Vijay Mallya who fled to London around last year in search of Achhe-Din may finally be back. Since the time he defaulted on bank loans amounting to over 9000 crores and fled to UK the battle between this flamboyant businessman and the PSU banks has become a classic example of idiom: Closing the stable door after the horse has bolted.
Reviewing the huge quantum of Indian Banks Non Performing Assets (NPA) the Ex Reserve Bank Governor Raghuram Rajan had suggested during his tenure that the Govt should go after corrupt Bank management as well as corrupt Promoters. However his suggestion was never put on fast track instead he lost his second term for RBI governorship. SBI started cleaning up their balance sheet by writing off over 7000 crores owed to it by more than 60 of its top 100 willful defaulters and Vijay Mallya was on the top of this willful defaulters. Vijay Mallya is not a story of rags to riches and he is unlikely to turn into one of riches to rags and that precisely is the irony of the Indian political system.
Vijay Mallya was right when he said "Whenever I do something, it is rooted in the Indian opportunity". His untouched wealth runs to crores and is lot more than the 9000 crore that has made him the Poster Boy Of Bad Loans.
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