BackCongress on Yes Bank crisis: Painting issue BJP's diversionary tactics
Priyanka Gandhi had sold an M F Hussain painting belonging to her father late Rajiv Gandhi to Rana Kapoor for ₹2 croreED arrested Kapoor on Sunday following charges of alleged financial irregularities and mismanagement at the bank
PremiumNEW DELHI: The Congress party on Monday said the government, led by the Bharatiya Janata Party (BJP), was raising the issue of sale of a painting by Priyanka Gandhi Vadra to Yes Bank's founder as a bid to divert attention from the core issues plaguing the private sector lender.
Priyanka Gandhi had sold an M F Hussain painting belonging to her father late Rajiv Gandhi to Kapoor for ₹2 crore. The Congress party said the entire amount was disclosed in her income tax returns of 2010.
The Enforcement Directorate (ED) arrested Kapoor on Sunday in Mumbai following charges of alleged financial irregularities and mismanagement at the bank. The Reserve Bank of India (RBI) and the Central Bureau of Investigation (CBI) are also probing the matter.
The key issues are - the past conduct of Yes Bank and the role of its leadership including serious governance lapses, weak compliance, wrong asset classification, and risky credit decisions.
ED’s investigation in the case now covers investments worth over ₹2,000 crore, along with 44 expensive paintings and more than 12 alleged shell firms, as per a PTI report.
On 4 March, the RBI imposed a moratorium on Yes Bank, restricting withdrawals at ₹50,000 per depositor till 3 April. The central bank also superseded the board of the private sector lender.
The issue of painting has led to a war of words between the Congress and the BJP. Commenting on the sale, BJP alleged that financial crimes in India had “deep links" with the Gandhis.
In response, Congress’ chief spokesperson Randeep Singh Surjewala told reporters on Monday that "first...IDBI Bank faced troubles, depositors lost their money in PMC bank, then crores of rupee were lost in IL&FS and now hard earned money of people has been lost in Yes Bank. But neither the FM nor the PM are speaking anything over the issue."
“Instead, there is an attempt to divert attention of the country by attempting to, in a conspiracy, raise the issue of a sale of a painting ten years ago by Priyanka Gandhi Vadra by a cheque amount duly disclosed in her income tax returns," Surjewala said, adding that the key questions which the ruling party needs to answer is how did Yes Bank sink and who is responsible for it.
Surjewala also alleged that some senior BJP leaders and the Haryana government seemed to have knowledge about fate of the bank. “The question to be asked and answered is, was selective information being leaked to certain crony friends to withdraw from the bank as it was sinking?...was insider information about sinking and moratorium was given by Modi government to all these people?"
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