Govt of India: Stop renew process for LOUs
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Nirav Modi looted Punjab National Bank with Rs 11400 crore. The scam was started in 2011 and continued till 2017. Well, after Harshal Mehta he again found a loop hole in banking system a did a biggest banking fraud. It was hard earned tax payers money.
What loophole he found? He got Letter of Understanding from PNB branch which allowed him to take loan from overseas branches of Indian banks. He got multiple LOUs from the bank and kept them renewing till 2017.
We request Finance Minister Shri Arun Jaitley to update the policy to issue LOUs. A issued LOU should not be renewed again. The person is liable to pay with in time frame of 90 days. If person is unable to pay the money with time frame, bank should seize his property and no more further LOUs to be issue for the person.
Rs 11400 crore is huge money. This money could have been used for development, jobs etc. But it is looted.
We request Finance Minister Shri Arun Jaitley to respond on this petition and update the policy.
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