The Poster Boy of Bad Loans

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The  king of good times who fled to UK  after his Kingfisher Airlines fiasco has been finally arrested by the UK police Though the reason for arrest is not very clear, it could be for all you know  a beginning  of  the extradition process for deporting  Vijay Mallya

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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