Thursday, Sep 16, 2021
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Scam India

While the Jain hawala case, the fodder scandal in Bihar and the 'housing scam' hog the headlines, other instances of politicians, bureaucrats and businessmen getting caught with their hands in the public till are surfacing across the country. All thi

Scam India
Scam India
outlookindia.com
-0001-11-30T00:00:00+05:53
ASSAM has never really been on the scam map of India. But the unearthing of the Rs 200 crore fraud in the state's Veterinary Department, popularly referred to as the Letter of Credit (LOC) scam, has rocked Hiteswar Saikia's Congress government and its echoes are being heard as far away as New Delhi. Though no public figure has been implicated so far, over 30 officials from senior directors to minor functionaries have been either arrested or suspended. More heads are likely to roll as the CBI and the state police continue their investigations into what is being referred to as the biggest scam in the North-east.

In a nutshell, the LOC fraud relates to the blatant misuse of letters of credit by officials of the state Veterinary Department since 1985. The LOC is a regulatory mechanism devised by the state government to keep expenditure under control. When the Government earmarks, say, Rs 10 crore fora project, the entire amount is not handed over to the department concerned in one go. It is released in phases and LOCs are issued, which can be cashed when required. The system...

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