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Vijay Mallya deals directly with Virgin Islands

Fri, Apr 08, 2016, 01:51 PM
Expect `King of Good times' Vijay Mallya to do it in his characteristic style. While some prefer Panama, Mallya would have none of it. He would prefer Virgin.

While the illegal Fortune 500 India had stashed away their spoils in Panama, Mallya prefered Virgin islands. Also middlemen like Panamanian brokers are not to his liking. He wants direct dealing with Virgin islanders.

This is the revelation from the Panama Papers website. Why should the website be interested in Vijay Mallya then? That could be a different story.

Virgin islands off the UK has an offshore firm called Venture New Holding Ltd., which had direct dealings with Vijay Mallya after it was set up in 2006. The dealings were so straight that none of Mallya's firms is involved in the wheeling out of money. He is supposed to have stashed away about Rs 4000 crore in the Virgin islands.

If you add 2 2, you get Rs 4000 crore that Mallya is only offering to return to the consortium of Indian banks. Indian banks, instead of accepting the monies, are putting on haughty airs, saying he should return and pay the monies. Having given him the unsecured loans gratis, the banks cannot possibly afford to put on hot airs or conditions after the horse has bolted.

Meanwhile, the establishment, too, is doing everything to keep the corporates amused, saying if you do anything harsh, there might be no investment in the country. That had come from the horse's mouth itself. See the recent statement of Reserve Bank of India Governor Dr Rahuram Rajan in this regard.

With so much laxity in the economic sector, why should the rich put their monies in the country's investment, when they can enjoy themselves in the offshore islands. They have got the monies through bank loans anyway, and the banks kowtow to the rich.

In a poor country like India, economic laws should be stringent as to be above manipulation by officials, including Finmin or the RBI Governor. Otherwise you will witness the same cycle of hard-earned moines of the people going and stagnating in the Virgin islands or Panama Canal or Swiss Banks.

Since the BJP-led NDA government has come to power on the slogan of bringing back the black money, it should put its foot down and come down severely on the known black money holders at least. Time for the BJP is running out.
Agency: Ap7am Desk

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