All it takes is one well-aimed kick to bring an empire down. The whistleblower’s letters on the National Stock Exchange (NSE) Co-location scam and the rigging of the exchange that took place have been acknowledged but are the investigating agencies looking at the big picture? To enrich a few these scams were hatched and they are all busy creating new layers of obfuscation by moving their properties around while the agencies are still stuttering and stumbling forward when at least a few significant minions should have been in custodial interrogation by now.
Amazing that one finds the same set of players
A quick look at Figure 1 below will show that Mr. Chidambaram used with the help of his Man Friday, Dr. K P Krishnan, and the same set of individuals that were at the helm of some important organizations. The irony is that these players are still being persisted with, even in the current dispensation. The initials are self-explanatory – VK is Vijay Kelkar, CBB is C B Bhave and so on. CCI is Competition Commission of India, NIPFP is National Institute for Policy and Financial Planning…
Things that ED, CBI should be looking into
During the UPA period of ten years as well as during the period 1994-1998 when Chidambaram used to find himself as either the Commerce Minister or the Finance Minister, several moves were initiated that did not follow the proper process. A few are listed below, and the investigating agencies should look into these.
|Things that ED/ CBI should be looking into|
|1||Why was C B Bhave appointed as Chairman of Securities Exchange Board of India (SEBI) in Feb 2008, when he was under investigation by SEBI in the National Securities Depository Limited (NSDL) Initial Public Offering (IPO) scam? Reliable sources say that even though M Damodaran was the choice of the then Prime Minister Manmohan Singh, PC overruled it and appointed Bhave the Chairman of the very agency that was investigating him! Bhave was allegedly not even in the short list of 4 candidates that were recommended! Were policy and norms violated by PC?|
|2||Why was the Tax Information Network (TIN) project that deals with the Tax information of all taxpayers of India project allocated to a private company, NSDL? Was there a proper bidding process for this? This happened in 2005, when C B Bhave was the chairman of NSDL. This data too should be only with the Government, not a private entity.|
|3||Who structured the Goods and Services Tax Network (GSTN) as a Special Purpose Vehicle, with a majority holding by private entities? Perhaps Vijay Kelkar, the architect of GST knows. The requirements for what is needed for GSTN were supposedly discussed in the 4th meeting of State Finance Ministers held on Jul 21, 2010. Guess who was the Chairman of this Infrastructure for GST committee? Is this related to the Rs.1400 crores given to Infosys by Hasmukh Adhia, bypassing the Union Cabinet?|
|4||The rise in wealth of some of the above players (including their kith and kin and in-laws) needs to be probed. Some have had stunning investments from high net worth entities through Multinational Companies such as Goldman Sachs, Citigroup etc. One can understand it if it is for a hot tech startup but real estate? Give me a break.|
Back to Ajay Shah…
After sustained pressure for over two years from PGurus and Dr. Subramanian Swamy, GSTN has been re-organized to be a fully government owned organization. Private banks and the NSE will no longer have access to GST tax collection money nor will they have the access to the data related to the GST collections of various companies. Ajay Shah has been named in the First Information Report of the CBI in connection with the NSE co-location scam. Was he also getting access to the GST collection data of various companies? What about other exchanges such as MCX? This needs to be investigated. The government needs to clarify to all whether the GST collections have switched to a Public Sector Bank such as the State Bank of India.
 GST council meet: GSTN to now be 100% government owned – May 4, 2018, Financial Express
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