A political storm erupted on Friday as Congress President Mallikarjun Kharge accused the Modi government of enabling a sharp rise in bank frauds, citing a 416% increase over the past 11 years. The opposition party has demanded accountability, alleging that financial scams have flourished under the current administration.
In a strongly worded statement, Kharge claimed that bank frauds worth ₹6,36,992 crores have occurred during the Modi government’s tenure, marking a significant surge compared to previous years. He further alleged that despite the 2016 demonetization, the circulation of fake ₹500 notes has increased by 291% in the last six years, reaching its highest level this year.
Taking a dig at PM Modi’s recent remarks that “sindoor runs in his veins,” Kharge countered, stating, “Fraud and fakery run in the veins of this government!” His comments have intensified the political debate surrounding financial governance and regulatory oversight.
The Bharatiya Janata Party (BJP) has dismissed Congress’ allegations as politically motivated, arguing that the government has taken strong measures to curb financial frauds and improve banking transparency. BJP leaders have pointed to stringent reforms, including the Insolvency and Bankruptcy Code (IBC) and enhanced digital tracking systems, as evidence of their commitment to financial integrity.
Meanwhile, opposition leaders have called for a parliamentary inquiry into the alleged rise in fraud cases, urging the government to release detailed reports on financial irregularities and corrective actions taken.
