s per some news sources RBI has found Margadarsi operations to be illegal after 30 years of its existence. So in these enitire 30 years of existence of Margadarsi in almost entire south India with its incessant advertisements in TV, Radio and Newsprint has RBI could not find anything wrong until NOW.
This is a systemic failure on behalf of RBI that it allowed a scam of this proportion for 30 years doing nothing. RBI present governer should resign for his criminal negligence in the last two years and all living RBI governers of past should be prosecuted for allowing this. Finance ministers in the last 30 years should also be prosecuted for allowing this activity
his an interesting observation. In matters of chit funds, RBI is no doubt is equipped with many regulations to serve notices to the erring, but I think they need some one to make a case of it to act. But the general adminstration and control of these chit companies is with State Govt. More than RBI, it is the State Administration which should be held accountable. What is interesting is the whole thing surfaced due to political rivalries that brought out this issue. What happened with Kolleru scam, where every politician or respected person of society was involved in land grab. Are these people behind bars? Public forgot about it over period. Same thing would happen soon with Margadarsi and the likes. What happened with Karvy on IPO scam. Karvy must have paid huge bribes to SEBI and are getting over it slowly. But in all these we need some public interest litigations filed to seek better justice. Where to find such one man heroes or syndicates outside movie screens?
One man commission which is constituted to look into the matters of Margadarsi scam will come out with some middle of path solutions, which would be mild or moderate on Ramoji, due involvement of large number of small time investors. Ramoji is well aware of such cover (public interest), and he will survive, and perhaps would find another name to do same or similar business with another front, as there is a lot of black money in economy which needs some kind of existance and prospect to multiply too. Remember Ramoji is into film making.
Afterall politicians are not cannibals. They only grab food (black money) from each other, not eat each other, unless the other is found to be life threatening. |
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