Home Blog Page 1857

China faces ‘Lehman Moment’ fears as big investment firm misses payments

ANI
-
0
China faces ‘Lehman Moment’ fears as big investment firm misses payments

The Wall Street Journal on Saturday reported that investors fearing a ‘Lehman moment’ in China are threatening the solvency of the country’s financial system.

The American business and economic-focused daily said that signs of financial stress at a large asset manager in China are making investors nervous about contagion from the country’s slumping property sector, rekindling a debate over whether a “Lehman moment” could occur in the world’s second-largest economy.

According to CNN Business- at least three Chinese companies had in separate stock exchange filings in recent weeks stated that the Chinese firm Zhongrong Trust had failed to pay the interest and principal on several investment products with the missing scale of payments exceeding 110 million yuan ($15 million).

CNN said videos uploaded on social media app Douyin and WeChat showed demonstrators outside Zhongrong’s office and held protests demanding payments related to investment products issued by the company, which is one of thousands of wealth management firms in China.

The term ‘Lehman moment’ refers to the catastrophic event in September 2008 in which Lehman Brothers, then the eighth-largest investment bank in the United States filed for bankruptcy, triggering a domino effect that sent shockwaves throughout the global financial system, resulting in the worst economic crisis since the Great Depression.

China’s financial system, one of the world’s largest, has been under scrutiny recently due to a series of challenges, including a property market slowdown, regulatory crackdowns on tech giants, and concerns about rising debt levels.

The August 18 Wall Street Journal report highlights that these factors have raised concerns among investors that a similar systemic crisis might be looming.

Investors and financial experts are closely monitoring the situation, as China’s financial stability plays a vital role in the global economy.

According to analysts, the potential implications of a ‘Lehman moment’ in China could be far-reaching, affecting international trade, investments and economic growth.

CNN Business report said that Zhongrong had on Monday issued a statement saying “criminals” had sent false notices to customers about the cancellation of investment products. It warned investors to be vigilant of fraud but has not commented on the issue of missed payments to investors.

Zhongrong is linked to the Zhongzhi Group, one of China’s largest private conglomerates with operations in financial services, mining and electric vehicles.

(This news report is published from a syndicated feed. Except for the headline, the content has not been written or edited by OpIndia staff)

United Kingdom: Nurse, who was exposed by an Indian doctor, found guilty of killing 7 babies. Here is what happened

OpIndia Staff
-
0
United Kingdom: Nurse, who was exposed by an Indian doctor, found guilty of killing 7 babies. Here is what happened

A 33-year-old nurse, who worked in the neonatal unit at the Countess of Chester Hospital in the United Kingdom, has been convicted of killing 7 babies and attempting to kill 6 ofter infants between June 2015 and June 2016.

Identified as one Lucy Letby, she injected the toddlers with air, force-fed them milk and poisoned two of them with insulin. The guilty verdict came two years after the Cheshire Police began an investigation into the unexplained deaths of infants at the Countess of Chester Hospital.

She was charged in November 2020 with murder and attempted murder. Her trial lasted more than 10 months, starting in October 2022, following which Lucy Letby was convicted of the heinous crime. She will be sentenced on Monday (August 21) by the Manchester Crown Court.

While speaking about the matter, senior Crown prosecutor Pascale Jones said, “(Lucy Letby) did her utmost to conceal her crimes, by varying the ways in which she repeatedly harmed babies in her care”.

” (She) sought to deceive her colleagues and pass off the harm she caused as nothing more than a worsening of each baby’s existing vulnerability. She perverted her learning and weaponised her craft to inflict harm, grief and death,” he added.

In a chilling note from 2016, which was recovered from the bedroom of Lucy Letby, she wrote, “I killed them on purpose because I’m not good enough. I will never have children or marry or know what it’s like to have a family…I am a horrible evil person. I did this”

Note by Lucy Letby

Indian doctor raised alarm about Lucy Letby

It has now come to light that a consultant paediatrician at the Countess of Chester Hospital, named Dr Ravi Jayaram, had raised alarms about Lucy Letby and the strange deaths of 7 infants.

In an interview with ITV News, he informed that the hospital management did not pay heed to his concerns and was even forced to apologise to the convicted nurse. “I do genuinely believe that there are four or five babies who could be going to school now who aren’t,” Dr Jayaram lamented.

He was also warned by the then-Chief Executive Tony Chambers to draw a line or face consequences. The paediatrician recounted how he became suspicious of Lucy Letby.

“That is a night that is etched on my memory and will be in my nightmares forever…As I walked towards the incubator, I could see on the monitors that the oxygen saturations were dropping, and they’d dropped to a level that ordinarily the alarms would’ve been going off and the nurse would’ve called for help,” he said.

Dr Jayaram added, “Lucy Letby was standing by the top of the incubator. She didn’t have her hands in the incubator. She was just standing there…Tubes do become dislodged, but this was a twenty-five-week gestation baby, who wasn’t kicking around, who wasn’t vigorous. The only possibility was that that tube had to have been dislodged deliberately.”

It was only in April 2017 that the hospital trust allowed the doctors to talk about the matter to the police. Dr Jayaram recounted, “The police, after listening to us for less than 10 minutes, realised that this is something that they had to be involved with. I could have punched the air.”

The paediatrician is now hoping for a public inquiry into the laxity on the part of the management of the hospital. He is seeking the establishment of a watchdog to hold NHS managers accountable for misconduct.

“I won’t rest and consider any closure for me until they have been put in a position where they can be held to account,” Dr Jayaram concluded.

Grooming Gang in the UK: Five men found guilty of sexual exploitation of two minor girls in Rochdale 2 decades ago

OpIndia Staff
-
0
Grooming Gang in the UK: Five men found guilty of sexual exploitation of two minor girls in Rochdale 2 decades ago

In another incident of notorious grooming gangs, five individuals including two brothers were found guilty of “sickening” child sex assaults as part of such a grooming gang in the United Kingdom. Two minor girls from the ages of 12 and 13 were sexually exploited by 38-year-olds Mohammed Faisal Ghani and Insar Hussain along with 50-year-old Jahn Shahid Ghani, 39-year-old Martin Rhodes as well as 35-year-old Ali Razza Hussain Kazmi in Rochdale between 2002 and 2006.

The accused are scheduled to receive their sentences in Minshull Street Crown Court at a later date. The victims were frequently picked up outside of their schools while clad in their uniforms and subjected to sexual assault against a school wall, in cars, in public parks, on Saddleworth Moor, and in flats and houses. The complainants are both now 33 years old.

The first victim, known as Girl A, was just 12 when the abuse first started and another girl aged 13, identified as Girl B, were abused for four years. The former was recorded being sexually violated while passed out after drinking vodka as members of the gang laughed, the court was told. The jury was informed that the footage was subsequently circulated across Greater Manchester town.

The accusations were first made public in 2015 after Girl A complained to police about being “beaten and raped” while taking a parenting course. She notified the police and they talked to Girl B, a childhood friend of hers. Both of them remain anonymous.

Additionally, Girl A remarked to a friend that her experience was “so much worse” than Three Girls, a BBC production on child sex slavery in Rochdale. The court learned how she read the book that inspired the series in 2014 and realised that she had been the victim of abuse.

She reported to her sister, “That’s what happened to me.” Later, she asserted that her experience was “so much worse than what happened in Three Girls” on social media. Girl B spoke in court about how the gang members bought drinks for her and another girl before coercing them into having sex.

Girl A disclosed that she initially encountered a group of young men who were Mohammed Ghani’s friends and was abused in front of one of her friends, who was 11 years old. Girl B was 13 when her assault began. The jury was made aware that Girl A would be “bombarded” by phone calls from the men, being “on demand” every day and urged to get drunk even though the eight offenders were not all acquainted with one another.

The trial heard that the girls were “mere objects for the defendants to use, abuse, humiliate then discard.” Frances Killeen, senior crown prosecutor for Crown Prosecution Service (CPS) north west’s complex casework unit voiced, “These men committed appalling offences for their own sexual gratification, with no thought for the lasting effects their offending would have on their victims.”

One defence attorney pointed out that Rochdale had become “synonymous with grooming” and advised the jury not to be prejudiced against the perpetrators based only on their place of origin. The defendants, some of whom were teenagers, had contested 80 counts that had been brought against them.

The Crown Prosecution Service (CPS) proclaimed that Mohammed Faisal Ghani of Bamford Way, Insar Hussain of Bishop Street, Jahn Shahid Ghani of Whitworth Road and Ali Razza Hussain Kasmi of Brotherod Hall Road, all from Rochdale were proven culpable of various child sexual abuse offences. Meanwhile, Martin Rhodes of Dinmore Avenue, Blackpool pleaded guilty to four counts of penetrative sex with a child.

Ikhlaq Yousef (38) of Stanley Street, Aftar Khan (34) of Sparth Bottoms Road and Mohammed Iqbal (67) of Gainsborough Drive, all from Rochdale were cleared of any wrongdoing by the jurors.

The trial was the largest child sexual exploitation crown court case involving males from Rochdale since 2012 when nine men were found guilty of grooming and assaulting girls as young as 13.

Greater Manchester Police Assistant Chief Constable Sarah Jackson complimented the victims for having “demonstrated such bravery in testifying against these offenders on their journey to justice.” She added, “This result is long-awaited. We are truly thankful to the victims and survivors for their continued patience and engagement.”

“I would like to thank the two victims for coming forward and supporting a prosecution. I hope they can find some comfort in knowing their abusers will finally face the consequences of their actions. The CPS is determined to ensure justice for as many sexual abuse survivors as possible,” assured Frances Killeen.

Sharon Hubber, Rochdale Borough Council’s director of children’s services observed, “These were sickening crimes committed against two vulnerable young girls, whose strength and determination was instrumental in bringing this case forward.”

The most recent convictions were hailed by Maggie Oliver, a former Greater Manchester police (GMP) officer turned whistleblower who resigned in 2013 in protest of how the force handled victims in Rochdale. Maggie Oliver said the convictions would stop the offenders from “destroying other young lives.” She added, “The system needs to change,” expressing her horror that it had taken Girl A eight years to receive justice.

The trial, which was the first product of Operation Lytton, a GMP investigation into child abuse, was principally centred on the testimonies of Girls A and B. They are anticipated to testify at four more trials in 2024 and 2025, according to Stephen Watson, chief constable of the GMP.

Girl A has taken part in two trials, including the current one. The jury was informed that two Rochdale males had admitted to encouraging her to engage in sex work in 2016 as part of a different GMP investigation. One of them, Gul Zaman, received a 10-year term. Mohammed Ishaque received 11 years in prison.

When Girl A was 12 years old and met Mohammed Faisal Ghani, who would have been around 17 or 18, the abuse allegedly started. She charged that he took her to a secluded moor above Rochdale, sexually assaulted her there, and then distributed her to his classmates. 

She unveiled that when he was in his early 30s, he introduced her to his older half-brother Jahn Shahid Ghani. The latter confessed to participating in threesomes with one of his older girlfriends, two of whom testified at the trial, with the girls when they were just 14 or 15 years old.

Muslim grooming gangs in the UK

There have been multiple accounts in recent years of grooming gangs around the country taking advantage of young girls who are vulnerable, especially minors. Omar, Khalid, Jameel, and 21 other people were charged with raping a young girl for four years in Bradford in October of last year.

The mainstream media and even the authorities work to keep these grooming gangs under wraps since they typically consist of Muslim males from Pakistan. An independent investigation into the matter found that the government overlooked these cases because of political unrest.

In addition to child sex abuse, the case also pertained to grooming jihad, a worldwide problem that has intensified in the United Kingdom where Islamists prey on young girls and women, take advantage of their vulnerabilities and use rape as a form of punishment.

32 individuals were charged by the police in West Yorkshire, England in 2020 for more than 150 sexual offences committed against eight underage teenage girls. The victims, who ranged in age from 13 to 16, were targeted by the heinous offences between 1999 and 2012 in the Kirklees, Bradford and Wakefield regions. According to reports, several of them continued to suffer horrific crimes when they became adults.

According to the official figures, it is estimated that nearly 19,000 minors in England were sexually groomed in England in the last year. The local authorities in England identified around 18,700 suspected victims in 2018-19, up from 3,300 five years ago. The latest figures showed a sharp increase in the number of child grooming victims over the last five years.

The highest rates of child grooming victims in Britain were reported in areas including Birmingham, Lancashire, and Bradford. One of the most horrific cases was of Charlene Downes who disappeared from Lancashire. She was feared to be groomed by Muslim gangs and murdered. Her body was allegedly minced into pieces and served as kebabs to customers at a takeaway restaurant in the area.

UK’s clamp down on grooming gangs

However, Prime Minister Rishi Sunak of the British government established a new Grooming Gangs Taskforce to support police agencies in looking into the significant issue of Muslim grooming gangs in the nation. The task force will have specialised police to help in the investigation to ensure that the criminals responsible for grooming gangs will be brought to justice, according to the official statement from his office in April of this year.

The National Crime Agency will provide assistance to the task force under the direction of the police. Its officers will have a wealth of experience conducting investigations into these groups. The task force’s mission is to dismantle the grooming gangs and imprison the offenders.

The declaration also noted that data analysts would be appointed to the task force to identify the different types of criminals who conduct these offences using data and intelligence. Additionally, data analysis will help authorities catch criminals who may otherwise evade justice.

The alleged cultural sensitivities that resulted in situations like these being thrown under the bus are one of the biggest problems the UK has faced in the past. The new system will incorporate police-recorded ethnicity data to make sure that suspects cannot dodge punishment only on the basis of their ethnicity.

He also pledged to ensure the grooming gang members and the ring leaders get the toughest possible sentences for their crimes. The government would also draught legislation that would make the grooming gang leader a statutory aggravating factor during sentencing, reflecting the commitment to imposing the harshest penalties for these infractions.

‘The USA needs India, will rebuild trust with New Delhi’: Vivek Ramaswamy discusses Russia, China, 9/11 and more with Tucker Carlson

OpIndia Staff
-
0
‘The USA needs India, will rebuild trust with New Delhi’: Vivek Ramaswamy discusses Russia, China, 9/11 and more with Tucker Carlson

Vivek Ramaswamy, an Indian American campaigning for President, has received support from two well-known figures ahead of the much anticipated first GOP presidential debate set for next week. Tucker Carlson, an American commentator praised him as “one of the best-versed voices in policy” after being impressed by his thoughts on geopolitics in a recent interview. 

Elon Musk further endorsed the interview video on his platform and referred to Ramaswamy as “a very promising candidate”. It’s interesting that Musk has implicitly endorsed DeSantis after having campaigned for him.

Ramaswamy while in an interview with Tucker Carlson on August 18, spoke about contentious issues like the 9/11 attacks, government transparency, and a drop in popular trust in the government.

Ramaswamy reaffirmed his opinion that federal agencies had lied and that the American administration had not been completely honest about the 9/11 occurrences. He criticized the shared political belief that the people are incapable of handling the truth and emphasized the value of open communication.

“I explicitly said that the government absolutely lied to us, the 9/11 Commission lied and the FBI lied,” Ramaswamy said as he claimed that his campaign is not based on this idea. His clarification follows vehement criticism from voices on the left and the right where he was called an insane individual and a conspiracy theorist by other people, including folks who usually support conservative beliefs.

He informed that the 9/11 commission initially misled the public into believing that one of the key conspirators met the terrorists (Saudi Intelligence operatives) randomly at the airport in LA and took them home.

“On declassification of documents, it came to light that they were Saudi Intelligence operatives. There’s a federal case of families of victims of 9/11 that want accountability and that are determining answers. So they are suing the Saudi government…There’s a real question whether Saudi Arabia owes damages to these families,” he said.

He asserted, however, that he does not contend that the official government account of 9/11 is untrue. “If I’m asked a question and I answer honestly based on the facts, I don’t think they would have come for me if this was false and ludicrous. Lying is never punished, but speaking the truths you’re not supposed to speak is what attracts the immune response,” he was quoted as saying.

“Whatever the truth is, just give me the hard truth…And I think we now live in a moment where the government and the broader establishment in the country believe that citizens of this nation cannot be trusted with the truth,” he added.

Economic Reset

Ramaswamy meanwhile also commented on the economic growth aspect of the country saying that the US needs to direct its energy in such a way that it creates a positive impact on the entire world and leads to zero destruction. “I am quite concerned about the real economic reset in the country. We are on the cusp of major economic downturn in 2024. We live under conditions of a deeply inverted yield curve. People expect long-run returns to be higher than short-turn interests. There are several factors that can lead to reversing the scenario,” he said.

The US is in such a position where we secure higher returns on short-term bonds than on long-term bonds, he said adding that there has been recession every time this has happened. “This is the calm before the storm. Biden will put up low unemployment numbers. Our real problem is there are twice as many jobs open as there are people looking for work. That is an actual deeper structural failure. People have stopped applying for jobs. They prefer staying at home and earning than going to work. They actually have fewer skill sets backed by educational degrees subsidized by the US Department of Education. As a result, wages have not gone up and things are still 20% more expensive than they were in 2020,” he said.

He added that there are deep structural issues in the US economy. “People have a deep distrust in the US institution which includes the government. These hardships should do something positive to the country though given the prediction of an upcoming recession,” he indicated.

‘US responsible for driving Russia-China military alliance’

Further while talking on the Russia-Ukraine issue, the GOP Presidential candidate indicated that his view on the matter is fascinating. “I don’t think there is any particular self-interest in the issue. I think there is a deeper bipartisan institutional consensus, the same consensus that said we can’t be told the truth about 9/11. That effectively says that we can’t confront some of the same facts about Ukraine,” he said.

“My position here is grounded in fact and not that reactive emotion, but it’s interesting that it makes me doubly committed to making sure that I am really speaking the truth about what is going on here. The entire Republican field, save for Trump, nobody on the debate stage certainly for the Republican Party has a principled position on Ukraine partly because they understand those are the directions they’ve been given,” he said.

He added that there are finger wind candidates to speak on Ukraine but there are also some who believe in the way things are happening in the US. “They believe, we don’t stop until we have taken down what we have decided is our enemy forgetting that the USSR doesn’t exist anymore and believe that that’s the only source of victory,” he said.

According to Ramaswamy, the US has no discernable, national interest at issue in Ukraine. “The truth is that as much as we will fetishize and debate the 1994 Budapest Memo, which the US wrote, UK and Russia were also parties to it with Ukraine, which I believe we have more than fulfilled our obligations. You don’t hear a peep about James Baker’s 1990 Commitment, his not one-inch commitment to NATO expanding one inch beyond Germany. No discussion of that. Against the backdrop of the reality that we face which is we are driving Russia further into China’s arms as we arm Ukraine, further strengthening what I see as the single greatest military threat that the United States certainly has faced since World War 2. We are responsible for driving the Russia-China military alliance,” he asserted.

USA needs India, a President named ‘Ramaswamy’ will deliver better

The US is on its way to Ukraine turning into another Iraq or another Vietnam all over again, except this time, I think it could be worse because there are nuclear weapons at issue. There’s an alliance with China, an economy that we depend on for our modern way of life that’s also at issue, he opined.

Ramaswamy stated that it is necessary to end the Ukraine war on terms that help pull Russia out of China’s hands. “That’s going to require rebuilding a lot of trust and I think I am up for that job. Putin can trust us to follow our self-interest as long as we trust him to follow his, reopen economic relations with Russia, freeze the current lines of control, and make a permanent commitment that NATO will not admit Ukraine to NATO. But in return weaken if not disband the Russia-China alliance and get India back onside,” he added.

During the interview, the GOP Presidential candidate also added that a guy with the name Ramaswamy would be more effective in rebuilding trust with India. “If there’s a guy who is going to rebuild trust with India, it better be a guy with the name Vivek Ramaswamy who might be up for that task,” he said.

Ramaswamy’s candidature promises to restore meritocracy and lessen reliance on China while emphasizing new medicine development and healthcare transformation.

Ramaswamy, who entered the race as a total unknown and political novice, has shot up the polls. According to national polling averages, Trump enjoys support from roughly 53% of voters, while DeSantis is far behind with 15% and Ramaswamy is in third place with 7%.

Banking sector improved in past 9 years under Modi govt: SBI research finds tripling in net profit, 2x increase in credit and deposit growth

Dibakar Dutta
-
0
Banking sector improved in past 9 years under Modi govt: SBI research finds tripling in net profit, 2x increase in credit and deposit growth

The Indian banking sector has witnessed tremendous transformation between Financial Year 2013-2014 and Financial Year 2022-2023, revealed a research report by the State Bank of India (SBI) on Tuesday (August 15).

“Indian Banks, resurgent, strong, capital-healthy, tech-oriented and adopting best global practices look confident and ready to front-lead the aspirations of this new India and the aspiring Middle Indian class…” the report read.

Between FY14 and FY23, the banking credit has increased from ₹60 trillion to ₹138 trillion, thereby registering a credit growth of over 2.3 times. Around the same period, bank deposits surged 2.4 times from ₹77 trillion to ₹187 trillion.

Screengrab of the key banking indicators from FY14-FY23, chart via SBI Research/ RBI

Moreover, the net profit of banks tripled from ₹809 trillion to 2,480 trillion between Financial Year 2013-2014 and Financial Year 2022-2023. According to SBI research report, it was made possible through the process of ‘consolidation’.

There are 9588 banks/ FIs in India in 2023 as opposed to 12,175 in 2014. The number of Public Sector Banks (PSBs) have also been reduced to 12 from 27 in the past 9 years.

“Consolidation leads to bigger and stronger Banks/FIs…consolidation leads to more profitable non-Bank players in synergy with Banks,” the report added. The Modi government has realised the ambition of financial inclusion through the opening of 49 crore Pradhan Mantri Jan Dhan Yojana (PMJDY) accounts.

SBI report reveals ascent of Indian middle class

 The analysis of the Income Tax returns filed in the Financial Year 2022-2023 revealed the ascent of the Indian middle class, reported SBI Research.

The State Bank of India estimated that there will be 48.2 crore ITR filers in FY 2047 as compared to 7 crores in FY 2022-2023. By then, 85.3% of ITR filers will also be eligible to pay taxes.

About 25% of them are also expected to leave the lower-income strata by the Financial year 2046-2047. The per capita income is also expected to rise from ₹2 lakhs in this Financial year to ₹14.9 lakhs by FY 2047.

Projected weighted mean income as per ITR records, graph via SBI Research

This can largely be attributed to the Modi government’s efforts in formalising 7 crore Micro, Small and Medium Enterprises (MSMEs) and empowering the middle class.

Moreover, the weighted mean income of ₹4.4 lakhs in the Assessment Year 2013-2014 has increased to ₹13 lakhs in Assessment Year 2023-2024 and is projected to increase to ₹49.7 lakhs (~ 50 lakhs) in Assessment Year 2046-2047.

The stark increase in weighted mean income, as evident from the ITR filed between Assessment Years 2011-2012 and 2022-2023, explains the transition of filers from the lower-income group to the upper-income group.

When the Economist praises the Modi govt for reviving the banking sector

In May this year, the British weekly newspaper The Economist praised the Modi government for reviving the banking sector in India and turning around its profitability

In an article titled ‘India’s once-troubled banks are generating huge profits’, it said, “…Indian banks’ recent annual earnings have been spectacular…India’s state-owned banks generate, on average, over 11% and private banks almost 15%. In a development few, if any, predicted, Indian banks are among the world’s most profitable.”

The Economist noted that the bankruptcy reforms [pdf] introduced by the Narendra Modi government in 2016 helped in the rapid liquidation of failing companies and also forced ‘delinquent businesses to pay up.’

The British newspaper pointed out that the merger of 27 nationalised banks into just 12 and capital infusion in the struggling banking sector paved the way for their revival.

“In 2019, as part of the seemingly endless mop-up of Indira Gandhi’s banking nationalisation half a century ago, the government announced that 27 state-owned banks would become 12, with many branches closing,” it said.

“According to Boston Consulting Group, state banks have also written off $91bn in bad loans in the past five years—just a little less than their combined worth. Many survived thanks to an infusion of 2.6trn rupees ($31bn) from the state, in return for shares, over the past three years. Such infusions have more recently been curtailed, as banks have learned how to stand on their own feet,” the article added.

The Economist emphasised that these measures introduced by the Modi government helped in the overall acceleration of Indian economic growth. “As the system has become healthier, banks have lent more. Annual credit growth slowed to 3% in 2017. It is now up to 18%. Interest rates have risen less sharply than in America, helping limit stress,” it said.

As Congress remembers Netaji on his death anniversary, here’s how Nehru awarded SA Ayer who was suspected of embezzling INA funds

Pragya Bakshi Sharma
-
0
As Congress remembers Netaji on his death anniversary, here’s how Nehru awarded SA Ayer who was suspected of embezzling INA funds

India is marking the 78th death anniversary of revered freedom fighter Netaji Subhas Chandra Bose. He lost his life on 18 August 1945 under mysterious circumstances. Ironically, the Congress took to their Twitter account to “pay homage” to the late Indian National Army (INA) chief. Ironic because Bose was coerced into quitting the post of Congress President in 1939 by the Nehru-Gandhi Congress.

On 29 January 1939, Subhas Chandra Bose won the election for the president of Congress, having defeated Pattabhi Sitaramaiya, 1580 to 1377 votes. Gandhi, dropping all the pretence of neutrality then declared that Sitaramaiyya’s defeat is my defeat. The old guard and Gandhi loyalists got to work almost immediately blocking the newly-appointed President at every step.

The declaration of Gandhi claiming Sitaramaiyya’s loss as his own created unrest in the Congress ranks. Immediately after, in Tripuri Congress, a resolution was brought in by Shri Govind Ballabh Pant, supported by 160 signatories stating, “The committee declares its firm adherence to the fundamental policies of the Congress which have governed its programme in the past years under the guidance of Mahatma Gandhi and is definitely of the opinion that there should be no break in these policies and they should continue to govern the Congress policies in future.” This diluted the powers of the appointed President, leaving Bose with no room to give any new direction to the organization.

The resolution went further and stated, “..the fact that Mahatma Gandhi alone can lead the Congress and the country to victory during such crisis, the Committee regards it as imperative that the Congress Executive should command his implicit confidence and requests the President to nominate Working Committee in accordance with the wishes of Gandhiji”. Not one to take things lying down, Bose wrote to Gandhiji.

Subhas wrote to Gandhi on 25th March, 1939- “What exactly is the position of President? Article XV of the Congress Constitution confers certain powers on the President in the matter of appointing the Working committee.” Stifled and crippled as a notional president, Subhas Bose resigned later that year in September 1939. This coercion by Gandhi sealed the Nehru-Gandhi stamp on the Congress Party forever and is seen to this day.

Nehru & how he aided the man who embezzled INA treasure

After Subhas left Congress, ties between him and Nehru turned sour. While Bose pursued a different path to fight the British Raj, Nehru, a blue-eyed boy of the British, indulged in dirty politics with his own people. According to reports, documents declassified in 2016 revealed thah the first Prime Minister of India, Jawaharlal Nehru was aware of the looting of INA treasury but deliberately turned a blind eye to the matter.

Not only did Nehru ignore the alarms raised by former Indian Ambassador to Japan KK Chettur about the misappropriation of Bose’s and INA’s funds but also conferred an award to one of the two ex-aides of Bose suspected of the embezzlement. Nehru also made the accused his publicity advisor for the five-year plans.

On 21 May 1951, Chettur wrote to the then commonwealth relations secretary BN Chakravarty alleging that two key aides of Bose could have played a role in the misappropriation of INA funds. The suspects were INA publicity and propaganda minister SA Ayer and the head of the Indian Independence League in Tokyo Munga Ramamurti.

Chettar reportedly wrote, “As you are not doubt aware, there have been serious allegations against Ramamurti with regard to the misappropriation of the funds of the late Indian Independence League, as also the personal property of the late Subhas Chandra Bose, consisting of considerable quantities of diamons, jewellery, gold, and other valuable articles. Rightly or wrongly, Ayer’s name has also been associated with these charges…”

On 20 October 1951, Chettur again wrote that the Japanese government confidentially informed the embassy that Bose had with him a “substantial quantity of gold ornaments and precious stones, but that he was allowed to carry only two suitcases on the ill-fated flight.” The total INA treasure was estimated to be worth $700,000. The details of the scam were exposed by author Anuj Dhar in his 2012 book titled “India’s biggest cover-up.”

The report by the Indian embassy in Tokyo also mentioned that a certain party there had seen the treasure boxes in Ayer’s room, the same man later chosen by Nehru as his aide. “There is a party here who has seen the (treasure) boxes in Ayer’s rooms and who was also to buy off the contents of these few boxes. What happened to these boxes subsequently is a mystery as all that we have got from Ayer is 300 gms of gold and about 260 rupees worth of cash,” Chettur stated adding that “Bose must have carried very much more that has now been handed over to us (by Murti and Ayer), and even if allowances are made for the loss of the part of the treasures when the plane crashed.”

The report stated that Netaji’s collection weight more than his. Furthermore, on 1 November 1955, another secret report was filed in the Ministry of external affairs for the reference of the Prime Minister who was kept in the loop throughout. The report titled, “INA treasure and their handling by Messrs Ayer and Ramammurti” was authored by RD Sathe and confirmed that “Mr Ayer’s activities in Japan have been rather suspicious.”

The note, which was signed by then PM Nehru dated 5 November 1951 and had a noting of foreign secy that the PM has seen it, further stated underlined the affluence of Mr Ramamurti which turned many heads in Tokyo. “Suspicion regarding the improper disposal of the treasure is thickened by the comparative affluence in 1946 of Mr Ramamurti when all other Indian nationals in Tokyo were suffering the greatest hardships. Another fact which suggests that the treasures were improperly disposed of are a sudden blossoming out into an Oriental (word unclear) expert of Col Figges, the military attache of the British mission, and the reported invitation extended by the colonel to Ramamurti to settle down down in the UK,” the note stated.

After a successful run in Japan, Munga Ramamurti settled with a comfortable life in Chennai while SA Ayer was made Nehru’s publicity adviser for his flagship Five Year Plans. As for the funds, the records from the declassified documents show that part of those were retained from Ramamurti by the government but no specific accountable detail is available thereafter. The INA treasure and the curious lack of its accounting after Netaji’s death could very well have been the first of the several scams under the Nehru-Gandhi Congress in Independent India.

Your daughter has become Kafir: Muslim model Sana doxxed, gets rape threats from Abu Talha and others for wishing a Hindu friend on his birthday

OpIndia Staff
-
0
Your daughter has become Kafir: Muslim model Sana doxxed, gets rape threats from Abu Talha and others for wishing a Hindu friend on his birthday

A Muslim model from Ranchi, named Sana Farheen, has reportedly been abused and given rape threats by her radical co-religionists for wishing her Hindu friend on his birthday.

While speaking about the matter to News18 Bihar Jharkhand, she said, “I have a friend from college, whom I have known for the past 6 years. A month ago, he had his birthday. So I put up a story, just like other normal people. I think that was my mistake.”

“The story was taken out of context and converted into obscene viral content. I am being body-shamed and slut shamed. They are giving me rape threats. I have been called a prostitute and call girl,” Sana lamented.

The model informed that her family has been doxxed and the phone number of her father has been made public by her radical co-religionists. “The picture of my Ranchi house is being posted online and my mother is not in a proper state of mind,” she added.

“My dad has received calls and is being told that his daughter has turned into a Kafir (a derogatory, dehumanising term for non-Muslims). He has been asked to vacate the house…My family is unable to handle this,” Sana recounted the horror.

She informed that the cyberbullying was started by a man named Abu Talha. “Later, 40 other people joined him on Instagram and formed a group…My photos are being shared by groups named ‘Save Muslim Girls’ and ‘Islamic World’.”

The model accused Islamic clerics in Jharkhand of threatening to issue fatwas against her. “Adam Sena” is a big Muslim group based in Ranchi. I am getting threats from them. And the abuse and harassment have not stopped,” she emphasised.

This is not the first time that such an incident has come to light. Earlier, actress and TMC MP Nusrat Jahan was attacked by Islamists for marrying a non-Muslim man and attending the Bengali festival of Durga Puja.

Moradabad Riots: Police official dragged and killed, Hindu woman burnt alive, eyewitness narrates how Muslim mob unleashed unprovoked attacks

Jhankar Mohta
-
0
Moradabad Riots: Police official dragged and killed, Hindu woman burnt alive, eyewitness narrates how Muslim mob unleashed unprovoked attacks

On August 8, the Uttar Pradesh government-led by Yogi Adityanath tabled an inquiry report into the 1980 Moradabad riots that killed at least 83 people and left 112 others injured. The 496-page report on the 1980 Moradabad Riots submitted by a one-member commission of Allahabad High Court Judge MP Saxena in May 1983 delves into the root causes and their domino effect leading to the riots.

The report includes the testimony of numerous Muslims and Hindus as well as police officers present during the riots. The report mentions in detail the written testimony of as many as six Hindus who were present at the time of the riots and interestingly, each testimony suggests that the massacre was not spontaneous but a premeditated one.

Moradabad advocate Dayanand Gupta, one of the eyewitnesses, testified how during the violence that began on August 13, 1980, at the Eidgah in Moradabad the Muslim mob launched an unprovoked attack on the police officials and the members of the Valmiki Dalit community.

Recalling the bloodbath, the Hindu eyewitness said that on August 13 on the occasion of Eid, as many as 80000 Muslims had gathered to offer Namaz at the Eidgah. In disagreement with the widely concocted lie that the riots started because a pig was let loose among those performing namaz at the Eidgah in Moradabad, Gupta claimed that due to the large attendance, all of the Muslim participants were seated extremely close to one another and that there was no space for any animal to start wandering between them.

He added that after the Namaz, some Muslim attendees proceeded to the Congress’ Shivir (camp) and began gathering their stuff in order to depart as if they were aware of the violence that would shortly follow. When questioned, they claimed that a pig considered unclean by the community had wandered into the namaz. But when people pressed them further about how they discovered that an animal strayed into the Eidgah while they were engaged in offering the namaz, they ended up remaining quiet.

At this point, suddenly, some Muslims rushed out of the Eidgah and charged at B B Lal, a police official standing at the corner of the street and started hitting him, Gupta said, adding that the frenzied Muslim mob, further dragged and lynched Additional District Magistrate (ADM) DP Singh to death.

In the evening, the Muslim mob attacked the Galshaheed police chowki (outpost), setting it on fire, killing two policemen and looting the arms. Ten Hindus were brutally murdered in the Barwara village in Moradabad. A Hindu woman was burnt alive by a frenzied Muslim mob, Gupta testified, adding that while the Hindus were brutally massacred, every Muslim who was a part of the murderous mob made it out of the situation unharmed.

Excerpt from the 1980 Moradabad Riots inquiry report

According to Gupta, since the violent attacks took place simultaneously in different locations throughout Meerut, Bareilly, Rampur, Aligarh, Allahabad, and Delhi, it is obvious that it was a calculated attempt to incite communal unrest.

In his written statement, the Hindu advocate further asserted that Hindus were not the ones who initiated the violence in these places. Indeed, a sizable haul of illicit firearms and weapons was found in the homes of local Muslims, further establishing that it was Muslims who had wreaked havoc on the Eidgah on that fateful day on August 13, 1980.

Notably, in our earlier report, we mentioned how the report by Justice Saxena absolves the RSS, BJP, and Hindus of any wrongdoing and entirely blames the violence on the communal politics pursued by some Muslim political figures, particularly those associated with the Muslim League and Congress party, which was in power at both the state and national levels at the time of the riots.

Notably, Justice Saxena’s 496-page report on the 1980 Moradabad was submitted in May 1983, however, for so many years the report kept getting repositioned from one government department to the other. In the last 4 decades, the file has reportedly been suppressed at least 14 times on one pretext or the other. No subsequent governments released its content.

After Yogi Adityanath came to power in the state, his government decided to open the 43-year-old case. In May this year, the state cabinet decided to table the Justice M P Saxena Commission’s report in the assembly. On Tuesday, August 8, the Uttar Pradesh government tabled the inquiry report into the 1980 Moradabad riots in the UP Assembly.

RBI Unveils UDGAM Portal to resolve the issue of unclaimed bank deposits, read how such deposits can be traced easily

Gopal Tiwari
-
0
RBI Unveils UDGAM Portal to resolve the issue of unclaimed bank deposits, read how such deposits can be traced easily

In a significant stride towards resolving the issue of unclaimed bank deposits, the Reserve Bank of India (RBI) has introduced a centralised online platform named UDGAM (Unclaimed Deposits – Gateway to Access Information). This innovative web portal serves as a decisive move by the RBI to tackle the challenge of unclaimed funds in various banks. With the launch of UDGAM, the RBI takes a substantial leap in promoting financial inclusivity, leveraging digital advancements to deliver efficient banking services to the populace. The primary aim of this central portal is to ensure that every neglected deposit, lying dormant in banks, is rightfully restored to its rightful owner.

In line with the Statement on Developmental and Regulatory Policies released on April 6, the Reserve Bank of India (RBI) unveiled its plans to establish a centralized online platform dedicated to locating unclaimed deposits. In response to the escalating volume of unclaimed deposits, the RBI has proactively conducted periodic public awareness campaigns aimed at sensitising the people to this issue. Furthermore, these proactive endeavours by the RBI have entailed urging the public to proactively identify and engage with their respective banks in order to reclaim these unclaimed deposits.

The inauguration of this web portal proves instrumental in aiding users to locate their unclaimed deposits or dormant accounts, allowing them to either retrieve the deposit amount or reactivate their dormant accounts with their respective banks. The development of the UDGAM portal is a collaborative effort between Reserve Bank Information Technology Pvt Ltd (ReBIT), Indian Financial Technology & Allied Services (IFTAS), and participating banks.

At its current stage, the portal provides access to unclaimed deposit information from seven banks, which include the Central Bank of India, DBS Bank India Limited, Dhanlaxmi Bank Limited, Punjab National Bank, South Indian Bank Limited, and State Bank of India. The facility to search for unclaimed deposits in other banks will be phased in and available by October 15, 2023.

Anyone can access the UDGAM portal to search for bank details, it only needs a phone number to log in, and some basic details like PAN, AADHAAR etc to search.

To utilise the UDGAM portal, follow these simple steps:

Visit the website udgam.rbi.org.in. First you will need to create an account on the portal. Click on the registration option and provide your mobile number.

Screenshot from the portal

Complete the registration process by entering your name, creating a password, and solving a captcha. Proceed by clicking ‘next.’ Enter the One Time Password (OTP) sent to your mobile number, leading you to the login page.

Screenshot from the portal

Log in using your registered mobile number and the password you just created. After entering your details, the system will send an OTP to verify the login. Enter the OTP again to proceed.

This will load the UDGAM search page, where deposits held by a person in all the banks can be searched. To do a search, one needs to enter the name, and any one of the several details. These details include PAN, Voter ID, Driving License Number, Passport Number, or date of birth. Please note that all of them are not required to be entered, only any one of them needs to be provided.

After that, one can select a specific bank from the drop-down menu, or select all banks. Instead of selecting from the drop-down menu, there is also an option of clicking the button ‘Show Banks’ next to it. This displays a list of the banks on the page, and one can select the banks by selecting the checkboxes next to them.

You can also include an address as supplementary search criteria. Once the details are accurately entered, you can click the search button to access information about unclaimed deposits under the entered name and details.

Screenshot from the portal

UDGAM represents more than just a technological advancement in e-banking; it plays a pivotal role in fostering a transparent financial ecosystem. Serving as a dependable conduit for depositors to locate their unclaimed funds, it effectively mitigates the potential neglect of financial assets, thereby bolstering confidence in the integrity of the banking system. These proactive measures underscore the RBI’s resolute commitment to addressing user requirements, while concurrently driving continuous enhancement and modernisation within India’s banking landscape.

‘Even a slight alteration of our personal laws is intolerable’: Hardoi Maulana issues a veiled threat over implementing UCC, tenders apology later

OpIndia Staff
-
0
‘Even a slight alteration of our personal laws is intolerable’: Hardoi Maulana issues a veiled threat over implementing UCC, tenders apology later

A cleric of Lal Pir Mosque of Gopamau, Hardoi in Uttar Pradesh named Maulana Abdurrahman Jamai was caught spewing venom in his Independence speech on the momentous day of 15 August. He can be seen delivering a venomous address dressed in white attire and a skull cap while he is surrounded by children holding the national flag. However, he apologised for his provocative utterances afterwards.

He said, “Muslims are being harassed. The act of Qurbani (sacrifice) is forbidden. Our cemeteries are being occupied illegally. Azaan (Muslim prayer) broadcast through loudspeakers is contested. The law of God, the Quranic traditions and Muslim personal law are under attack and attempted to be modified,” from a piece of paper.

“What type of democracy is this and what type of freedom is this,” he asked and charged, “There is a continuous intrusion on the religious matter of Muslims. If this is what liberty means, then we don’t want it. We rejected it yesterday and we would do the same today.”

He further added, “We want religious freedom. We seek the right to practise the Quran openly. We desire to have our lives and our possessions protected. We want our honour and dignity to be safeguarded. We wish to keep our houses of worship safe. We want to preserve Islam.”

“My young friends aren’t this interference in a community’s religious affairs an assault on liberty, a parody of secularism and the assassination of democracy,” he questioned. “This is what is taking place in India right now. Our right to follow our religion is snatched. Muslim personal law is being modified,” he alleged.

He threatened, “We want the government to be aware of this and be forewarned that Muslims can withstand anything except for even a slight alteration to their personal law. We will give our lives in order to prevent any tampering with the unchangeable divine law, Quranic norms and our personal law.”

“The law of the Quran, Muslim personal law, cannot be revised notwithstanding the possibility of the earth breaking, the sky shattering and the sun diminishing,” the maulana added. He ended with poetry which claimed that the word of Prophet Muhammed and his directives cannot be tweaked. The world can change multiple times but not the Quran.

OpIndia called Tadiyawan Police Station to enquire about the issue and was informed that the cleric has offered a written apology. Additionally, the mosque was contacted and they acknowledged that he had made the controversial speech but declined to elaborate on it.

1...1,8561,8571,858...7,599Page 1,857 of 7,599