Sunday, February 5, 2023

Delhi HC issues notice to Centre in plea seeking action against institutional corruption in banking sector

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The Delhi High Court has recently issued notice to the Centre in a petition seeking action against financial institutions, individuals/Group of companies and erring persons/officials/officers/public servants in relation to institutionalized corruption in the banking sector.

A Division Bench of Chief Justice D.N. Patel and Justice Jyoti Singh has also issued notices to the Government of Delhi, Enforcement Directorate, Financial Intelligence Unit-India, Commissioner of Income Tax, Central Bureau of Investigation and Reserve Bank of India.

The petition has averred that there is a well-connected and multi-layered nexus thronging and thriving in the banking sector wherein banks and NBFC in an institutionalized manner source huge sums of money to undeserving and financially ineligible persons and companies in cahoots with middlemen and professionals from different walks of life.

The petition has alleged that M/S Just About Movies purchased Plot C, Community Centre, Anand Vihar, Delhi for Rs 116.75 crore when India Infoline (IIFL) had given a loan of Rs 250 crore against the aforementioned property.

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The petition further stated that the conduct of IIFL and M/S Just About Movies would not be possible without the active connivance, complicity, participation and facilitation of bank officials, financial advisors, middlemen and valuers.

The petitioner had previously made complaints to the Enforcement Directorate, the Financial Intelligence Unit-India and the Income Tax Department, but to no avail and hence was compelled to approach the High Court.

The Court has listed the matter for further hearing on December 23.

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