Chapter 11. Ajay Moolya
Finance Minister met Trump.
He said “What is to be done regarding defaulters who have thousands of crores as loans? They are not paying. One of them is outside the country. His company had deducted Income Tax and Service Tax but did not pay to the government. His employees did not get salary. His cheques bounced. UK does not deport him. Second case is of a married couple who owe money to banks. They have left India and are citizens of Cayman Islands. Extradition is a long process.”
Trump said “Where there is a will there is a way.”
“There is will. Way is long.”
“We have to do something new.”
At 9 a.m. Doordarshan and All India Radio opened their news bulletins with an announcement.
“Wanted bank robber Ajay Moolya Dead or Alive. Bounty one crore rupees to anyone who hands him over Dead or Alive. Better dead than alive. Last seen in UK.
Wanted bank robbers Jagan Mehra and Deepali Mehra Dead or Alive. Bounty one crore rupees each to anyone who hands them over Dead or Alive. Better dead than alive. Last seen in Cayman Islands.”
Ajay Moolya owed 9,000 crore rupees to banks. He owed Adyapady Bank 1,200 crore rupees, Amtady Bank 1,000 crore rupees, Axis Bank 50 crore rupees, Bank of Baroda 550 crore rupees, Bank of India 650 crore rupees, Central Bank of India 410 crore rupees, Corporation Bank 310 crore rupees, Federal Bank 90 crore rupees, IDBI Bank 800 crore rupees, Indian Overseas Bank 140 crore rupees, Kuppetti Bank 440 crore rupees, Punjab National Bank 800 crore rupees, Punjab and Sind Bank 60 crore rupees, State Bank of India 1,600 crore rupees, State Bank of Mysore 150 crore rupees, UCO Bank 320 crore rupees, and United Bank of India 430 crore rupees.
Jagan Mehra and Deepali Mehra owed 7,000 crore rupees to banks. They owed Punjab National Bank 2,122 crore rupees, Town Bank 778 crore rupees, Standard Chartered Bank 1,400 crore rupees, Dena Bank 1,200 crore rupees, Vijaya Bank 1,000 crore rupees, and Kaira Bank 500 crore rupees.
Ajay Moolya took the next flight to Delhi and surrendered at CBI office. Defaulters of bank loans got scared. Many paid some amount on the same day and promised to pay the remainder within a month.
Bank officials who lent money without due diligence were prosecuted. Some said they had received orders from above. Investigations began. Some former Finance Ministry officials were prosecuted.
Ajay Moolya sold his yacht, houses, planes and other properties. He repaid the loan. Doordarshan and All India Radio announced Ajay Moolya has paid the loan. He is not wanted. There is no bounty on him.
Some people on behalf of Jagan Mehra and Deepali Mehra made payments. Doordarshan and All India Radio announced Jagan Mehra and Deepali Mehra have paid the loan. They are not wanted. There is no bounty on them.