New Delhi: Congress leader Gaurav Vallabh on Sunday attacked Prime Minister Narendra Modi and charged him of benefitting his corporate friends and demanded a judicial probe into the ’59-minute loan scheme’ which was launched for the Ministry of Micro, Small and Medium Enterprises (MSMEs) sector. Vallabh alleged that the scheme is a ‘scam’ as the is owned by a Gujarat-based company, named ‘Capitaworld Platform Pvt Ltd’.

The Congress leader further alleged that the affairs of the web portal are supported by public sector institutions such as SIDBI and PSU banks as partners. He also said that the company is charging Rs 1,000 and another Rs 180 as Goods and Services Tax (GST) from each small industry which was registered on its website and several entities have been cheated. Vallabh went on to question if a government scheme was allowed to enrich private parties.

While speaking to the media, Vallabh said, “The Congress party demands that the agreement with a private party (CapitaWorld) to ‘loot’ MSME sector should be canceled with immediate effect and an inquiry on the role of Prime Minister’s Office and Finance Minister in this ‘massive financial fraud’ should be initiated by an independent judicial body.” Alleging that the company which was incorporated on March 30, 2015, had its income as Rs. 15,000 in 2017 without any operations till then.

In fact, PM Modi’s poll campaign in 2014 general elections was supported by the company’s chief executive officer. The Congress leader said the company was valued at Rs 19.216 crore pre-investment as of April 2018 and based on this valuation nine entities, including SIDBI, Bank of Baroda and SBI, invested Rs 22 crore into this company. Its post valuation, however, stood at Rs. 41 crore currently.

“Why is the work of bankers being used for enriching private individuals while the nature of the work is not complex and banks have been doing the same earlier also?”, questioned Vallabh. Meanwhile, SIDBI in a tweet clarified that CapitaWorld, the company behind the ‘loan in 59 minutes’ portal was launched by PM Modi last week is a public-sector firm. Public sector unit (PSU) institutions have an option to increase stake from 56 pc to 74 pc in the future.