Doesn’t anyone want to know how Manmohan Singh and a farmer in UP stood guarantor for Vijay Mallya?
Mr Singh’s accounts of Rs 14000 and Rs 4000 were frozen by the Bank of Baroda because the records showed he had pledged to back Vijay Mallya’s defaults, if any.
Surprisingly, no one seems to be asking how this quantum leap took place.
I am not very good at math but there is a teeny weeny bit of a difference between being a farmer worth Rs 18000 and having a loan of Rs 400,000 and some other guy taking away Rs 94 billion and swanning off to London.
The puzzling part is that Mr Singh has never heard of Vijay Mallya and vice versa. So how deep does this nexus by the banks go and how exactly does this mutually satisfying scheme work?
I ask you, how many more Manmohan Singhs are out there whose documents were used sans their permission to make them guarantors and complete the official paperwork. Ten thousand? A hundred thousand, maybe more.
Is this a scam of high proportions and how common is it? Are there thousands of little people out there standing as official back-ups for the very rich, untroubled in this cheatin’ game until there is trouble. And then they are hauled up and hassled.
The Bank of Baroda has immediately defrosted the farmer’s accounts which is not really a very generous act seeing as how they are the ones who froze them in the first place. Also, opening them up again also does not answer the question of how this ‘arrangement’ was made. Sure, some clerical cum computer glitch sent out the ‘freeze’ message and there is egg on B of B’s face and someone’s head will roll but for banks that harass the average joe and make life miserable this is happy payback time.
Any way you hack it, the fish smells big time. Where is Mallya and where is Manmohan Singh and where and how do the two cross each other to engage in a fiscal transaction.
If Mr Singh did not sign his name as a guarantor and he has no assets even near the Mallya loan how was he made the guarantor?
Isn’t it incredible that these sort of things happen and it is kind of accepted in a loping sort of shoulder shrugging way as par for the course.
You have to agree that there is not only one isolated incident and it is not a mistake. Mr Singh was the guarantor albeit without his knowledge. It did not just happen by error. Which brings us to some basic questions that anyone out there could answer.
Is it common practice to use poor and unknown people as guarantors without their permission just so the demands of the wealthy can be fast tracked?
If Mr Manmohan Singh is shown as a guarantor for Vijay Mallya why have his accounts been released? Shouldn’t they stay frozen?
Was he or was he not a guarantor and should all these banks not be now held to a higher degree of probity?
Is this specific bank not guilty of malfeasance, falsifying documentation and misusing its customer’s confidentiality. A total breach of trust.
What is amazing is that it doesn’t become a major issue. The banks are so powerful they can be so blatant and nothing will happen.
Already the revelation is leaking air. They have opened up Manmohan Singh’s accounts so party over. Everyone is a happy camper.
Which belies the basic question; who is scamming whom? And how often and for how much
Updated Date: May 23, 2016 08:00 AM