The dirty nexus: Useless government and shameless tycoons

 

By Prateek Sharma

 

Siddharth Mallya, last Sunday posted a video on the internet with his father Vijay Mallya. The father-son duo were seen  celebrating and cheering on their team, Royal Bangalore Challengers. Vijay Mallya still owes the banks a sum of Rs.9000 core and every attempt by the Indian government to extradite Mr.Mallya has failed.

The alarming fact still remains that this is not the first time that the Indian government finds itself in this pickle. Previously, the President and Managing Director of Modi Groups, Lalit Modi also pulled the same stunt, last year. Lalit Modi has been charged with multiple counts of frauds including and not restricted to – rigging auctions, match-fixing and money laundering. Both these lustrous and notorious businessmen seem to have selected the United Kingdom as their save heaven.

Whereas in the case of Mr.Maliya, it seems that he had planned his “great escape” a long time ago. However, State Bank of India recently ceased and cordoned off Mr.Mallya’s bungalow in Goa, worth Rs.150 core. Other than that, several other banks such as UCO Bank has to recover Rs.320, Corporation Bank Rs.310 core, State Bank of Mysore Rs. 150 and Overseas Bank Rs.140 core. To add to Mr Mallaya glorious criminal resume, the Enforcement Department has issued a warrant in Mr Mallya’s name for a money laundering case.

Subsequently, both Mr Modi and Mr Mallya have been very successful in bringing a huge amount of disgrace to the Indian government. Their shenanigans, for lack of a better word, goes to show the incompetence of the government institutions to hold the rich and the powerful accountable. Rather, several sources also indicated that Minister of External Affairs, helped Mr Modi to get a diplomatic passport even after the Ministry possessed the knowledge of all the criminal activities that he was a part of. The lack of seriousness on the behalf of the governmental institution describes the kind of apathy that still remains quite pervasive, even after a change in the government.

Surprisingly, having a criminal industrialist even inside a jail cell has not helped or expedited the process of recovery. Subrata Roy Sahara currently in Tihar jail has repeatedly denied compensating the defrauded investors. Securities and Exchange Board of India (SEBI) still continuous to fight the case in Supreme Court against Sahara. Concerning element still remains the same, will the government and governmental financial institutions ever be able to hold these fiends accountable? Public facts remains that these industrialists are thieves who deprived the citizens of this country of their wealth. The government needs to bring in a lot of litigation to hold these financial tycoons not only accountable but also answerable to its citizen. For if, the accountability statues are not included in the financial system this industrialist will soon turn into the same entity that we had to fight 68 years ago, the British as they already seem to prefer the United Kingdom as their paradise. A bit ironic don’t you think?