So this man named Vijay Mallya who led a ridiculously lavish life, hung around with the most beautiful young women in the world and ruled his own empire single handily took away Rs. 9,000 crores from the Indian treasury, and no one could do a thing. Regardless of how powerful he is, he was still bound by the constitutional and legal framework of India, and it was impossible for him to blindly rob major financial entities just like that. Surely, the term ‘single handily’ has its subjectivity associated here, considering the time frame where Vijay Mallya’s entire dramatic ‘loot and escape’ took place.
Taking loans, repaying them in small amounts to gain the confidence of banks, acquiring more loan and laundering the money from a consortium 0f 17 banks, the loans being declared as NPA(non performing assets), Mallya turning into a fugitive, acquiring a bail within hours in London, and now diverting the loan money to seven different countries. All this drama did not happen in a day, and definitely did not happen without a detailed plan. It took a total of 11 years for Vijay Mallya to be an ‘indebted’ owner of Rs.9000 crores for which 17 banks have listed him under the most wanted list today.
Vijay Mallya debuted as an airlines businessman in 2005, but IDBI Bank denied him a loan owing to his controversy with Mangalore Chemicals and Fertilizers(MCF). However, in 2009, his loans had already mounted upto Rs.7000 crores and IDBI too sanctioned him a loan of Rs.700 crores. Let us note that all of this happened under the rule of the UPA government in India. However, under the same UPA rule, Vijay Mallya’s loans were declared as NPA, which meant that Mallya was not using the borrowed resources appropriately. Regardless of that, his loan was restructured under the same UPA rule in 2010, raising the eyebrows of many. Spokesperson of the BJP, Dr. Sambit Patra stated that the State Bank of India was forced by the then Finance Minister of India to issue Vijay Mallya a No Objection Certificate for a fresh loan, even though the bank was unwilling to issue one. And not just that, the bank officials were also instructed to meet the UBL officials.
And these are not just accusations against the UPA government made out of the blue. Vijay Mallya’s emails have stood evidence for the fact that the UPA government facilitated his loans, as well as restructuring of his loans in 2010 even after they were declared NPA. His email to his then Ravi Nedungadi in 2009 read –
“I am pleased to inform you that following my presentation, the finance minister has approved, in principle, the comprehensive financial restructuring package requested. He has advised the chief economic advisor, in the presence of Mr Pawar and myself, that the government will support Kingfisher and he has convened a meeting with the secretary banking and the chairman of SBI and PNB on Feb 25 & 26 in Delhi.”
Well, evidence enough?
Here is yet another one from the series of emails accessed by India Today. This one was written by Mallya to A Raghunathan, his CFO at the time. “Raghu, my apprehensions were correct! Somehow from the beginning I have always suspected UCO and Goel,” he wrote. “What is most annoying is that they have no respect for urgency — despite the finance minister calling Goel on October 28 and specifically telling him that we had to meet urgent commitments on Oct 31.” This clearly indicates that Mallya was in direct contact with the then Finance Minister from the UPA government who facilitated his loans.
Although all this information came to limelight during 2012, no actions were taken nor were the news made public. It was only after the NDA government came to power that Vijay Mallya’s mishaps were brought to the fore and everyone exploded at the inefficiency of the system to safeguard itself. While it can be clearly inferred from the above evidences that the UPA government had everything to do with the loot planned by Mallya, they have resorted to blaming Modi for the entire 11 year old drama! Looks like the party needs to grow up from its old blame game tantrums, and the people need to reflect back a little more than we do now!