NEW DELHI | Senior Aam Aadmi Party (AAP) leader and Rajya Sabha MP Sanjay Singh attacked the Modi government over the waiver of loans worth lakhs of crores owed by corporate houses. He said that with the Modi government’s favour, corporate houses had looted lakhs of crores of people’s money deposited in banks. Of the ₹5.44 lakh crore owed by 43 companies, only ₹1.90 lakh crore was recovered, while ₹3.53 lakh crore was waived off through the National Company Law Tribunal (NCLT). Citing the recent case of Subhash Chandra, who owed ₹22,000 crore, Sanjay Singh said the NCLT recovered just ₹6.5 crore and waived off 99.97% of the debt. He said the NCLT had become the biggest hub of corruption, where the Modi government directly deals with corporate houses to get their loans waived.
Addressing a press conference at the AAP headquarters on Sunday, senior AAP leader Rajya Sabha MP Sanjay Singh said, “Crores of consumers deposit their money in banks with great trust, believing that money kept at home would be spent, while keeping it in banks would earn some interest and secure their future. The savings of ordinary people are deposited with LIC, State Bank of India, Punjab National Bank and other banks.”
Sanjay Singh continued, “But this very money is taken and handed over to a handful of corporate houses. When the time comes to repay loans worth thousands of crores of rupees, these corporate houses declare themselves bankrupt. The government then says that the NCLT is open, go there, get a setting done and the loan will be waived.”
The senior AAP leader said that the NCLT is currently the biggest hub of organised corruption, where the Modi government at the Centre directly deals with corporate houses. Citing figures, he said that 43 companies had a total outstanding debt of ₹5.44 lakh crore, of which ₹1.90 lakh crore was recovered and ₹3.53 lakh crore was waived off.
“This is not a small amount; such a huge sum has been waived off. On the other hand, if a farmer, labourer or ordinary person has an outstanding loan of ₹1-2 lakh that they may have taken for their daughter’s wedding or their child’s education, the government seizes their car, puts them behind bars and publicly disgraces them across the area by saying that a bank notice has been pasted against them,” he added.
Sanjay Singh said that when he raised this issue in Parliament, the government called it a “haircut scheme”, meaning that a small portion of the total debt would be waived and the remaining amount would be recovered. “But when I investigated it in depth, I found that this was not a haircut, but a neck cut. The government has waived off up to 90% of the debt. Citing the example of Subhash Chandra, he said that his debt of ₹22,000 crore was waived off after recovering just ₹6.5 crore,” he stated.
The AAP MP further highlighted, “This means that 99.97% of the debt was waived off and only 0.3% was recovered. This means that if someone had taken a loan of ₹100, only 3 paise was recovered from them and the rest was waived off.”
Sanjay Singh appealed to the people to understand whom the government is working for, and said, “The people remain entangled in Hindu-Muslim issues, while there are no arrangements for schools or employment for their children. When an ordinary person delays an EMI payment for a flat, bike, mobile phone or car, they are humiliated and threatened with being put behind bars.”
“If you have to take a loan, take a loan of ₹10,000-20,000 crore, because then the government will treat you with respect and, by making a deal behind closed doors, get your loan waived off. A total of ₹5,44,434 crore was outstanding against 43 companies, of which ₹1,90,779 crore was recovered and ₹3,53,655 crore was waived off,” he said.
Sanjay Singh said this was the ‘dark truth’ of the Modi government and questioned why people were not angry or upset about the ‘loot’. “On one hand, children are being given salt and roti under the mid-day meal scheme, roads are not being built for schools, children are studying without desks and benches, there are no employment arrangements for young people, and hospitals have a dilapidated system where operations are being conducted by candlelight. Amid all these hardships, these 43 companies together looted the lakhs and crores of rupees deposited in banks by ordinary consumers across the country,” he noted.
Sanjay Singh said that the people must decide who this money belongs to. He said that thousands of hospitals, schools and roads could have been built across the country with this money. He pointed out that the United Progressive Alliance (UPA) government had once waived farmers’ loans worth ₹70,000 crore, which had triggered an uproar across the country.
In contrast, Sanjay Singh said, the Modi government had waived off ₹3,53,000 crore owed by these 43 companies, an amount that could have been used to waive farmers’ loans five times. He questioned, “For whom is the Mahamanav, Vishwa Guru, 56-inch-chested Prime Minister working?”
These 43 Companies Looted Lakhs Of Crores Of People’s Money Deposited In Banks
1. Adhunik Metallics Limited- ₹5,371 crore outstanding, ₹410 crore recovered, ₹4,961 crore waived off.
2. Alok Industries Limited- ₹29,524 crore outstanding, ₹5,052 crore recovered, ₹24,472 crore waived off.
3. MTK Auto Limited- ₹12,641 crore outstanding, ₹2,615 crore recovered, ₹10,026 crore waived off.
4. Asian Colour Coated Ispat- ₹6,567 crore outstanding, ₹1,538 crore recovered, ₹5,029 crore waived off.
5. Bhushan Energy- ₹2,780 crore outstanding, ₹730 crore recovered, ₹2,050 crore waived off.
6. Bhushan Power & Steel Limited- ₹47,158 crore outstanding, ₹19,350 crore recovered, ₹27,808 crore waived off.
7. Bhushan Steel Limited- ₹56,022 crore outstanding, ₹35,571 crore recovered, ₹20,451 crore waived off.
8. Binani Cement Limited- ₹6,469 crore outstanding, the entire ₹6,469 crore was recovered (no waiver).
9. Caxtex Technologies Limited- ₹7,522 crore outstanding, ₹1,266 crore recovered, ₹6,256 crore waived off.
10. Danexport Private Limited- ₹4,800 crore outstanding, only ₹27 crore recovered, ₹4,773 crore waived off.
11. Deccan Chronicle Holdings- ₹8,181 crore outstanding, ₹358 crore recovered, ₹7,823 crore waived off.
12. Dewan Housing Finance Corporation Limited- ₹87,083 crore outstanding, ₹37,161 crore recovered, ₹49,922 crore waived off.
13. Diggi Port Limited- ₹3,057 crore outstanding, ₹651 crore recovered, ₹2,406 crore waived off.
14. Electrosteel Steels Limited- ₹13,175 crore outstanding, ₹5,320 crore recovered, ₹7,855 crore waived off.
15. EMC Limited- ₹6,150 crore outstanding, ₹538 crore recovered, ₹5,612 crore waived off.
16. Essar Power MP Limited- ₹12,068 crore outstanding, ₹2,500 crore recovered, ₹9,568 crore waived off.
17. Essar Steel India Limited- ₹49,473 crore outstanding, ₹41,018 crore recovered, ₹8,455 crore waived off.
18. Garden Silk Mills Limited- ₹2,090 crore outstanding, ₹718 crore recovered, ₹1,372 crore waived off.
19. Gupta Infotech Private Limited- ₹3,327 crore outstanding, ₹70 crore recovered, ₹3,257 crore waived off.
20. Jet Airways India Limited- ₹7,454 crore outstanding, ₹1,010 crore recovered, ₹6,444 crore waived off.
21. Jyoti Structures Limited- ₹7,365 crore outstanding, ₹3,691 crore recovered, ₹3,674 crore waived off.
22. Kohinoor CTNL Infrastructure- ₹2,528 crore outstanding, ₹2,246 crore recovered, ₹282 crore waived off.
23. Korba West Power Company Limited- ₹5,032 crore outstanding, ₹1,167 crore recovered, ₹3,865 crore waived off.
24. Kumar Metallurgical Corporation Limited- ₹5,607 crore outstanding, only ₹41 crore recovered, ₹5,566 crore waived off.
25. Lanco Teesta Hydro Power Limited- ₹2,503 crore outstanding, ₹878 crore recovered, ₹1,625 crore waived off.
26. Lanco Thermal Power Limited- ₹33,331 crore outstanding, ₹136 crore recovered, ₹33,195 crore waived off.
27. Monnet Ispat and Energy Limited- ₹11,015 crore outstanding, ₹2,852 crore recovered, ₹8,123 crore waived off.
28. Murli Industries- ₹2,883 crore outstanding, ₹348 crore recovered, ₹2,435 crore waived off.
29. Orissa Pipelines Infrastructure Limited- ₹3,387 crore outstanding, ₹2,353 crore recovered, ₹1,034 crore waived off.
30. Orchid Pharma Limited- ₹3,527 crore outstanding, ₹1,035 crore recovered, ₹2,492 crore waived off.
31. Orissa Manganese and Minerals Limited- ₹5,389 crore outstanding, ₹310 crore recovered, ₹5,079 crore waived off.
32. Pradeep Overseas- ₹2,650 crore outstanding, only ₹126 crore recovered, ₹2,524 crore waived off.
33. Ram Swarup Industries Limited- ₹5,852 crore outstanding, ₹351 crore recovered, ₹5,501 crore waived off.
34. Reliance Infratel Limited- ₹41,055 crore outstanding, ₹4,236 crore recovered, ₹36,819 crore waived off.
35. RECO India Limited- ₹1,728 crore outstanding, ₹200 crore recovered, ₹1,528 crore waived off.
36. Ruchi Soya Industries Limited- ₹9,385 crore outstanding, ₹4,093 crore recovered, ₹5,292 crore waived off.
37. Sai Wardha Power Generation Limited- ₹4,738 crore outstanding, ₹635 crore recovered, ₹4,103 crore waived off.
38. SL Manufacturing Company Limited- ₹7,242 crore outstanding, ₹1,090 crore recovered, ₹6,152 crore waived off.
39. Splendid Metal Products Limited- ₹3,632 crore outstanding, ₹438 crore recovered, ₹3,194 crore waived off.
40. Ushdev International Limited- ₹3,293 crore outstanding, only ₹197 crore recovered, ₹3,096 crore waived off.
41. Uttam Galva Metallics Limited- ₹3,634 crore outstanding, ₹111 crore recovered, ₹2,523 crore waived off.
42. Uttam Value Steels Private Limited- ₹2,479 crore outstanding, only ₹818 crore recovered, ₹1,661 crore waived off.
43. Zion Steel Limited- ₹5,367 crore outstanding, only ₹15 crore recovered, ₹5,352 crore waived off.
44. Subhash Chandra- ₹22,000 crore outstanding, ₹6.50 crore recovered, ₹21,993.5 crore waived off.
Modi Government’s Investigative Agencies Raid Companies, Then Adani Buys Them: Sanjay Singh
Sanjay Singh further said, “Prime Minister Modi has a close friend, about whom there are reports in the media today that the Prime Minister has travelled to Kazakhstan to negotiate a hydropower project deal for him as well. The relationship between CBI raids and Adani’s acquisitions, and how this is government-sponsored, can be understood from these figures.”
- In 2017, the CBI raided NDTV, after which Adani bought it.
- In 2018, the Income Tax Department raided BloombergQuint, and Adani bought it.
- In 2018, the Income Tax Department raided the Navyuga Group, which operated Krishnapatnam Port, and Adani bought the entire port.
- In 2020, the CBI and ED jointly raided the GVK Group, which operated Mumbai Airport, and Adani bought that as well.
- In 2020, the CBI and CCI raided Ambuja Cement and ACC, and Adani bought both of them.
- In 2023, the Income Tax Department raided Shree Cement, which was acquiring Sanghi Industries. After this, Shree Cement withdrew, and Adani bought Sanghi Industries.
- In 2025, the ED raided the JP Group, and Adani bought it.
- In 2026, when Vedanta challenged Adani in court over the JP deal, the ED raided Vedanta’s office.
