The IPL controversy seems to be never ending. Recent reports suggest that the IPL bosses sought out Small Business Loans to kick of the venture. But if nothing about the IPL seems to resemble a small business. In fact, the BCCI’s bank balance is so loaded that they never needed a loan in the first place. So questions have risen as to whether some fraud has happened, that is now hidden from the public. The IPL commissioner Mr. Modi is said to have availed several Personal Loans in the last year, from various banks. So, the natural question is whether Mr. Modi used his position as commissioner to get loans for his private business.
Board officials remained unavailable for a comment on this issue. Media speculation over alleged irregularities is already rife. And the latest one doesn’t help Mr. Modi in winning back the support of the board.
Such loans (including Payday Loans) are meant to be used wisely by people who are striving for cash to keep the liquidity in their business. Gross misuse of such loans reflects the growing concern over the efficacy of the credit delivery system in our society. Surely Mr. Modi will have a hard time convincing the Income Tax officials about such kick backs received. This story is only getting riper by each passing day. Watch this space for more news, as skeletons keep tumbling out of the closet.
