Set up JPC probe on PNB scam: CPM

The CPM on Wednesday asked its units to organise nation-wide protests to pressurise the government to set up a Joint Parliamentary Committee (JPC) to probe the multi-crore bank fraud involving Nirav Modi and publicise names of industrialists whose defaulted loans were waived off.

Expressing "grave concern at the alarming rise of levels of crony capitalism" in Narendra Modi-led government, the party Polit Bureau said "one after another chosen corporates" who have "defrauded" people's money and "manipulated" the system are allowed to leave the country before facing the law of the land.

"The government is refusing to answer how this person (Nirav) was allowed to leave when a FIR was impending against his crime and subsequently to surface along with the Prime Minister for a photograph at the Davos World Economic Summit. This case needs to be probed thoroughly," the Polit Bureau said in a statement.

"In the previous instances of financial frauds of Harshad Mehta or Ketan Parikh, JPCs were constituted and the then Finance Ministers had deposed before them and put in place corrective measures. In the instant case also a JPC should be constituted and the current Finance Minister must be made to answer all the relevant questions," it said.

The CPM also wanted Modi to furnish details of industrialists whose non-performing assets have been waived to the tune of Rs 2 lakh crore, according to a statement made in Parliament. "The Prime Minister must also provide a list of industrialists accompanying him on his foreign visits at the expense of the state exchequer. Concealing of these names shows the levels to which crony capitalism benefitting chosen individuals close to the ruling party is being practised. This is completely reprehensible and cannot be accepted," it added.