Is Manmohan Singh the Perfect Economic Hit Man?

India's Prime Minister is far more lethal than any economic hit man that ever strode in any country.

Manmohan Singh photo courtesy: amreekandesi.com

(NEW DELHI, India) - It seems that the Indian Prime Minister is far more lethal than any economic hit man that ever strode in any country. He has not only presided over the most corrupt regime India has ever seen but is now serious compromising its national security itself.  

The sheer scale, depth, and spread of corruption are mind-boggling. Very briefly: 

• The German Government handed over the names of 18 Indians with black money worth Rs 520 million [US$11.5 million] with LGT bank of Liechtenstein is out. The list included 12 trusts and 26 beneficiaries perhaps fronting for important people. This was the beginning and those on the ball were quite sure that the official report is hiding much more than it is revealing. [1][2]
• Around May 2010, the Swiss banks disclosed that Indians have more black money than rest of the world combined. Indians topped the list with almost US$1500 billion in black money in Swiss banks, followed by Russian $470 billion, the British $390 billion, the Ukrainians $100 billion and the Chinese with $96 billion.
• The Delhi Commonwealth Games cost the tax-payers Rs. 900 billion [about US$ 20 billion] at least 20 times the original estimate For comparison sake, the Beijing Olympics cost US$32 billion and Glasgow Commonwealth game-2014 will cost about US$840 million. How much money was looted can at best be guesstimated.
• In the spectrum allocation scam [the so-called 2G scam] involving nearly all cell phone operators in India, the Comptroller and Auditor General [CAG], who oversee Government accounting, sent its report that the Government decision caused a loss of Rs 1700 billion [about US$ 38 billion]
• According to the Global Financial Integrity-India Report published November, 2010, “India lost $462bn in illicit flows from 1948 to 2008. It further said that India's black economy [is] estimated at 50% of India's GDP, or about $640bn (end-2008 figures).” [3]
• In January, 2011, Julian Assange dropped the bomb. He said that he has details of many Indian names [politicians, businessmen and bureaucrats and criminals]. Daily Mail revealed that sacked Julius Baer executive Rudolf Elmer has an extensive list of tax-evaders from various countries including many across Asia. According to Assange there are 40 Indians placed in the list which has sent shivers down the spine of many in Delhi’s power corridors.  [4][5]
• About ten days ago, someone placed a list of 29 Indian names holding US$348 billion with name of the Banks. Wikileaks denied on FaceBook that it had placed the list. [Reference] It is strange that Assange and Elmer have thus far chosen not to place the list on their website despite the claims by Assange [April, 2011] that the current Indian turmoil was inspired his leaks. [6][7] 
• According to one report, about 2300 cases remain unsolved for more than a decade; The Central Bureau of Investigation [CBI] has at least 1000 cases pending for more than 15 years and 381 cases for more than two decades. Former joint director of CBI K Madhavan says "the pile-up happens due to various tactics used by influential accused.”
• Another recent report from France says that the French Government has a list of 600 Indians holding secret accounts in the Swiss Bank. The French Government has, according to one source, given the list to the Government of India, Ministry of Finance, but the Finance Minister, derisively called “eunuch” in the power corridors of Delhi, has consistently refused to disclose the names.[8]
• The entire rural India is up in arms for what is now known as “the great land loot.” Again guesstimates indicate that as many as 2.7 million hectares have been forcibly taken away from poor farmers by Multi-national corporations, builders, businesses, politicians, and criminals, many with links to Dawood Ibrahim known for his links with Pakistan’s Inter Services Intelligence [ISI].

Day after day, the reports of illicit money deposited secretly in overseas bank accounts by wealthy Indians and corporations, with estimates ranging from US$612.6 billion to $1.72 trillion, angered the Supreme Court so much that it ordered a special investigation into the scams. [9] Many large firms have been implicated in billion dollar scams but apart from a few arrests, the big fishes are freely roaming. It is going to be a tough task for the Courts given that one Indian firm [Reliance] is a member of the Council on Foreign Relations. While all this has been going on, Manmohan Singh has yet to take firm stand.  

Undermining manufacturing capability and security 

The nation is sick of corruption, but people don’t know that this Prime Minister is actually undermining India’s manufacturing capability.  A confidential memo from India’s security analysts says that 26% of India’s industrial output is dependent on China which will increase to 75% in the next five years. China is making decisive inroads in India’s energy and telecommunication sectors with liberal sops to Chinese exporters and easy credit to Indian importers of Chinese products. Chinese banks have already started functioning in India. Given persistent border violations by China, recent threats to Indian oil exploration projects off the Vietnamese coast, and reports of Naval interference show a distinct security threat. [10] 

It is worth noting that the manufacturing capability of USA, UK, and Australia have been systematically undermined by financial speculators and criminal banksters and now they are playing the same game in India. On a major televised debate on nuclear energy issue, an expert revealed that Manmohan has already promised US$40 billion worth of businesses to the cartel that produces nuclear reactor. All this would not be possible without India’s home grown economic hit man, her own Prime Minister. 

[1] http://www.tehelka.com/story_main48.asp?filename=Ne120211TheList.asp

[2] http://planet6oclock.com/planet6oclock/content/18-indians-black-money-list-52-crores-lgt-bank-liechtenstein

[3] The Drivers and Dynamics of Illicit Financial Flows from India: 1948-2008; Dev Kar; Global Financial Integrity; November 2010; pages 18-19.

[4] http://www.dailymail.co.uk/news/article-1348859/WikiLeaks-Banker-Rudolf-Elmer-arrested-revealing-tax-evaders-account-details.html#ixzz1UJz7d0z0

[5] http://www.dailymail.co.uk/news/article-1347950/WikiLeaks-reveal-Swiss-bank-account-details-tax-evader-celebrities-politicians.html

[6] WARNING: WikiLeaks and Indian black money: The following is a FAKE image and never appeared on WikiLeaks; http://i.imgur.com/bO3dF.png; i.imgur.com

[7] http://planet6oclock.com/planet6oclock/content/18-indians-black-money-list-52-crores-lgt-bank-liechtenstein

[8] http://www.rediff.com/news/report/centre-sitting-on-list-of-600-indians-with-swiss-accounts/20110819.htm

[9] http://daily.bhaskar.com/article/NAT-TOP-swiss-banker-expose-secret-ac-revealed-with-indian-names-1770301.html

[10] Dainik Jagran; 20/09/2011

Arun Shrivastava is Salem-News.com's South Asia Correspondent. An accredited management consultant, Arun is also a highly experienced researcher and writer. He studied in India and England and returned to India in 1989, after a brief stint as senior officer with Economic Development Unit of Birmingham (UK). From 1989 to 1994, he taught Strategic Management and Long Range Planning to MBA students at International Management Institute in Delhi.

About twenty years ago he founded two institutions, one for consulting and another for doing sponsored research work; today both are known for excellence. Since the events of 9/11, he has devoted much of his time to researching NWO issues. Arun also moderates International Human Rights Organizations’ discussion group.

Salem-News.com is very pleased that Arun Shrivastava chose to join our dynamic team which has been paying increasing attention to problems taking place in India. He is Salem-News.com's 94th writer and his presence allows us to better cover important events in an increasingly interconnected world community.

You can send an email to Arun Shrivastava at this address: arunshrivastava.1951@gmail.com

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