Common man in pain but con-man in gain under BJP-led government, says Congress

The Congress on Wednesday attacked the BJP-led government over the 'bank default and cheating case of Frost International Ltd' alleging that the 'industry of loot and scoot' was flourishing but industries were 'sinking' due to the Centre's 'manufactured economic crisis.'

Addressing a press conference here, Congress leader Jaiveer Shergill alleged that the probe agencies have not been able to trace the location of 10 company directors and officials of Frost International Ltd and alleged that funds to the tune of Rs 3,592 crore had been "siphoned off and diverted".

He accused the BJP government of following the policy of giving "pain to the common man and gain to con-man."

"The BJP government plays the role of either a facilitator or mute-spectator whenever fraudsters fleece and fly to foreign shores. The scam of Frost International Ltd (FIL) involving a consortium of 14 banks led by BOI re-affirms the BJP policy of giving pain to the common man and gain to con-man," he alleged.

The Congress leader said that the lending banks noted default in payments of FIL starting January 2018 and asked why the complaint was filed after a gap of two years on January 19 this year.

He said the Home Ministry issued a lookout circular (LOC) after a gap of eight days in January last year after the request was made by the BOI, the lead bank.

"Why and on whose directions did the investigating agencies not register a case for a year against the offenders who remain untraceable till date?" he asked, noting that the look-out circular was issued on January 18 last year.

Shergill said the consortium of lending banks had authorized registration of complaint in June last year.

"Why did it take the lead bank for more than six months to register a complaint. The fleece-and-fly case of directors/officials of Frost is the outcome of BJP govt's intentional scheme of 'Rising frauds and flying fraudsters," he said.

The Central Bureau of Investigation (CBI) on Tuesday booked Frost International Limited and its directors Uday Desai and Sujay Desai for allegedly cheating 14 banks.

Shergill said the Modi government assumed office with the promise of recovering black money within the first 100 days but alleged that it has overseen "siphoning off" of over two lakh crore rupees of public money from India and red carpet exit to over 31 fugitives and willful defaulters."

He alleged the BJP-led government was "giving loans to willful defaulters using public money and writing off loans arbitrarily without any rational or justification".

"Instead of building a USD 5 trillion economy, the BJP has waived off bad loans and emptied public savings to the tune of Rs 5 lakh crore," he alleged.

Shergill alleged that there is a pattern of "give loan, allow loot and let scoot" under the BJP government." "What action has been taken to recover Rs 2.7 lakh crores public money siphoned through bank frauds," he asked.