NPA files on NewsX: In India’s biggest campaign NewsX continues to track down the money defaulters of the country. On the day 12 of the investigation, NewsX opened up another file to reveal the truth about individuals and companies who duped banks, systems and people of the country and ran away. On the day 12 of its 100-day investigation, NewsX has brought the story to you that will shock you. This time NewsX has exposed the Babu’s (Bureaucrat’s) in sitting in the government offices, who allegedly looted your taxes and savings.
NewsX tracked the government undertaking India’s apex agricultural cooperative NAFED (National Agricultural Cooperative Marketing Federation Of India Limited). NAFED is the Nodal agency under the ministry of agriculture. Whenever government announces a scheme for the farmers, sets the MSP (Minimum Support Price) puts aside a budget for the subsidy, it’s the responsibility of government undertakings to implement it in the correct manner, whenever it comes to India’s farmers over 20% our populations NAFED plays a crucial role.
Surprisingly NAFED features on the NewsX NPA list as the norm defaulter. As per the investigation, NAFED owes Rs 224 crores to PNB (Punjab National Bank) and 158 crores to State Bank of Bikaner. When we dug little further, A 2016 reports surfaced alleging that beside PNB and State Bank of Bikaner, the government undertaken company has defaulted on loans to several other banks. An additional manager has also confirmed the NPA charges on records and claimed that NAFED will be paying back to the banks. But the big question, which arises is, why the government undertaking is on the list of defaulters.
According to the data available on the official website, NAFED is running into losses worth thousands of crores. The major public sector is not making any profits and has now ended up on the defaulter’s list. NAFED has claimed that between 2003 and 2006, the company had provided financial support to 62 companies worth Rs 3,945 crores. While the government undertaken company only managed to recover only 2,800 crores. Out of 62, 29 private firms turned as defaulters, resulting in a debt of Rs 1600 crores. The reason behind the Many firms could not pay them back and now the onus lies on the major government undertaking to pay back to banks.
But when we investigated further what we found was the extent level of corruption. In 2009, 11 NAFED directors have faced the charges for corruption in a scam of Rs 3700 crores. The CAG report quotes that the NAFED claimed subsidies were given to farmers, but the funds were transferred to other businesses.
In 2011, the ED probed money laundering charges worth Rs 167 crores against 5 persons including the IT commissioner, MDs and CEOs of four private firms. The list also includes the name of an additional MD of NAFED who connived allegedly the companies and issued huge loans without any collateral.
In 2017, The ED attached assets worth Rs 14 crore belonging to MK Aggarwal relating to money laundering case. MK Aggarwal was the Additional Managing Director of NAFED. We even wrote emails to the NAFED but got no response. Alleged scamsters are government officials associated with on the India largest government undertaking, who will hold these men accountable?