NewsX launches 100-day investigation into NPAs

NewsX has launched India’s biggest investigation into Non-Performing Assets (NPAs) of Indian banks, based on the channel’s access to a comprehensive list of NPAs of the financial year 2016. The list contains specific details of the 1406 companies that took loans amounting to thousands of crore, but never paid them back. 

The channel has kicked off a 100-day campaign with the aim to root out the NPAs that are weighing down the country’s banks. The channel, for the next 100 days, would be committed to digging out details of these assets. India’s total NPAs amount to over Rs 8 lakh crore, which roughly translate to INR 6,400 for every man, woman and child in the country.  

Based on the list accessed that mentions loans taken by individuals and companies, NewsX has launched systematic checks on addresses corresponding to firms mentioned and unearthed a web of fake addresses, empty buildings and closed shops with locals confirming they were not aware such companies even existed. The 100-day NPA files investigation on NewsX has prompted the CBI to register an FIR against a Delhi-based diamond merchant “Dwarka Das Seth International”, who had defrauded the Oriental Bank of Commerce of Rs 390 crore. The campaign has also translated into a national movement with the netas and aam aadmi congratulating NewsX on its marathon investigation.

The NewsX has exposed seven NPAs since Thursday. 

NewsX also tried contacting banks that were “duped” by defaulters in the NPAs’ list. However, the banks did not respond.  NewsX seeks to turn this campaign into every Indian’s fight against corruption and hopes that it will encourage employees, bankers and chartered accountants to expose anomalies in the country’s systems. The campaign also seeks support from every Indian to contribute towards creating a system that will not allow defaulters to go unchallenged.