Unfair to tag one-time loan defaulter Vijay Mallyaji as a ‘chor’: Gadkari

TIL Desk/National/Mumbai/ Union Minister Nitin Gadkari has opined that it is unfair to tag a “one-time loan defaulter Vijay Mallya ji” as a “chor” (thief), adding that the embattled businessman has a four-decade-long track record of timely debt servicing. Gadkari,however, clarified that he has no business dealing with Mallya, who faces extradition from the UK for alleged bank fraud and money laundering amounting to an estimated Rs 90 billion.

“40 saal Mallya regular payment kar raha tha, byaaj bhar raha tha. 40 saal baad jabwo aviation mein gaya….uske baad wo adchan mein aaya to woh ekdum chor hogaya?…jo pachaas saal byaaj bharta hai wo theek hai, par ek baar wo defaultho gaya…toh turant sab fraud ho gaya? Ye mansikta theek nahi hai.” (For 40years Mallya was regularly paying interest on loans. After entering the aviation sector, he started facing problems, and suddenly he became a thief? If a person repays the interest for 50 years, and if he defaults once, then suddenly everything is fraud? This mindset is not correct), Gadkari said at an economic summit.

Gadkari said the loan he was referring to was from the Maharashtra government-owned entity Sicom to Mallya, extended 40 years ago, which he repaid on time without any default. Stating that ups and downs are part and parcel of any business,the road transport minister said if someone goes through a downward cycle, then he or she has to be supported.