son pass the class 10 exam. A raid conducted by the Crime Branch at the State Board of School Education has unearthed documents exposing the role of board officials in the fraud. State Vigilance Department and Crime Branch are interrogating all officials involved.

“We are ready for a fresh probe. Whoever wants to do it we will fully cooperated,” said PRO of Jammu and Kashmir Board of School Education, Showkat Usman. Senior Congress leaders of the state are, however, tight-lipped over the issue. Peerzada Sayeed is known to have proximity with the party high command. But State Congress President, Prof Saifuddin Soz, has referred to the charges as “mere allegation.” “If proved law will take its own course,” he said.

A Srinagar based newspaper revealed the matter, showing the reproduction of an answer sheet, done in 2 different handwritings. The allegations are that one of the handwritings belongs to an official who helped the minister’s son clear the secondary school exam in 2009. Various testimonies provided by members of the investigation team, intervention by Chief Minister’s secretariat and Raj Bhavan, all lead to the fact that it was an open secret. However, the matter was hushed up as the board officials were under severe pressure from the Ministry of Education.

The vigilance squad looking into of the Board of School Education has made a clear mention of an academic officer finding an examinee, copying, while inspection was in progress at centre number 228 of Al Ameen School. The examinee had the roll number 228211 and was the Minister’s son.

However, a vehement Peerzada said, “There is no question that I will resign over the issue. My enemies want me to resign. They wanted me to resign in 2008 also, but people are with me. Till people are with me, I will never resign. Some NGO had sent a complaint to the Governor who forwarded it to the Chief Minister’s Secretariat. They in turn forwarded it to the General Administration Department and after verification, it has been found fabricated, false and incorrect.”

“I am ready for a probe in his 12th exam also,” said the Minister, whose son has appeared for his 12th std exam this year.

The opposition party of J&K assembly has raised a hue and cry over the issue, with leader of opposition Mehbooba Mufti indicting Chief Minister Omar Abdullah of inaction, even though reports state that the Education Minister was summoned by the Chief Minister. “The file submitted to the Chief Minister by the School Education Minister has been sent to the Crime Branch of J&K Police who have been told to complete inquiry within seven working days,” revealed a government spokesman.

Peerzada Sayeed has been in the eye of a storm constantly since 2004. He was indicted by the State Accountability Commission for a deep involvement in a multi-crore rural electrification scam, while he held office as Minister for Rural Development. In 2008, Peerzada was forced to resign from the post of Education Ministerfollowing allegations that he took Rs 40,000 as bribe from Shoaib Lone, Sangrama MLA for clearing his sister’s file. He also had to abdicate the post of Presidentship of Jammu and Kashmir Pradesh Congress Committee.

Short URL: http://indiawires.com/?p=7499

மும்பை குண்டு வெடிப்பு-52 பேர் கொல்லப்பட்டனர் :அஷ்ரத், ஹனீப் சயீது மற்றும் அவரது மனைவி பெமிதா மரண தண்டனை: ஐகோர்ட்

மும்பை இரட்டை குண்டு வெடிப்பு வழக்கு:மூன்று பேருக்கு மரண தண்டனை: உறுதி செய்தது ஐகோர்ட்

மும்பை:மும்பை இரட்டை குண்டு வெடிப்பு வழக்கில், மூன்று பேருக்கு “பொடா’ கோர்ட் வழங்கிய மரண தண்டனை யை, மும்பை ஐகோர்ட் நேற்று உறுதி செய்தது.
கடந்த 2003ல், மும்பையில், கேட்வே ஆப் இந்தியா, ஜாவேரி பஜார் ஆகிய இடங்களில், சக்தி வாய்ந்த குண்டுகள் வெடித்ததில், 52 பேர் கொல்லப்பட்டனர்.இது தொடர்பான வழக்கு, பயங்கரவாத தடுப்புச் சட்ட சிறப்பு கோர்ட்டில் (பொடா கோர்ட்) நடந்தது.ஹனீப், அஷ்ரத் அன்சாரி, நசீர் ஆகிய மூவரும், துபாயில் இதற்கான சதித் திட்டத்தை தீட்டியதாக விசாரணையில் தெரியவந்தது. இவர்களில் நசீர் என்பவர், போலீஸ் என்கவுன்டரில் கொல்லப்பட்டார். மும்பையின் இரண்டு இடங்களிலும், சக்திவாய்ந்த வெடிகுண்டுகளை, இரண்டு டாக்சிகளில் வைத்ததாக, அஷ்ரத், ஹனீப் சயீது மற்றும் அவரது மனைவி பெமிதா சயீது ஆகியோர் மீது குற்றம் சாட்டப்பட்டது. இவர்கள் லஷ்கர் அமைப்பைச் சேர்ந்தவர்கள் என்றும் போலீஸ் தரப்பில் தெரிவிக்கப்பட்டது.இந்த வழக்கில், மூவருக்கும் தூக்கு தண்டனை வழங்கி, பொடா கோர்ட் தீர்ப்பளித்தது. இதை எதிர்த்து மூவரும், மும்பை ஐகோர்ட்டில் மனு தாக்கல் செய்தனர். இதை விசாரித்த மும்பை ஐகோர்ட், இந்த வழக்கு மீதான தீர்ப்பை, கடந்தாண்டு நவம்பரில் ஒத்தி வைத்தது.
இந்நிலையில், நீதிபதிகள் கான்வில்கார், பி.டி.கோட் ஆகியோரைக் கொண்ட பெஞ்ச் முன், நேற்று இந்த வழக்கு மீண்டும் விசாரணைக்கு வந்தது. அப்போது, பயங்கரவாத செயல்களில் ஈடுபட்டது, குற்றச் சதிசெய்தது, கொலை ஆகிய குற்றச்சாட்டுகளின் அடிப்படையில், மூவருக்கும் வழங்கப்பட்ட தூக்கு தண்டனையை உறுதி செய்து, நீதிபதிகள் உத்தரவிட்டனர்.மேலும், இவர்கள் மூன்று பேரும், இந்த தீர்ப்பை எதிர்த்து, சுப்ரீம் கோர்ட்டில் மேல் முறையீடு செய்வதற்கு வசதியாக, தண்டனையை எட்டு வாரங்களுக்கு நிறுத்தி வைப்பதாகவும் உத்தரவிட்டனர்.இந்த வழக்கில் குற்றம்சாட்டப்பட்ட, முகமது அன்சாரி லதுவாலா, முகமது ஹசன் பாட்டரிவாலா ஆகியோர் மீதான விசாரணை, இந்திய குற்றவியல் சட்ட நடைமுறைகளின்படி நடக்கும் என்றும், இதற்காக இவர்கள் நான்கு வாரங்களுக்குள் விசாரணை கோர்ட்டை அணுகும்படியும், நீதிபதிகள் உத்தரவு பிறப்பித்தனர்.திருமணமான தம்பதியினருக்கு, பயங்கரவாத வழக்கில் தூக்கு தண்டனை விதிக்கப்படுவது இதுவே முதல் முறை.

The Bombay High Court on Friday confirmed the death sentence of three Lashkar-e-Taiba operatives, including a couple, accused of the twin blasts in Mumbai in 2003 claiming the lives of 52 persons and injuring over 100.

File photo shows 2003 Mumbai twin blasts case convict Hanif Sayed. The Bombay High Court on Friday upheld death sentence awarded to Sayed, his wife Fehmida Sayed and Ashrat Ansari in the case.

The HinduFile photo shows 2003 Mumbai twin blasts case convict Hanif Sayed. The Bombay High Court on Friday upheld death sentence awarded to Sayed, his wife Fehmida Sayed and Ashrat Ansari in the case.

Two bombs went off at the Gateway of India and Zaveri Bazaar after the accused left them in the taxis to explode on August 25, 2003. It was the first time that a married couple was involved in the attack. Five accused were arrested in the case. They have been charged with two more terror attacks – a bomb blast in a bus at Ghatkopar in July 28, 2003; and an unexploded bomb at the Seepz Bus Depot planted on December 2, 2002.

On Friday, a Division Bench of Justices A.M. Khanvilkar and P.D. Kode confirmed the death penalty of Ashrat Shafiq Ansari (34), Mohammad Hanif Abdul Rahim Sayyed (46) and his wife Fahmida Sayyed (43).

But the court partially quashed the order of the lower court discharging two other accused, Hassan Batteriwala and Rizwan Ladduwala, on the basis of a report of the POTA review committee. They will have to face trial for the crimes registered against them under IPC. The two accused have been directed by the High Court to appear before the POTA court in four weeks. All the accused have been given eight weeks to file an appeal in the Supreme Court. The conviction order will be stayed till then.

On August 6, 2009, the special POTA court convicted the three accused and sentenced them to death. Ladoowala and Batterywala were discharged from the case after the apex court upheld a POTA review committee report which stated that no case could be made out.

மனித நேய மக்கள் கட்சிதலைவர் ஜே.எஸ். ரிபாயிக்குப் ஆயுள்தண்டனை

மனித நேய மக்கள் கட்சிதலைவர் ஜே.எஸ். ரிபாயிக்குப் பூந்தமல்லி சிறப்பு நீதிமன்றம் கொலை வழக்கு ஒன்றில் ஆயுள்தண்டனை விதித்துத் தீர்ப்பு கூறியுள்ளது.

மமக தலைவர் ரிபாயிக்கு ஆயுள் தண்டனை!

மிழ்நாடு முஸ்லிம் முன்னேற்ற கழகம் மற்றும் மனித நேய மக்கள் கட்சி தலைவர் ஜே.எஸ். ரிபாயிக்குப்பூந்தமல்லி சிறப்பு நீதிமன்றம் கொலை வழக்கு ஒன்றில் ஆயுள்தண்டனை விதித்துத் தீர்ப்பு கூறியுள்ளது.

02_02_2012_006_003.jpg tmmk

நாகூரைச் சேர்ந்தவர் முத்துக்கிருஷ்ணன். இந்து முன்னணி தலைவரான இவரின் வீட்டுக்குக் கடந்த 1995 ஆம் ஆண்டு தபால் மூலம் பார்சல் குண்டு ஒன்று வந்தது. அதிலுள்ள குண்டுவெடித்து முத்துக்கிருஷ்ணனின் மனைவி தங்கம்பரிதாபமாக பலியானார். இந்த வழக்கில் தமிழ்நாடு முஸ்லிம் முன்னேற்ற கழகத்தின் தற்போதைய தலைவர் ரிபாயி, குத்புதீன் உள்ளிட்ட 7 பேர் கைது செய்யப்பட்டனர்.

22311234.JPG manithaneya

இந்த வழக்கு பூந்தமல்லியிலுள்ள சிறப்பு நீதிமன்றத்தில் நடந்து வந்தது. இன்று இவ்வழக்கில் தீர்ப்பு கூறப்பட்டது. அதில், தற்போது ஜாமீனில் உள்ள ரிபாயி, குத்புதீன் மற்றும் புழல் சிறையில் அடைக்கப்பட்டுள்ள 3 பேருக்கு ஆயுள் தண்டனை விதிப்பதாக தீர்ப்பானது. சிறையில் விசாரணை கைதிகளாக இருந்த இருவர் விடுதலை செய்யப்பட்டனர்.

Priyanka’s- Robert Vadera Given Highest Previlages-Why?

After Robert Vadra got married with Priyanka Gandhi, Robert's father

committed suicide under mysterious circumstances, his brother found

dead in his Delhi residence and his sister found dead in mysterious

car accident. These reports were not published in any Indian media.

He is having stakes in Malls in premier locations of India, he is

having stakes in DLF IPL, and DLF itself. He was involved in CWG

corruption - DLF was responsible for development of Commonwealth

games, and Kalmadi gave favoritism to DLS because of Robert Vadra's

direct interest and business partnership with DLF.

Robert Vadra owns many Hilton Hotels including Hilton Gardens New Delhi.

Robert Vadra's association with Kolkata Knight Riders has never

been reported by Indian media.

He has 20% ownership in Unitech, Biggest beneficiary ownership

of 2G Scam. Because of Robert's involvement in this scam, there are

concerns that investigation would never reach decisive conclusion.

He owns prime property in India specially commercial hubs, and

taxi business but for Air Taxi. He owns few private planes as well.

He has direct link with Italian businessman Quatrochi.

The Bureau of Civil Aviation Security has created a record of

sorts by according special privilege to Robert Vadra, which

entails him to walk in and out of any Indian airports without

being subject to any security check. Only the President of India,

Vice-President and a handful of other top dignitaries were accorded

this rare distinction.  


 

 

‘Vadra Has 20% Stake In Unitech’

Janata Party president Subramanian Swamy has now charged that Union home minister P Chidambaram and son-in-law of Congress chief Sonia Gandhi, Robert Vadra, too are involved in the multi-crore 2G Spectrum scam.

Speaking to reporters in Chennai, Mr Swamy also claimed that Tamil Nadu chief minister’s wife and daughter, who were recently examined by the CBI, may also be made accused in the case, the DNA newspaper reports.

The Times of India also has a newswire story today which quotes Mr Swamy as saying:

 “I will seek the PM’s sanction to prosecute Chidambaram. I will also seek the sanction of the PM for the prosecution of Sonia Gandhi, heading the National Advisory Council, for corruption”

While the story does not cite any reasons why he seeks to prosecute Ms Gandhi, the agency story has a cryptic remark on Mr Chidambaram:

He said a cabinet committee had directed former communications minister A Raja and the then finance minister, Chidambaram, to arrive at the price at which the 2G radio waves were to be sold. Swamy alleged that after becoming the home minister, Chidambaram did not pass the information to Raja.

DNA newspaper has more details and a by-lined story by Kumar Chellappan quoted Mr Swamy as saying:

“Vadra has 20% stake in Unitech, one of the telecom operators which benefited through the allocation of second generation mobile telephony spectrum by former union minister A Raja. He is the beneficiary of illegal payments generated through the spectrum scam and Commonwealth Games contracts,” Swamy said.

“The prime minister had asked Chidambaram, then the finance minister, to sit with Raja and decide the price at which the second generation mobile telephony spectrum could be sold. The duo decided to sell spectrum at 2001 prices, causing huge loss to the government. Moreover, Chidambaram did not inform the prime minister about the decision till 2008,” Swamy said.

He said Chidambaram was informed by the then home minister Sivaraj Patil that Etisalat and Telenor, two foreign telecom players, should not be allowed to operate in India. “Etisalat had links with the Pakistani spy agency ISI and Dawood Ibrahim while Telenor had Chinese links. Chidambaram did not tell Raja about this information. Later also when he took over as the home minister, he kept the information to himself,” Swamy said.

The Janata Party president said he would approach the prime minister seeking permission to include Chidambaram as an accused in the second generation mobile telephony spectrum case after the Tamil Nadu assembly election. “It will be better for Chidambaram to resign by that time,” he said.’

Unlike the TOI story, however, the DNA story is silent on his alleged remarks on Ms Gandhi. Mr Swamy had last week claimed on Twitter that he “may file for sanction to prosecute” Mrs Sonia Gandhi “this mid-April”.

Last week, there had been reports of Mr Vadra’s association with leading real estate firm DLF, on which The Financial Express had editorialised:

….we welcome Vadra’s statement when he says, he has served a legal notice on realty firm BPTP Ltd for claiming that several of its projects were part-owned by Vadra. For the government and the Congress party, however, the problem is more serious. Given how many clearances a real estate firm needs from government, for land-usage to be changed, for FSI levels and a lot more, there will always be fingers pointed if the UPA chief’s son-in-law has business dealings with a firm getting these permissions. The onus is now on the government and the Congress party to show that the clearances it is giving are not under any form of influence.

There has been a buzz that the BJP was hesitant to make it into an issue because the son-in-law of former PM Atal Behari Vajpayee, Mr Ranjan Bhattacharya, has also been under the scanner, as his name cropped up during Radia tapes and then again in the Wikileaks cables:

[Satish] Sharma mentioned that he was also exploring the possibility of trying to get former Prime Minister Vajpayee’s son-in-law Ranjan Bhattacharya to speak to BJP representatives to try to divide the BJP ranks.

In this regard, on Twitter, Mr Swamy was asked:

@Swamy39 Atal Bihari Vajpayee ‘s son-in-law Ranjan Bhattacharya seem 2 B well connected w/ congress.What makes him so close 2 congress?

To which he replied:

@seshadri :Because he is a crook.He rose from being waiter-Oberoi- to 5 star Hotel chain owner in six years of his father in law as PM.

On Monday, March 14, the Economic Times carried a story on Mr Robert Vadra, titled
Robert Vadra ties up with DLF, makes low-key entry into Real estate business, which pointed out, inter alia:

DLF has given loans to Vadra ‘s companies

DLF has also extended loans to various companies owned by Vadra. Some of these are unsecured loans or debt without any collateral. As on March 2009, Sky Light Hospitality had received unsecured loans amounting to Rs 25 crore from DLF Ltd. As on March 2010, only Rs 10 crore remained. It ‘s unclear from the statement of accounts if the rest was paid back or written off. Sky Light Hospitality has, in turn, loaned money to other Vadraowned companies such as Blue Breeze Trading Pvt Ltd, North India IT Parks Pvt Ltd, Real Earth Estates Pvt Ltd and Sky Light Realty Pvt Ltd.

Blue Breeze Trading, a company incorporated in 2007 with Vadra and his wife Priyanka Gandhi Vadra as first directors and equal shareholders, is in the business of chartering aircraft. The company, however, seems to have done little business, apart from acquiring agricultural land. Priyanka Gandhi ceased to be a director as on July 2008. She is no longer a shareholder. Real Earth Estates Pvt Ltd also had a Rs 5 crore loan directly from DLF on its books as on March 2010.

The joint venture firm Saket Courtyard Hospitality had received Rs 3.58 crore of unsecured loans from DLF Hotel Holdings Ltd, the group company that owned 50% stake in the JV. “The business relationship of DLF Group with Robert Vadra has been in his capacity as an individual entrepreneur and on a completely transparent and armslength basis.

The story was summed up by Mr Swapan Dasgupta, a journalist known to be close to the BJP, on Twitter as:

ET’s Vadra story drives home reality of crony capitalism. DLF pays Vadra 2 buy its own properties at sharp discount & get secure equity 
Monday, March 14, 2011 10:47:38 AM
 via web

According to 1 opp leader, after Bofors “winding up charges”, IPL “sweat equity”, we R seeing emergence of “political equity” in Vadra case 
Monday, March 14, 2011 10:51:57 AM
 via web

On March 16, the TOI reported: BJP, Left to corner Cong on Vadra’s rise:

On Tuesday, leader of opposition in Lok Sabha Sushma Swaraj said, “The matter is a serious one and the party is gathering documents to aise it with the prominence it deserves.”

She said the party had “entrusted” leader of opposition in Rajya Sabha Arun Jaitley to collect facts on Vadra’s rise.

CPM leader Sitaram Yechury was on the same track. “It looks like a serious matter and our party is ascertaining facts and will come up with a structured reaction on this,” he said.

But the story began to change, as Mr Dasgupta tweeted on March 16:

Resistance in BJP on raising Vadra issue is from some a of its ex-Presidents
Wednesday, March 16, 2011 2:57:47 PM via Mobile Web

which led to the following exchange:

@swapan55 is it the person who has held the maximum terms as bjp president
5:12 PM Mar 16th via Twitter for BlackBerry® in reply to swapan55

@bhupendrachaube No 
6:04 PM Mar 16th
 via web in reply to bhupendrachaube

@bhupendrachaube No, wrong number
6:05 PM Mar 16th via web in reply to bhupendrachaube

@swapan55 ok, jai UP 
6:12 PM Mar 16th
 via Twitter for BlackBerry® in reply to swapan55

On March 17, the TOI reported:

Differences were evident at a meeting of BJP leaders in Parliament on Wednesday with some leaders advocating caution while some others felt Congress could be asked some questions on Vadra’s activities. Leader of Opposition in the Lok Saba Sushma Swaraj felt it would not be good form to target family members of political rivals.

Whether or not the possible counter-attack on the BJP’s own son-in-law, Mr Ranjan Bhattacharya, whose name keeps cropping up in Radia tapes and in Wikileaks cables, is one of the reasons for the BJP’s hesitation, has not found a mention in any of the discussions so far.

Since then, of course, the focus has shifted to the cash for vote wikileaks expose, but Mr Dasgupta has persisted in following the story on Twitter:

Notice how many of those who helped the UPA win the confidence vote & also helped Vadra’s business secured Padma awards? Not incl. media 
about 19 hours ago
 via web

Re: WikiLeak, don’t forget role of internal saboteurs in BJP. Some of this later confirmed in Radia tapes. One trojan horse got Padma too
about 17 hours ago via web

The controversy over Sant Singh Chatwal was public enough but perhaps Mr Dasgupta was alluding to Dr. Kushal Pal Singh, the chairman and CEO of DLF, getting a Padma Bhushan for 2009 and the prominent name in this list in his last tweet?

 

Girls sold by Muslim Priests

  

சன் டிவி 700 கோடி திருட்டு சிபிஐ ஆதாரங்கள்

குற்றம் புரிந்தவர் வாழ்க்கையில் நிம்மதி…
First Published : 09 Jun 2011 03:48:54 AM IST
சென்னை, ஜூன் 8: “”என்னுடைய பெயரிலோ அல்லது 3/1 போட் கிளப் அவின்யு வீட்டிலோ 24371500 என்ற எண்ணுள்ள பி.எஸ்.என்.எல். தொலைபேசி மட்டுமே உள்ளது. 323 இணைப்புகள் உள்ளன என்று “தினமணி’ நாளிதழில் வந்த செய்தி தவறானது. உண்மையை ஏன் அவர்கள் பி.எஸ்.என்.எல். நிறுவனத்திடமிருந்து கேட்டு பெற்றிருக்கக் கூடாது ?” என்று ஜூன் மாதம் 2ம் தேதி தயாநிதி மாறன் ஏதோ தான் தவறே செய்யாதது போலவும் தம்மீது வேண்டுமென்றே வீண் பழி சுமத்துவதாகவும் அறிக்கை வெளியிட்டார்.  பி.எஸ்.என்.எல். இணைய தளத்திலேயே தயாநிதி மாறன் வீட்டில், 24371500 என்ற இணைப்பு தலைமைப் பொது மேலாளர் பெயரிலும், 24371515 என்ற இணைப்பு தயாநிதி மாறன் பெயரிலும் உள்ளது என்று தெரிவிக்கப்பட்டுள்ளது. பி.எஸ்.என்.எல்.லின் 2009ம் ஆண்டு, ஜூன் 6ம் தேதியிட்ட கடிதம், நாடாளுமன்ற உறுப்பினர் என்ற அடிப்படையில் அளிக்கப்பட்ட 24371500 என்ற தொலைபேசி இணைப்புதான் தயாநிதி மாறன் வீட்டில் உள்ளது என்பது பொய் என்பதை சுட்டிக் காட்டுகிறது.பி.எஸ்.என்.எல்.லிடமிருந்து பெறப்பட்ட மேலும் சில புதிய தகவல்கள் தயாநிதி மாறனுக்கு எதிராக அமைந்துள்ளன. அரசு கணக்கில், 323 இணைப்புகளுடன் ரகசிய தொலைபேசி இணைப்பகம் அவரது வீட்டில் இயங்கியதற்கான மறுக்கமுடியாத பல புதிய ஆதாரங்கள் பி.எஸ்.என்.எல்.லிடமிருந்து கிடைத்துள்ளன. தயாநிதி மாறன் கூறுவது அனைத்தும் பொய் என்பதை பி.எஸ்.என்.எல் சென்னை சர்க்கிளின் 21-6-2007 தேதியிட்ட அலுவலக கடிதம் உறுதிப்படுத்துகிறது.

2007ம் ஆண்டு மே மாதம் 13ம் தேதி தயாநிதி மாறன் மத்திய அமைச்சரவையிலிருந்து ராஜிநாமா செய்தார். இரு வாரங்களுக்கு பிறகு, பி.எஸ்.என்.எல் லுக்கு மாறன் கடிதம் ஒன்றை அனுப்புகிறார். அதில், அமைச்சர் என்ற முறையில் ஒதுக்கப்பட்ட 24371515 மற்றும் 24371616 இணைப்புகளை நாடாளுமன்ற உறுப்பினர் கோட்டாவிற்கு மாற்றும்படி கேட்டுக் கொண்டுள்ளார். இதுதான், பி.எஸ்.என்.எல். உண்மையை வெளிப்படுத்த உதவியது. 323 இணைப்புகள் உள்ளது என்பதுடன், ரகசிய இணைப்பகம் செயல்பட்டதையும் அது பட்டவர்த்தனமாக வெளிப்படுத்தியது.  முதலாவதாக: 24371515, 24371616 ஆகிய எண்கள் குறித்த தகவல்கள், பொது குறைதீர்ப்புப் பிரிவு அல்லது கணினி பிரிவிடம் இல்லை. இந்த எண்கள் குறித்த தகவல்களை மாம்பலம் இணைப்பகத்தில் கேட்டு தெரிந்து கொள்ளவும் ” என பி.எஸ்.என்.எல். அளித்த முதல் கடிதம் தெரிவித்தது.

ஏன் இந்த இரண்டு இணைப்புகளும் மாம்பலம் இணைப்பகத்தில் ஒளித்து வைக்கப்பட்டிருந்தன என்கிற கேள்வி எழுகிறது. இதற்குப் பதில் கிடையாது. பொது குறைதீர்ப்புப் பிரிவு அல்லது கணினி பிரிவிடம் இந்த எண்கள் குறித்த தகவல்கள் இல்லை என்பதே மோசடி என்பதை உணர்த்துகிறது. இணைப்பக முறையில் இருந்து அவை மறைத்து வைக்கப்பட்டிருந்தன என்பது பொருளாகிறது. 2437 என்ற பொதுவான இணைப்பக கோடு கொண்ட அவை ரகசிய இணைப்பகத்தில் இடம் பெற்றன.

இதே போல, தொலைபேசி வாடிக்கையாளருக்குஏதாவது தகவல் தேவைப்பட்டால், அவர், “”1191” என்ற எண்ணுக்கு தொடர்பு கொள்வார். ஆனால், தயாநிதி மாறனின் இணைப்பகத்தில், 234711911க்கு வரும் அனைத்து அழைப்புகளும் 24311191 க்கு தானாகவே மாற்றப்பட்டு விடும். இது 2437 என்ற ரகசிய இணைப்பகம் செயல்படுவதை பாதுகாக்க செய்யப்பட்ட ஏற்பாடுதான்.

இரண்டாவதாக : பி.எஸ்.என்.எல்லின் அந்தக் கடிதம், 300 இணைப்புகள் கொண்ட இணைப்பகம் உள்ளதை ஒத்துகொண்டு,மாறனின் பொய்யை வெளிச்சம் போட்டுக் காட்டுகிறது. 24371515 மற்றும் 24371616 (அமைச்சர் என்ற முறையில் ஒதுக்கப்பட்ட அவற்றை நாடாளுமன்ற உறுப்பினர் கோட்டாவிற்கு மாற்றும்படி கேட்டுக் கொண்டவை) ஆகிய இரண்டும், 300 எக்ஸ்டென்ஷன்கள் உள்ள 24371500 என்ற முக்கிய எண்ணின் துணை எண்கள் ஆகும் என்பது தெரிய வருவதாக அக்கடிதம் கூறுகிறது. அந்த முக்கிய எண் 24371500 இணைப்பு, 3/1 போட் கிளப் சாலையில், தலைமைப் பொது மேலாளர் என்ற பெயரில் உள்ளதாகவும் அது மேலும் தெரிவிக்கிறது. தயாநிதி மாறன், மத்திய அமைச்சரவையிலிருந்து விலகி 5 வாரங்களுக்கு மேல் இந்த மோசடி தொடர்ந்துள்ளது என்றும் அக்கடிதம் உணர்த்துகிறது. இக்கடிதம் நான்கு முக்கிய உண்மைகளை உறுதிப்படுத்துகிறது.  ஒன்று, 24371500 என்ற எண்ணுக்குள் 300 இணைப்புகள் கொண்ட சட்ட விரோத இணைப்பகம் மறைக்கப்பட்டிருந்ததையும், அதில் 24371515, 24371616 எண்கள் சேர்ந்திருந்ததையும் அது உறுதிப்படுத்துகிறது. இரண்டாவது, அந்த மோசடி இணைப்பகம், தலைமைப் பொது மேலாளர் பெயரில் செயல்பட்டது. அது மாறனின் பெயரில் இல்லை. மூன்றாவது, அந்த மோசடி இணைப்பகம், 2007ம் ஆண்டு ஜூன் மாதம் 21ம் தேதி வரை செயல்பட்டுள்ளது. நான்காவது, இந்த இணைப்பகத்திற்கான செலவுகளை அரசே ஏற்றுள்ளது – அதாவது “”டிடிஐஎஸ்டி (துறை) பிரிவில் ” என்ற கடிதத்தில் கூறப்பட்டுள்ள வார்த்தைகள் உண்மையை ஒப்புக் கொள்கின்றன.

323 இணைப்புகள் கொண்ட இணைப்பகம் திருட்டுத்தனமாக மாறன் வீட்டில் இருந்தன என்ற உண்மையை இது வெளிச்சம் போட்டுக் காட்டுகிறது.

அந்த இரு எண்களையும், கேட்டு கொண்டபடி, இலவச இணைப்புகளிலிருந்து, கட்டண முறையிலான நாடாளுமன்ற உறுப்பினர் ஒதுக்கீட்டுக்கு மாற்ற, “” 24371500 ” என்ற முக்கிய எண் மறைக்கப்பட்டு, 24341515, 24371616 சாதாரண இணைப்புகளாக, எஸ்டிடி வசதியுடன் நாடாளுமன்ற உறுப்பினர் ஒதுக்கீட்டில் அளிக்கப்படும் என்று அக்கடிதம் தெரிவிக்கிறது. ஏன் 24371500 ஐ மறைக்க வேண்டும் ?

இது கூடவா தெரியவில்லை? 24371500 முதல் 24371799 வரை உள்ள 300 துணை இணைப்புகளைக் கொண்ட 24371500 முக்கிய எண் தெரியக்கூடாது என்பதற்காகத்தான்.

இரண்டாவதாக அக்கடிதம் மாறனின் வீட்டில் மேலும் 23 இணைப்புகள் இருந்ததை உறுதிப்படுத்துகிறது. மற்ற இணைப்புகள், தொழில்நுட்ப வார்த்தையில் கூறினால், “பிரா’ இணைப்புகள் ஆகும். “”7 “பிரா’ இணைப்புகளும், போட் கிளப்பில், சென்னை டெலிபோன்ஸ் தலைமை பொது மேலாளர் பெயரில் 2 சாதாரண இணைப்புகளும் இருந்ததை அந்தக் கடிதம் கூறுகிறது”.

ஒவ்வொரு “பிரா’ லைனும் ஒரே சமயத்தில், குரல், ஆவணங்கள்,விடியோவை அனுப்பும் திறன் கொண்டவை. எனவே, 7 “பிரா’ இணைப்புகள் என்பது, 21 இணைப்புகள் ஆகும். 21 இணைப்புகளுடன், 2 சாதாரண இணைப்புகள், 24371500 எண்ணில் உள்ள 300 இணைப்புகள் ஆக மொத்தம் 323 இணைப்புகள் (ஐஎஸ்டிஎன்) திருட்டுத்தனமாக மாறனின் வீட்டில் செயல்பட்டுள்ளன. இதைதான், சிபிஐ தனது அறிக்கையில் வெளிக்கொணர்ந்துள்ளது. 323 இணைப்புகள் கொண்ட இணைப்பகத்தையே மாறன் மறைத்து விட்டார் என்பதை “தினமணி’ நாளிதழ் அம்பலப்படுத்தியது. அவ்வளவே!  பி.எஸ்.என்.எல்.லின் கடிதத்தின் மூலம்,மாறன் தவறு செய்துள்ளார் என்பது சந்தேகத்துக்கு இடமின்றித் தெளிவாகி விட்டதே, இனிமேலாவது தயாநிதி மாறன், தனது குற்றத்தை ஒத்துக் கொண்டு தலைகுனிவை ஏற்றுக் கொள்வாரா? இல்லை, வலுக்கட்டாயமாகப் பதவி பறிக்கப்பட்டு, விசாரணைக்கு உட்படுத்தப்பட்டு அவமானங்களுக்குப் பிறகுதான் ஏற்றுக் கொள்வாரா?

உப்புத் தின்றவன் தண்ணீர் குடித்துத்தான் தீர வேண்டும். அவரவர் பாவம் அவரவருக்குத்தான் என்றெல்லாம் தமிழில் பல பழமொழிகள் உண்டு. தயாநிதி மாறன் என்பதால் இவையெல்லாம் மாறிவிடுமா என்ன?

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