Where will your Income tax go this year?

Where will our income tax go this year? Not to Nirav Modi, the great fraudster? God forbid! But the answer is yes. The alleged fraud at the state-run Punjab National Bank could cost other Indian banks Rs 19,317 crore in the loans and corporate guarantees they provided to the diamond companies tied to billionaire jeweller Nirav Modi and his uncle Mehul Choksi, the Income Tax department said, according to Reuters.

The tax department, in a note read by Reuters, said that as of March 2017, several banks extended loans and guarantees worth Rs 17,632 crore to Modi’s and Choksi’s firms. The note said this amount could have increased over the past year and the total “hit” to Indian banks “may well exceed” Rs 19,000 crore now.

Union Bank of India, Allahabad Bank and Axis Bank were among those that extended credit to Modi and his partners.

Prashant Bhushan, the Supreme court advocate sums up the shock in which people are now confronting the aftermath of the multi million dollar loot of national banks and people’s money. “call him NiMo or Chota Modi, there is no doubt that he has become India’s National Crush.