Another Bank Scam in India! Nirav Modi ( A Diamond Merchant) one of the accused of $1.8 billion fraud.
Nirav Modi including a couple of other accused with the help of Bank officers successfully bypass established banking channels by perpetrating this fraud. On top of that Mr. Nirav and his family successfully leave the country (India) on January 1st, 2018 and now they are out of reach!
If you go back then you will find that the list of this type of incidences is very long. First Vijay Mallya took a loan of $1.387 billion, forget to repay and now enjoying his life in the United Kingdom, away from Indian law.
During 2016's demonetization of INR 500 & INR 1000 currency, we find out how bank officers helped Businessman and politicians to convert their black money into the new currency.
Banks should treat all people equally but that's not happening at least in India. Today I'm not here to discuss what Mr. Nivav did or how cool is Vijay Mallya. I'm here to share my incidence, which happened with me 10 years back when I wanted to pursue higher studies abroad and my father request for an education loan from the same bank, where he was a loyal customer from past 40 years. As per government rules, that should be a hassle-free process. Bank officers, even when they knew their regular customer, were not helpful at all. For almost a month, my dad keeps on trying to get an education loan. He provided them all the requested documents, however, each time they come up with a new document. Even after providing all the documents, bank officers keep on delaying the loan process intentionally. There was no way you can track if they were actually doing anything or just sitting on top of the file! Finally just two days before my flight, my dad gave up and decided to sponsor me directly as he was enlightened hard way that we will never get any loan from the bank.
That's hard truth that you can get loan only in three circumstances:-
1- You are in a blood relation of a bank employee.
2- You are willing to bribe bank officers.
3- You are someone like Vijay Mallya or Nirav Modi.
The banking system is totally corrupted in India. There is no regulation. It's by the corrupt people (Bankers) and for the corrupt people (Politicians and businessmen).
The current reality of Indian banking system is that they will only give you loan to those people, who actually don't need a loan. If you seriously need a loan, maybe you are a farmer and young entrepreneur, then forget about loan unless you are willing to bribe bank officers.
In India, they beat or even kill farmers, if they are not able to repay the loan amount, however, defaulters like Vijay Mallya or Nirav Modi, they move around like Freeman. No one can touch them.
This is the problem, now let's talk about the solution. Banks are only for wealthy people to increase their wealth. We can't change the corrupted system. Truth is that our money is not even safe in banks. Decentralized cryptocurrency is the solution.
Become smart and be your own bank. Research about cryptocurrencies and convert your money from FIAT to Crypto. I'm in cryptocurrencies for past 8 months and really amazed by its potential, especially the potential of STEEMIT and ADA (Candano). I truly believe that these two currencies are the answer to the corrupted banking system.
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