IL&FS scam: Mamata Banerjee urges PM Modi to initiate ‘impartial’ probe

New Delhi [India]: West Bengal Chief Minister Mamata Banerjee on Monday wrote a letter to Prime Minister Narendra Modi demanding a “high level impartial and independent probe” into the Infrastructure Leasing and Financial Services (IL&FS) scam.

Banerjee mentioned in her letter that IL&FS is reportedly faced with a “debt crisis to the tune of alarming Rs 91,000 crore.”

“This has put into peril the hard-earned savings of lakhs and lakhs of employees of the PSUs like MMTC, IOCL, CIDCO, HUDCO, IDBI, SBI and electricity boards of Gujarat and Himachal Pradesh as well as private sector companies by way of uncertainty over provident fund and pension funds invested in IL&FS bonds by their employees,” Banerjee wrote.

“These grave financial irregularities, which have continued unabated under the Union government have placed financial security of the people at even graver danger. Demonetisation and hasty and unplanned implementation of GST took away the livelihood of common people. Now IL&FS financial debacle is taking away their savings,” she said.

Banerjee has urged Prime Minister Modi to “initiate a high level impartial and independent probe into the sordid affairs of financial impropreity and possible misappropriation of the life savings of common people due to the IL&FS fiasco.”

In her letter, Banerjee also stated that the international financial entities such as ORIX Corpopration of Japan and Abu Dhabi Investment Authority also hold large shares in the company.

“Such a probe and its findings must lead to the punishment of those guilty of defrauding the people and will also ensure that hard-earned savings of our common people are not further jeopardized,” she said.