While all the attention has been on Vijay Mallya, because of his flamboyance and panache, there are many others who have been heavy loan defaulters, but have received far lesser media coverage.
This should be one of the really big defaulters to banks after the Vijay Mallya group. Exact quantum is uncertain some reports, put the default at Rs 7000 crores. The Economic Times has placed the amounts due to banks at Rs 6800 crores.
According to reports in the Economic Times, Winsome promoter, Jatin Mehta is now in Dubai since the last two years.
"I have not visited India since last couple of years. I am not conducting business in India," Mehta was reportedly quoted in the ET.
A few defaults from Winsome's UAE clients led to defaults by the company to banks. Nobody is buying this story though. Why is he not being brought back to India?
This company was reported to have allegedly been raided by the CBI in connection with the alleged fund misappropriation and loan fraud.
According to reports in the the Hindustan Times, the Reserve Bank of India raised uncomfortable questions about the role of banks that had lent a colossal Rs 5,253 crore to REI Agro Limited case. This is again a huge sum.
Credit Suisse has sued the company in Singapore for the alleged fraud.
According to reports on firstpost.com portal, Zoom Developers has an outstanding of close to Rs 4000 crores. Here again is a question of fraud and misappropriation.
The Enforcement Directorate (ED) is believed to have attached 1,280 acres of land of Zoom in the US.
"The ED action refers to the alleged fund diversion of bank money by Zoom's promoter Vijay Choudhary in 2007 to purchase land in the US for about $40 million. At present, the land is valued at about Rs 1,000 crore. When no project was ever undertaken and the money was allegedly siphoned off," the firstpost report states.
According to reports the promoter is on the run.
Here again the company is a big defaulter and charges of misappropriation. Amounts in excess of Rs 5000 crores are payable to banks.
In any case, the problem of rising bad debts or NPAs is extremely acute. In just one quarter from Oct 1, 2016 to Dec 31, 2015, banks added a staggering Rs 1 trillion to outstanding NPAs.
If reports are to be believed, than we are heading for an amount of Rs 7,10,000 crores by March 2016.
The above list is by no means complete, nor it can be verified on the exact amount of loan defaults.