Bad Boy Billionaires : India (2020)
Cast: Vijay Mallya, Nirav Modi , Subroto Roy
The web series on Netflix shows the spectacular rise and fall the above named gentlemen. While we are aware that the above gentlemen have not returned money to banks or depositors , we don't have insights in to their spectacular rise and fall from grace.
All three were like Diwali firecrackers they went up really fast and could not sustain the spectacular rise as the rise was fueled by a bubble which was not sustainable.
The series has played it safe by not focusing on the political hand that normally is at the center of all scams. How on earth do banks keep doling out money even when you know the person borrowing money is in no position to pay ? Is it really possible for a few individuals working in banks to keep sanctioning large amounts of loans and the top brass of banks not aware of the these loans ? It is extremely difficult to believe that. What about the role of auditors and rating agencies ? How come they never raise red flags ? Why are they never pulled up ? Why were the government agencies which scrutinize the financial health of companies not raising red flags ?
Vijay Mallya inherited a huge empire from his father. He ensured that the empire slowly disappeared as he sold the companies to fund his crazy lifestyle and his business ventures. The business started by him eventually failed. Kingfisher is a good example of offering 5 star services at economy class rates. The business model was unsustainable as the business was spending more, earning less and was bound to fail and it did fail . Vijay Mallya was simply unable to pay the loans and left the country to avoid paying loans and arrest.
Subroto Roy built a huge Ponzi scheme by tapping into India's poor by promising huge returns. As long as new investors joined the scheme the investors were repaid . The money from investors was used to start a large number of companies and most of these companies did not perform well. Slowly Sahara group was unable to repay the money , word spread and the Ponzi scheme collapsed. Poor Indians who invested in his schemes will never get their money back.
Nirav Modi kept taking loans from PNB and never repaid . The loans ensured a heady lifestyle and brand creation. Unfortunately the returns were simply not there. It was just a question of time before PNB discovered the unpaid loans. As the loans stopped , Nirav Modi went bust.
Their are many more cases like , Yes Bank , HDIL , ILFS , DHFL and it is very clear that no real action is being taken in all these scams , the action taken is for optics only. Contrast this to the action taken in Western countries and Eastern countries.
Its definitely worth spending time watching the three episode series.
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