Dear Friends, YOU ARE QUITE AWARE THAT, RIGHT FROM THE BEGINNING, I HAVE BEEN APPREHENSIVE OF SOME FOUL PLAY ON THE PART OF THE TRUSTEES, REPRESENTED BY THE UNIONS IN COLLUSION WITH THEIR COUNTERPARTS FROM THE RESPECTIVE BANK MANAGEMENTS, IN THE ADMINISTRATION OF THE PENSION CORPUS MUCH DETRIMENTAL TO THE INTERESTS OF THE BENEFICIARIES OF THE TRUST. AS A PART OF MY ON GOING EFFORTS, I HAVE TODAY (5.11.17) ADDRESSED THE FOLLOWING COMMUNICATION TO THE AUTHORITIES MENTIONED THEREIN HIGHLIGHTING THE RAMIFICATIONS ARISING OUT OF CLANDESTINE DEALS OF THE TRUSTEES OF THE BANK EMPLOYEES PENSION TRUST CORPUS WITH OCULAR EVIDENCES. Hard copies of the following communication are sent to the concerned by Speed post – (EN260298803IN/ EN260298817IN / EN260298834IN/ EN260298848IN) ----------------------------------------------------------------------------- TO: 01. HIS EXCELLENCY SRI RAMNATH KOVIND, HON’BLE PRESIDENT, NEW DELHI. 02. SRI NARENDRA MODI, HON’BLE PRIME MINISTER, PMO: NEW DELHI. 03. SRI ARUN JAITLEY, HON’BLE FINANCE MINISTER, NEW DELHI. 04. SMT. SUMITHRA MAHAJAN, HON’BLE SPEAKER, LOKSABHA, NEW DELHI. 05. COMPTROLLER AND AUDITOR GENERAL OF INDIA, NEW DELHI. 06. CENTRAL VIGILANCE COMMISSION, NEW DELHI. 07. CENTRAL BEAURO OF INVESTIGATION, NEW DELHI. 08. HON’BLE CHIEF JUSTICE, SUPREME COURT OF INDIA, NEW DELHI. YOUR EXCELLENCY , /HON’BLE SIRS, RE: “ A BIG SCAM IN THE BANK EMPLOYEES PENSION CORPUS FUNDS “ ---------- REFERRING TO THE ABOVE, I APPEND HERE THE TRUE EXTRACT OF THE RECENT COMMUNICATION VIDE REF.No.28/34/2017 Dtd. 24 09 2017 REPORTEDLY ADDRESSED TO ALL ITS BANK-WISE CONSTITUENTS BY THE GENERAL SECRETRY, ALL INDIA BANK EMPLOYEES’ ASSOCIATION -AIBEA (AN INTERNAL COMMUNICATON) QUOTE: “CIRCULAR LETTER No. 28/34/2017/34 DATED 24-9-2017 ADDRESSED BY THE GENERAL SECRETARY OF AIBEA-TO ALL BANKWISE ORGANISATIONS UNDER AIBEA: "Dear Comrades, Investments from Employee related funds like Provident Fund, Gratuity Fund and Pension Fund. All of us are aware that due to the consistent efforts and prolonged struggles of AIBEA, there have been improvements in the wages and service conditions of bank employees in the last seven decades. Retirement benefits like PF, Gratuity, Pension, etc. are very important achievements of the organisation to enable the employees to lead a safe, secure and decent life after retirement from the Banks after spending their prime lifetime in their service in the Banks. Before the K C Sen Tribunal in 1949, these were important demands from AIBEA and all our Unions. Right from the period of Sen Award, AIBEA has endevoured to improve these retirement benefits. Pension Settlement of 1993 and Settlement of one more option for pension signed in 2010 are landmark achievements. Since these benefits are payable upon the retirement of the employees, the funds are kept separately in Trust Accounts. The money available in these Funds are invested as per Government guides in approved securities and the return on these investments are equally important to augment the financial position of these Funds. In order to play the watch-dog role, representatives of our Unions are appointed as Trustees in these Trusts in all the Banks. Our Trustee have to play an important and vigilant role so that the Trust Funds are maintained and invested properly and employees’ interests are taken care. Recently, we have come across an experience where the funds from the Pension Fund of a Bank was invested in a private company in the form of Non-Convertible Secured Debenture. The same private company was also given huge loans ( around Rs. 14,000 crores ) by that Bank and other Banks. Rather, it should be said that the Company which was favoured with such a huge loan was also favoured with this investment from the Employees Pension Fund. This account has become NPA and is one among the 12 major accounts before the National Company Law Tribunal. Obviously, the investment in the Debenture Bond also became a dead investment and NPA. Since the Bank’s Pension Fund is an investor and hence a Creditor, the Insolvency Resolution Professional has asked the Pension Fund to submit its claim. It can be anticipated that neither the Bank’s loan would come back nor there is any possibility to get back the money due to the Pension Fund. RBI has already indicated that the Banks have to be ready for deep haircut and be prepared to make provisions for these accounts. Hence neither the Fund will get back the money nor even interest on the NCD Bonds. Hence our Unions and particularly, our Trustees in the employee-related Funds/Trusts should be careful, cautious and vigilant to ensure that such investments are avoided by the management. Any investment in such private companies should be properly scrutinised and verified about their credit ratings, reputation, etc., before our Trustees agree to the same. We should demand all details before an informed decision is taken on such investments. Shortly we will convene a meeting of our Trustees of PF, Gratuity and Pension Fund in various Banks to understand such contingencies, caution to be exercised for agreeing on investments, etc. and to better equip our Trustees." UNQUOTE: ----------------------------------------------------------------------------- CRIMINAL BREACH OF TRUST: The above communication evidently confirms of a “Big Scam” in the Pension Corpus Funds of the Bank Retired Employees, who have been contributing to the fund from out of their salaries every month throughout their service in their respective Banks with a fond hope of securing their lives after retirement. RIGHT FROM THE BEGINNING, I HAVE BEEN APPREHENSIVE OF SOME FOUL PLAY ON THE PART OF THE TRUSTEES, REPRESENTED BY THE UNIONS IN COLLUSION WITH THEIR COUNTERPARTS FROM THE RESPECTIVE BANK MANAGEMENTS, IN THE ADMINISTRATION OF THE PENSION CORPUS MUCH DETRIMENTAL TO THE INTERESTS OF THE BENEFICIARIES OF THE TRUST. IN FACT, I HAVE BEEN PIN POINTING THE SAME AT EVERY TIME AND BEFORE EVERY FORUM WHILE TAKING UP THE MATTER WITH ALL THE CONCERNED IN THE MATTER ON VARIOUS OCASSIONS--VIZ: PERPETRATED FRAUDS COMMITTED BY THE BANK MANAGEMENTS IN THE FOLLOWING AREAS IN GROSS VIOLATION OF THE PENSION REGULATIONS (STATUTORY IN NATURE):-- - BY NOT REMITTING THE MANAGEMENTS CONTRIBUTION TO THE PENSION TRUST CORPUS PROMPTLY. - INVESTMENT OF THE PENSION CORPUS IN GROSS VIOLATION OF THE TERMS OF THE SETTLEMENT SIGNED. - LOSS OF INTEREST HAS NOT BEEN COMPENSATED TOWARDS THE PENSION TRUST CORPUS. - UNAUTHORISED TRANSFER OF FUNDS FROM THE PENSION TRUST CORPUS TO P&L ACCOUNTS OF THE BANKS TO COV ER UP THE LOSSES OF THE BANKS. – WINDOW DRESSING THE BALANCE SHEETS . IN SHORT, THE ABOVE, TANTAMOUNT TO “EMBEZZLEMENT OF FUNDS” Supposing, the same were to be indulged by any erring employee, for his/her Misconduct in a stray /isolated instance, he/she would have been sacked from the service mercilessly as per the service conditions !-- Even for a paltry amount of involvement for that matter ! That being the case , Can the representatives of the unions on the respective pension trust boards plead for their “estoppels” from being guilty on par with the managements on the above logic? ONLY A THOROUGH INVESTIGATION ON THE ABOVE LINES BY AN ACCREDITED INSTITUTION LIKE "CAG" ALONE WILL BE ABLE TO BRING THE TRUTH TO THE SURFACE IN THE INTEREST OF THE INNOCENT RETIREES LIKE US, AS THE BENEFICIARIES OF THE PENSION TRUST . AUDITORS CONCERNED SHOULD ALSO BE MADE ACCOUNTABLE -All India Bank Retirees Federation – AIBRF, IN ITS CHARTER OF DEMANDS , VIDE REF:No.2017/67 dtd.15 06 2017 REITERATED ITS STANCE FOR “CAG AUDIT” OF THE PENSION TRUST CORPUS. (enclosed as annexure) - RECENT EPISODE OF PUNJAB NATIONAL BANK WHERE HUGE FUNDS FROM PENSION CORPUSUTILISED FOR WIPING OF THE LOSSES IN THE BANK’S BALANCE SHEET (WINDOW DRESSING) (enclosed as annexure) -RECENT EPISODE OF ORIENTAL BANK OF COMMERCE- AS ALREADY REPORTED BY OUR CO-RETIREE VIDE HIS LETTER Dt.28 08 2017 ADDRESSED TO THE GOVERNOR, RBI WITH OCULAR EVIDENCES. (enclosed as annexure) -AND FINALLY, THE ABOVE REFERRED TO CIRCULAR LETTER REF.No.28/34/2017/34 DATED24 09 2017 ADDRESSED TO ITS CONSTITUENTS IN VARIOUS BANKS, BY THE GENERAL SECRETARY OF ALL INDIA BANK EMPLOYEES ASSOCIATION – AIBEA MADE A SPECIFIC REFERENCE TO AN INCIDENT TO PROVE OUR ABOVE APPREHENSIONS BEYOND ANY DOUBT. Considering the gravity of seriousness, I have been time and again bringing the above facts to the notice of all the concerned from time to time. YOUR EXCELLENCY, & HON’BLE SIRS, Having contributed for the growth of the Country’s economy during our prime age for over 30-40 years, we have been left in isolation both by the managements and unions as well. Our pension/family pension remained static for over 15-20 years without any revision and thus we are hard hit by inflation. I enclose herewith all the related communications/correspondence for your kind perusal to request you to INITIATE ACTION AS REQEUSTED ABOVE AND THUS COME TO OUR RESCUE. IN ANTICIPATION OF A WORD AND DEED OF SOLACE FROM YOUR EXCELLENCY/HON’BLE SIRS, Yours faithfully, Sd./- ( D S MURTI) Encls: as above. November 05, 2017 ------------------------------------------------------------------------------- D. S. MURTI (Manager-Retd. Syndicate Bank) : 3-23 ; GF:01; “Ragamalika Residency” ; Plot # 37, Sri Rama Co.Op. Housing Society Layout, Near Chinmaya Dhyana Mandiram, Ramavarappadu (PO): VIJAYAWADA 521108. (AP). 0866-2843298; 9989318300; 9398532066; devulapallimurti@gmail.com ------------------------------------------------------------------------------------------- IMPORTANT LINKS: https://drive.google.com/file/d/1l-Ok20qw6Kqr6UzRY6-VGu-vjnQOzgtT/view https://drive.google.com/file/d/0Bwlxk5JrNIM1VDYtSi1nVGJRUzQ/view https://drive.google.com/file/d/0Bwlxk5JrNIM1ZkhlODBHaEx1OHc/view https://drive.google.com/file/d/0Bwlxk5JrNIM1Qm5XRUQ1OTFnSUk/view https://drive.google.com/file/d/0Bwlxk5JrNIM1VkV3MnhtSXYxQ0E/view https://drive.google.com/file/d/0Bwlxk5JrNIM1N1dycXlZd3NabGs/view https://drive.google.com/file/d/0Bwlxk5JrNIM1bUxXVUp1NjlRc2s/view https://drive.google.com/file/d/0Bwlxk5JrNIM1Rl9XeGRZeGlFcHc/view https://drive.google.com/file/d/0Bwlxk5JrNIM1UzZEVVBzaDBJbms/view https://drive.google.com/file/d/0Bwlxk5JrNIM1b1FOTlB0SllqTTg/view https://drive.google.com/file/d/0Bwlxk5JrNIM1UXhrZDg3NE5DOVE/view https://drive.google.com/file/d/0Bwlxk5JrNIM1cUlhOTdQVUZFNE0/view https://drive.google.com/file/d/0Bwlxk5JrNIM1S3N1Y0ZCVEZqQTQ/view