All said and done there is little reason for India to cheer over reports that valuables worth Rs 1350 crore have been brought back to India in an ongoing drive by the Enforcement Directorate against two fugitive businessmen, Nirav Modi and his maternal uncle Mehul Choksi. Both facing serious charges such as defrauding of Punjab National Bank (PNB), have been giving India’s law-enforcing agencies the slip since 2018. This, after charges like fraudulent bank transactions and money laundering were registered against them. What is brought back is fine. But, fact is also that this is just a fraction of the loot that has disabled India’s public sector banks since the time of the UPA, a process that was carried forward through the NDA term too until the lid was off the shady deals involving even senior bank officials.
Notably, valuables worth over Rs 130 crore which were in the possession of the two had been brought back from abroad a while ago, and this is the second arrival – these including polished diamonds, pearls and jewellery, which were sent by the accused from here to Dubai and which later ended up in Hong Kong. Both men are fighting their cases from their bases abroad – Nirav Modi in the UK and uncle Choksi in Antigua and Barbuda, as last heard. Both are also stalling attempts by the ED to have them deported back to India. The King of Good Times, Vijay Mallya, too is fighting similar cases in the UK courts, lost them at the last stage too, and is now exploring other options to outwit the Indian systems.
Public sector banks here have been virtually robbed of lakhs of crores by high-flying businessmen with near impunity for years and the governments looked the other way. PM Modi promised the people during his campaign for LS polls in 2014 that he would get back the looted funds deposited abroad by such men. Nothing of the sort happened in his first term, and nothing much is likely to happen during this term too. When it comes to fighting such cases in court, things can only revolve in circles without reaching anywhere. Laws are one too many under the shade of which such men can take shelter for years. PM Modi owes an explanation to the nation as to why things are not progressing, other than small seizures like this from Hong Kong.