I've been in a senior position in the airline industry. This is the best explanation I've heard of the Jet saga.

This cannot happen without support of banks. As an ex banker involved with audit, know that statutory auditors , directors , bank chairman’s and politicians are a nexcus

The common tax payers are harrased for filing of taxes, yet rich industrialists get thousands of crores of bank money, mera bharath mahaan

You are such a rare breed of journalists! Kudos to you

Thanks for incisive analysis. Statutory auditors, Bank's board of directors should be held accountable.

Cleared briefed. PSBs should be held accountable for this NPAs

Very educative episode. Recently, in Rajya Sabha Congress accused BJP that IBC + NCLT is for writing off loans. Naresh Goyal deserves to rot in Jail.

While we are proud of how our banks have survived global meltdowns, they are completely in cahoots with huge corporates who eventually wipes out stock market wealth of ordinary investors. Not sure how our stock market indices keep going up despite of all this mess.

Imagine a filmy dialogue by some bank decision-makers: अरे दे दो लोन. राइट ऑफ़ ही तो करना है आख़िर में.. followed by a sarcastic villainous laugh 😅

Madam your courage is incredible

Thank you mam and am grateful you do topics way different from others

Madam I m an engineer. Now I came to know why engineers do MBA and join banks... Bravo...

Excellent!! Thank you!!

It's good that you've highlighted and brought to scrunity, ever detail of the subject. But it would be great if you could suggest a remedy aswell to prevent occurances of such scams again.

Why no one has filed a PIL in SC so far about writing off of bank loans

Sucheta is one of the very few analysts who is bold, doesn't mince words and very lucidly explains any financial scam sparing none. It's a pity we have very few analysts like her. Some of them whom I know are mercenaries with an axe to grind of their own.

Such a clearly explained blog on such a complicated story

Role of statutory authority, financial services, GoI Finance should be spread across for investigation. As they could be main culprit remaining behind the scenes

Thanks for speaking sensibly.

Why aren't new channels screaming about this at prime time?

In our country everthing is slow no time limit. See Mallaya, Nirav, Chowksi & Lalit Modi and the likes. Cooling their heels abroad All happened during this Central Government

Insightful. Sharp. Concise....

I was flying jet regularly & taking about 15-16 flights every month ,all flights were full . No question of airways making losses unless it was mismanaged intentionally with money being diverted . Definitely it was on knowledge of stake holders & creditors but they chose to look the other side

Madam.. What you say always makes a lot of sense... It hurts when you get to see such incidents one after another.. If this is not the case of organized loot, then what else it is? It seems that there is a consortium of bankers, politicians and crony capitalists in place to loot public money openly in bright day light... Under the pretext of "cleaning up the balance sheets", as much as 14 lakh crore worth of bad loans have been written off from the books of the banks ( mostly in public sector) and transferred to asset reconstruction companies.. No one knows what percentage of this staggering written off amounts would get recovered... It's all very painful.. More so as common, tax paying citizens we do not have any say or recourse to all of this... 🙏

Excellent analysis

Will be glad if u make a video on that too

Surprisingly it is the same firm who was one of the joint auditor of today's largest Company in India at that time. Raising questions on quality of audit means raising a fingure on the audit quality/ reliability of the LARGEST Company. This will in turn impacts country's reputation in the Global market which might impact on foreign inflows and it's chain reaction goee on...and government don't want that.

Good one. Unfortunately these kind of financial news analysis don't find place on the leading news media channels. How safe is the depositors money in the Public Sector Banks??

On to the point👏

The board members and top management of these banks during those periods should be accountable.

Awesome

Jet Airways Story was not limited to India. In South Africa, wjhen Jacob Zuma was the President, South African Airways had plans to start service on the Johannesburg - Mumbai route, which was blocked by the government but only for SAA to witness Jet starting their operation on the route. The infamous Gupta family in South Africa is linked to Goyal. Jet Airways blocked the sale of Air India, when Tata had showed its interest to take over. Plus the professionals in Jet Airways was surprised at the callous attitude of Naresh Goyal to not let the airline be run professionally.

Great

10 years+ before 2014 any commercial transactions which were provided with Bank Loans should be fully investigated Just can't understand how much got plundered and by whom.

Shouldn't these guys be in jail for the rest of their life

You are doing such a wonderful job of enlightening several ignorants like myself who have no clue of all the wheeling dealing that goes on. Thank you so much 🙏

It's not the govt but the public sector

Why there’s no BANK DEPOSITORS ASSOCIATION which can suo motto take criminal actions against these unscrupulous bank officials

Dear suchitra. Excellent 👍 analysis

The Statutory agencies of the Indian State have repeatedly failed the ordinary citizens at every step. This so called failure is just a facade, behind which lies a deep nexus between all the stakeholders, who loot public money. The booty then is circulated through a shady network, which sees its way through to the corridors of power. All large corporate groups/entities, which enjoy a massive turnover and market capitalization need to be compulsorily audited by the CAG. What sort of Chartered Accountants is the ICAI churning out, whose professional ethics is perpetually under a cloud of uncertainty. ICAI, itself is a statutory professional body, created soon after independence in 1949. It has in the past laid down meticulous standards of corporate governance, with ethical concerns being given the highest priority. So the question uppermost in our minds is whether this degeneration is as a result of generational change.

The tell tale signs of failures of multi crores corporates failing are always visible but never noticed, airlines failing to pay its crew or fuel charges or air port charges should be a ringing bell something is wrong.....

Sucheta; well spoken. And as to Naresh Goyal; its payback time.. Josy Joseph's book ''A feast of Vultures'' has painted Goyal as the person behind killing of East West airlines owner Tajiduun Wahid (1996). Goyal's alleged links with the underworld is explained with proof (2001). And yet he was able to go scot free all these years!!

Only subtle reference to political nexus? Otherwise as usual an excellent candid analysis. Thanks madam.

I may be wrong in my views but any default in 80% loan repayment, laxity or idleness on the part of whom? We look into the big amount but ignore loans for lakhs to one crore amount of loan.

Are courts too treating these willful defaulters with kid gloves? If the cases are increasing day -day gives one the impression that all are into this game. The bank management are being entertained so they look the other way. The government too is complacent.

WHAT ABOUT THE PROMISE BY GOVT OF GETTING BACK SWISS BANK MONEY ...PLEASE DO A VIDEO ON THAT

Have you seen any RTI evidence of money trail of any of these companies? Which party or parties have they supported using Electoral bonds etc, if at all?

Frustrating to pay taxes to feed these scoundrels. My tax money used to capitalize these bloody banks.

It’s a proper fraud. I work in a bank and we are taught to value collateral and on regular intervals. It’s a normal part of credit risk process.

What happened to those in Canara Bank who were his accomplices?

The abject failure of every lender to monitor end use of funds is the root cause of all NPAs. Once this threshold is crossed the statutory auditors will wink at all the irregularities. As long as this continues bankruptcies will continue with depressing regularity. The insolvency and bankruptcy regime is a joke. Until exemplary punishment is meted out to the Directors sitting in the Risk Management Committees of the Banks involved and the licences of the errant auditors are cancelled there is just no hope for transparent lending and recoveries for the banking industry in India. Meanwhile “entrepreneurs” in India will continue to be lionised in this country for the elan with which they have “beaten the system”!! It cannot get more rotten than this. Sad. Sad. Sad.

They get their loans written off. For home buyers, when defaults happen, they evict even the rentees, lock the door and take the keys. Also put penal interest. Finally the person cannot pay even if he want to and the house goes for sale - sometimes lower than the actual prevailing cost in the locality. It is the way they recover their dues from small loans. For bigger ones, they will give another loan on a platter.

best

Respect for your work. You seem too naive to think that politics had no role to play in the PSBs looking the other way. Phone banking was the norm from 2004 to 2014

RBI inspection?🤔

truth be told its all CAPT. GOPINATH ...he came...he saw...he made money...and left....airline after airline has failed directly or indirectly ...SAHARA....KINGFISHER...JET.......air travel has become messy with badly managed airports...the charm has gone from flying ...with airlines charginf for any and everything......

If this fact is considered then it is not only Mr Naresh Goyal but lenders too involved in this fraud

In all higher amounts of loans, CA, statutory auditors, alongwith top bankers are always there in loan in each and every process. Kiske bap ki Diwali. All enjoying. Still scams are committed. Strict criminal actions for CA, statutory auditors, Bankers is the essence of time.

More content for Scam series.

American entrepreneur Hughes once said " In the airline bizniz You can make a small fortune as long as you start with a large fortune" Goyal did the opposite "he made a large fortune with a small fortune" ....yes he is a "brilliant" biznizman lolol

You need to look at the Dubai connection 😂

Madam, have u ever wondered why only Chanda kochar is behind bars for the Videocon scam..the loans distributed by PSU banks were much larger, but no body from PSU bank is held acciuntable for videocon bsnkruptcy.I am not saying that Chanda kochar is innocent, but was she the scapegoat..the total loans to videocon was more thsn 30000 crores

This is India. For the Corrupt, Of the corrupt, By the corrupt.

Same story from time immemorial

The great Indian loot continues.

It's really depressing to know about fraud in Jet Airways. Even BJP Government is not taking serious steps to stop such cases.

So who is held accountable . Why is the auditor general not vocal . why isnt opposition bringing this up

India's Home Loan is the biggest scam . intrest rates keeps increasing after few months emi. almost twice the Principal amount paid as interest alone.😢

It is no longer a story that the world is experiencing a global economic crisis, I am very happy that I received 41,000 USD from my 13,000 USD investment every 10 days.

nice