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|3rd July 2017, 20:43||#226|
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Re: Mr. W16's Garage - Bugatti, Lamborghinis, Bentleys, Rolls', Ferraris, Porsches!
Can someone edit the title please ? This guy never had a BUGATTI. We have titled him Mr.W16. This is a aggrandizement of someone who doesn't deserve any.
This guy is a fraud and a cheat to the core plus a criminal. Involved in many loan fraud cases and even hit someone with a pistol because he threatened to leak many wrongdoings of the guy who used to own these vehicles.
I think it is safe to say most people on this forum will have lived a more honorable life than this guy. Siphoning company money, loan fraud, misappropriation of funds taken from more than a dozen banks, 22 Bentleys when in reality he was living at the expense of the banks, hitting a whistleblower with a pistol butt to prevent leakage of secrets, using political connections to come out of jail.
A wretched character to the core. Most of us could have lived like him too if we took 200 crores from a bank on working capital purposes and then used it to do whatever we wanted to which is a obvious and outright illegal.
From Outlook India:
" A case in point is the bank’s loan to Deccan Chronicle Holdings (DCHL), as a part of a consortium. The Hyderabad-based company had cumulatively availed of 10,000 crore through 111 loans from 16 different banks between 2004 and 2012. From being a company with a publishing business only in Andhra Pradesh, it diversified into other parts of the south, acquired Asian Age and Odyssey, a bookstore chain with the last straw being the acquisition of Deccan Chargers, an IPL team for $107 million in January 2008. The lenders including ICICI Bank and Axis Bank, who had loaned 500 crore and 400 crore respectively were stuck in this mess. In early 2015, DCHL’s Chairman, T Venkattram Reddy and its Managing Director, T Vinayaka Ravi Reddy were arrested on the basis of a complaint made by Canara Bank, one of the lenders. Subsequent investigation by the Enforcement Directorate revealed that DCHL had availed loans for working capital, purchase of capital goods and short term loans by overstating receivables, under-stating liabilities by furnishing fabricated financial statements.
DCHL group companies acquired properties from the borrowed funds but did not disclose in the balance sheet to obscure the identity of such properties. And to present a rosy picture, the company declared dividends, issued bonus shares, and also bought back shares by investing 230 crore".
The extent to which he is a chor can be understood when the Reserve Bank of India fined him 12 banks for lending him money. It takes a special kind of fraud to even set off alarms at the Reserve Bank of India !
People who want more info are free to read here:
Lastly as a word of caution - people in India should take those with luxurious lifestyles less seriously. When I was a naive young boy I would see a Bentley and wonder when I'd be as rich as the owner. Now I see a Bentley and I wonder how much the owner owes to the other people !
Last edited by GTO : 4th July 2017 at 01:38. Reason: Just removing one line which might be personal - thanks for sharing!
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