Aadhaar to Prevent Crimes
As Fintech (financial technology) becomes more sophisticated with advances in IT, so do the related financial crimes and criminals.
With huge increase in digital adoption, many consumers who lack the knowledge or experience in using Fintech based apps and solutions, which provide access to risky and complex financial products, are getting cheated.
Some, who lost their life earnings, took recourse to suicide. In order to bring transparency in the financial sector, and to curb financial crimes, India's Aadhaar system can be used to a great extent by linking it with bank accounts, mobile SIMs, Government services, and all financial transactions.
However, this is not to be. Those elite, powerful, influential, and intellectual urban Naxals and Modi-bashers of the society, in the garb of protecting their fundamental right to privacy, and with the help of equally unethical and corrupt lawyers, made Aadhaar not mandatory by obtaining a favorable verdict from the Supreme Court (SC).
This is in spite of Government arguing that Aadhaar is meant to prevent crimes, not to label everyone a criminal! It is similar to air passengers being frisked, not because everyone is a hijacker, but to protect us from hijacking!
Now Aadhaar is mandatory only for allotment of PAN and filing ITR. SC's verdict also prohibits private companies in asking for Aadhaar for any KYC purposes. With the result, today many criminals are able to get mobile SIMs, open bank accounts, transact money online, get school admissions, write CBSE, NEET, UGC, medical/IIT entrance tests, and go about their fraudulent and criminal activities by completely remaining under the radar of law enforcement authorities.
These illegal activities include money laundering, terror funding, committing terrorist activities, performing massive financial frauds, opening any number of shell companies, and circulating fake news & rumors through social media to incite violence and spread religious hatred.
See these reports on how Fintech companies cheat ordinary people:
I-T Dept raids instant loan app company with turnover of Rs. 10,000 crore in its first year of operation; Rs 500-crore funds transferred abroad illegally
https://economictimes.indiatimes.com/news/india/i-t-dept-raids-instant-loan-app-company-rs-500-crore-funds-transferred-abroad-illegally/articleshow/87763879.cms
ED seizes ₹106.93 cr. of private company in micro-loan scam https://www.thehindu.com/news/national/ed-seizes-10693-cr-of-private-company-in-microloan-scam/article36130045.ece
Some, who lost their life earnings, took recourse to suicide. In order to bring transparency in the financial sector, and to curb financial crimes, India's Aadhaar system can be used to a great extent by linking it with bank accounts, mobile SIMs, Government services, and all financial transactions.
However, this is not to be. Those elite, powerful, influential, and intellectual urban Naxals and Modi-bashers of the society, in the garb of protecting their fundamental right to privacy, and with the help of equally unethical and corrupt lawyers, made Aadhaar not mandatory by obtaining a favorable verdict from the Supreme Court (SC).
This is in spite of Government arguing that Aadhaar is meant to prevent crimes, not to label everyone a criminal! It is similar to air passengers being frisked, not because everyone is a hijacker, but to protect us from hijacking!
Now Aadhaar is mandatory only for allotment of PAN and filing ITR. SC's verdict also prohibits private companies in asking for Aadhaar for any KYC purposes. With the result, today many criminals are able to get mobile SIMs, open bank accounts, transact money online, get school admissions, write CBSE, NEET, UGC, medical/IIT entrance tests, and go about their fraudulent and criminal activities by completely remaining under the radar of law enforcement authorities.
These illegal activities include money laundering, terror funding, committing terrorist activities, performing massive financial frauds, opening any number of shell companies, and circulating fake news & rumors through social media to incite violence and spread religious hatred.
See these reports on how Fintech companies cheat ordinary people:
I-T Dept raids instant loan app company with turnover of Rs. 10,000 crore in its first year of operation; Rs 500-crore funds transferred abroad illegally
https://economictimes.indiatimes.com/news/india/i-t-dept-raids-instant-loan-app-company-rs-500-crore-funds-transferred-abroad-illegally/articleshow/87763879.cms
ED seizes ₹106.93 cr. of private company in micro-loan scam https://www.thehindu.com/news/national/ed-seizes-10693-cr-of-private-company-in-microloan-scam/article36130045.ece
Comments
Post a Comment