Modi government stings 500 bank branches; bad days ahead for corrupt bankers: Report

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Under the direction of Prime Minister Narendra Modi, the government has reportedly conducted sting operations in around 500 branches of banks across the country. ABP News reported that CDs of the sting operations have been sent to the Union Ministry of Finance and proper action against erring bank officials would be taken at an appropriate time.

Ever since the demonetisation of old Rs 500 and Rs 1000 currency notes on November 8, several incidents of wrongdoings by bank officials to help black money hoarders have been reported. A number of bank officials have been arrested and several of them suspended and are facing probe.

While addressing farmers during the inauguration ceremony of Amul unit in Deesa, Gujarat on December 10, PM had hinted about the sting operations. “Demonetisation is an important step towards making the country free of corruption. You would have seen that these days government is after them (corrupt). Bank officials are going to jail. People who ran away with big bundles of cash are going to jail. They thought, Modi ji has banned Rs 1000, Rs 500 but they would do something from the back gate. But they didn’t know, Modi has put cameras on the back gates. All of them will be arrested, no one will be spared.

“Two months, three months, six months…whoever has sinned after November 8 will not be spared under any circumstances. All of them will have to face the punishment. Whoever has sinned to spoil the dreams of 125 crore people, will not be spared, I want to assure this to the citizens.”

 

According to reports, over 400 CDs of sting operations have reached the Ministry of Finance. The CDs show how the old notes of police, pimps and influential people were exchanged with the help of bank staff.

India Today news channel also said that over 400 CDs of the sting operations have been submitted to the Finance Ministry. It further said that the list of banks under scanner after the sting operations includes several public sector banks.

Explaining the modus operandi of sting operations, India Today reported that Income Tax officials approached banks posing as customers to see if they were indulging in any malpractice.

According to ABP News, the light action against bank staff till now is a part of the government’s strategy. The government will launch a full-scale attack against the erring officials after the present cash crunch normalises.

 

Citizens would not have faced so much problem if the bank staff had not indulged in corruption. In many CDs of the sting operation, several banks staff and managers are seen exchanging notes on multiple IDs while there were long queues of people waiting outside.