Two PILs filed in SC on banking fraud

Two Delhi-based lawyers on Monday approached the Supreme Court seeking an SIT probe into the PNB scam.

A probe into the role of top management of the Punjab National Bank (PNB) was also sought by them.

Advocate M L Sharma sought a direction for a court-monitored probe by an SIT, comprising retired judges.

He claimed that the banking fraud has caused serious injury to the general public and the state's treasury and it should be investigated not by an agency "being controlled by the political leaders/authorities".

Advocate Vineet Dhanda sought direction to the finance ministry and the  Reserve Bank of India to frame guidelines for the grant of loans involving huge amounts.

He urged for framing rules for the recovery of loan from the defaulters within a stipulated period and even resorting to the attachment of their properties, providing for their auction in the open market and the registration of criminal cases against the bank officers.

"A borrower of a small amount  as  loan from the bank cannot run away from the country, so how can a scamster of Rs 11,300 crores run away?" the petitioner asked.

He named Nirav Modi, Vijay Mallya and Lalit Modi, who used their influence to swindle banks.

He cited instances where the poor farmers  ended their life  due to their  inability to pay back the banks.

The petitions have also sought the apex court's direction to the Centre to initiate process of deportation of Nirav Modi and others related to the case as soon as possible, preferably within two months.

Dhanda also urged for disclosing the names of the borrowers of loan of more than Rs 500 crores.