MOTHER OF ALL SCAMS-DONE BY UPA2 GOVERNMENT-A MUST READ BY ALL INDIANS TO KNOW THE HARD FACTS

The biggest scam in the history of India is not the commonwealth scam (Rs 50,000 crore), 2G scam (Rs 1,76,000 crore) or Coal block allocation scam (Rs 1,86,000 crore) - it is the systematic creation of NPA (Non Performing Assets) of public banks that was created between 2008-2014.

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 How did it unfold?

➤ In the period of 60 years between 1947 and 2007, the value of total amount of loans lent by the public banks was Rs. 18,00,000 Crore (18 lakh crore).

However, the total amount of loans lent by the banks in the next 6 years (2008-2014) was a whopping Rs 52,00,000 crore (52 lakh crore). The UPA2 started to distribute loans to its cronies despite the fact that most of them were wilfully defaulting on loans !!!! :o :o

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❓What happened ?

➤ Banks were forced to lend loans to those industrialists, who were close to "the family". A single phone call from 10JP would make sure the industrialists received as much loans as they wished! 

Once the loan was granted, and the industrialist was not able to repay the loan, the banks were asked to again lend a loan of similar amount. This money was used to repay the previous loan, and this cycle kept going on.

For example, Banks lent Mr.X a loan of Rs.1000 crore. Mr.X would default on the loan and then approach the dynasty. A phone call would make sure banks lend another Rs.1000 crore to Mr.X. Now he would repay part of the previous loan with this amount and ask for more loan. The bad loans, would therefore, continue to accumulate.

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Was it all ?

➤ However things didn't stop here. The UPA2 government continued to disburse the loans to those cronies who it knew are not going to repay the loans. This includes former Congress Rajya Sabha Member and businessman Vijay Mallya. All the loans on which Mallya wilfully defaulted were given to him under UPA rule.

The UPA government continued doing this at brazenly unabated pace and the amount of bad loans kept increasing with every passing year, and almost 10,00,000 CRORE (10 lakh crore) became Non-performing asset - the money which could NEVER be recovered..... The entire amount that were distributed to these cronies of 10 JP was our (taxpayers') money.

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What was more to this scam ?

➤ The scam didnt stop at this point. The UPA2 government hid the real amount of NPAs and claimed the amount was Rs 2,00,000 crore (2 lakh crore), much less than the real amount of 10,00,000 crore. The UPA lied to the entire nation just so that it can continue distributing our hard-earned taxes to its cronies. This was the government of an "economist" cheating the entire nation, lying about the bad loans just so that it can continue giving loans to its cronies.

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 How did the truth come out ?

➤ When Narendra Modi assumed office in 2014, the entire system was reeling under this volcano which was about to burst any time soon. The first thing Modi did was to order the banks to come clean on NPAs and declare every amount that had turned into a bad loan (loan which could not be recovered). As banks started to come clean, the amount turned out to be an unbelievable Rs 10,00,000 crore. The current government started taking concrete steps to solve the issue and strengthen the banking system.

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Why NPA is still increasing then ?

➤ As more and more banks started to declare the NPAs of 2008-2014 period, the value of NPAs started to increase. That is the reason why NPAs rose from 2 lakh crore in 2008 to 11 lakh crore in 2017. The truth is - NPA did not rise. It simply was made transparent and declared to public. NPA had already touched 10 lakh crore in 2013 but UPA government lied to the nation.

With every passing year, the interest on the loans keep accumulating (since banks continue to calculate interests on those loans even today), and hence the NPAs are still increasing every year. These are all the loans which were given by UPA in the period 2008-2014. After Narendra Modi Ji came to power, all these have been made public and investigations have started.

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What has Modi government done ?

➤ The Bankruptcy act and Economic Offenders act have made sure that the amount is being recovered from those who wilfully defaulted on loans and ran away. All the loans are being investigated, and from now onward, every loan of large amount will be provided only after securing passport details of the applicants so that they cannot run away in case of wilfully defaulting.

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Why did the government not tell about it in 2014/15 ?

➤ Had the government declared the entire truth right in 2014/15, it would have helped BJP politically, but it would have destroyed the economy of nation. The trust on banking system would have eroded completely and economic activities would have come to a grinding halt. The entire economy would all of a sudden go into a downward spiral and banks would have collapsed. Only after everything was strengthened did the government undertake the task to bring the truth out in the public.