Monday, 4 August 2014


SWINDLING of public money Over Rs.5,00,000 Crores

Over Rs.5,00,000 Crores SWINDLED by Indian Banks NY $13.3b
August04, 2014 (C) Ravinder Singh ravinderinvent@gmail.com

I asked an RBI director publicly and more RBI top rank official ‘PSU
Banks & SEBI Losted Companies don’t mail annual or quarterly
statements’ which eventually leads to SWINDLING of public money.

Unlike rich forgetting to encash their dues – in India Senior
Citizens, Mobile Young People and Tenants are main target of Bank
Swindling their accounts. Even Depositors with fixed address for 50-60
years are not spared.

One can well imagine in a Transparent and Fiercely Governed New York
over $13.3b was unaccounted or unclaimed money with banks when in USA
public can withdraw money through ATMs any where in the world.

‘After all, if they cannot find Madonna and President
Obama, imagine how hard they will look for you.’

Even at 5%-6% of amounts Swindled it comes to Rs.500,000 crores – my
employer CPWD for 10 years would open 5-6 Provident Fund accounts
1975-1985 though I was posted in Delhi and instead of Rs.30 per month
would deduct Rs.100 from my salary and they never sent any information
to me about around Rs.10,000 deposited in my Provident Fund accounts.
This alone would have been worth Rs.100,000 today doubling every nine
years. In additions Salary Due left due to Frequent Transfers too are
not reported. NPA are not included in this which results from Bungling
of Bankers.

In 1974 I worked for BST in Ganuar Haryana – Rs.50 left in the account
and BONUS payment which was not declared when I resigned too
disappeared with it.

UTI doesn’t give annual statement of ‘Pending Dues of Depositors’ –
Investors Make Investments Regularly Over Time – Annual Statement
would alert Depositors of Due Dates and Pending Dues. But this would
also help Income Tax in collecting more tax.

Thus this is REVENUE neutral – Government doesn’t lose but
MALPRACTICES help Corrupt Bank Officials SWINDLE Public Money.

In another peculiar case – I went with my relation to EXPEDITE refund
of Investment in a Public Issue of a company – I was horrified in 1995
in going through the LIST OF INVESTORS there were over 10%-20%
Addresses Were Deliberately Wrongly Entered with Spelling Errors and
Pin Code Errors.

The Company Public Issue Was Oversubscribed 10 Times – and most of it
in Rs.1,000 to Rs.10,000 range – it was IMPOSSIBLE for most of the
depositors to get back REFUND Checks.

I had demanded CONSOLIDATION OF ACCOUNTS but unsuccessfully.

Ravinder Singh, National General Secretary.
Sabka Bharat Mission 2019
Y-77, Hauz Khas, New Delhi -110016
Ph: 9650421857, 9718280435

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