HDFC, Citi … and now NSE.
They say once you open a can worms, there is no saying how many worms will come out and from where. And the can keeps getting larger. With more and more worms.
It seems Indian PSUs were politically motivated to sell their NSE shares really cheap and these were picked up by the same bogus entities – which also seem to own HDFC – at dearth cheap rates. And now it seems that Jane Street has a non existent founder. No such person actually exists. Or so it would seem if you query ai. Ask “ai” for evidence that he exists and ai will tell you that he never did.
Two months ago I had posted that the HdFC Chair should either take responsibility or resign. When nothing happened, I decided to open the box.
I had shared some extracts from just the first two episodes of the 30 episode serial on HDFC. Hoping to use consultation to verify and validate all the averments made.
I had also repeated the RBI position that there is no immediate threat to depositors.
And outlined the rationale as to why HDFC was and continues to be a proxy for Citibank. I have been inundated with messages from people connected with both HDFC and Citibank saying that they were just doing their job. And exposing their role would ruin their future prospects. The intent is not and never was to hurt any employees who were not “knowingly” involved. The key word is “knowingly”. However that does not seem to be the case in Citibank where employees received quid pro quo- esp the ones listed by name. Most of them seem to have left India for the UK. Others like Arjun Swarup have quickly quit their jobs in a hurry to save themselves. Being second generation just makes them more susceptible.
Now to NSE
And the HDFC Citi link
The highly respected Palak Shah the key journo who broke the NSE colocation scam wrote this today.
*The Mauritius Files: Benami Shadows*
An extract from the above:
The hypothesis — stated clearly as hypothesis, not established fact — is this: NSE may represent the largest unresolved benami ownership question in Indian financial history. Not a modest shell concealing modest assets. But tens of thousands of crores of wealth in India’s most systemically important exchange, sitting behind Mauritius structures whose ultimate owners may be Indians who, for reasons of professional position, regulatory conflict, or legal vulnerability, could never have held those stakes in their own names. The structure that would make this possible is fully documented. The incentive was overwhelming. The oversight was absent. And the pattern of public institutions selling a monopoly exchange at fractions of its future value, with no one asking why, is precisely the pattern you would expect if the buyers understood, from the inside, exactly what they were acquiring.
And who is the epicentre of this.
HDFC – His Divine father’s Company
Who else but the father himself.