Post Nirav Modi’s quiet exit from India, passport details to be shared for loan above Rs 50 crore

105

The authorities have finally woken up to a simple fact that passport details of anyone with loan of over Rs 50 crore need to be shared with concerned authorities for timely intervention

passport details
Passport details mandatory for anyone with a loan of Rs 50 crore and above.

The Hush Post: After Vijay Mallya, Nirav Modi, Mehul Choksi leaving the country before CBI could  arrest or even lodge an FIR on them, the government has decided that passport details of anyone with Rs 50 crore or more loan would be mandatory to share.

This has been done to ensure swift action in case of fraud and to prevent fraudsters from fleeing the country. Passport details will help banks to take timely action and in informing the relevant authorities to prevent fraudsters from fleeing the country.

“Next step on clean and responsible banking. Passport details must for loans above Rs 50 crore. Step to ensure quick response in case of fraud,” Financial Services Secretary Rajeev Kumar tweeted.

This is a preventive step to avoid flight of economic offenders and banks to collect passport details of all new borrowers of loans in excess of Rs 50 crore, he said. For all existing loans of over Rs 50 crore, banks have been asked to collect passport details of borrowers within 45 days, he added.

In absence of passport details, banks were hamstrung in taking timely action to prevent defaulters especially wilful one from fleeing the country. Several big defaulters like Nirav Modi, Mehul Choksi, Vijay Mallya and Jatin Mehta have fled the country putting the recovery mechanism in quandary.

Leave a Reply