A native of the Land of Vedas (LOV), this immaculately-clad-in-white politician with leftist leanings in his early years and then pivoting to greedy-as-heck-capitalism, is known to be one of the best fundraisers for the party he associates himself with. Now all the politicians from this land of Vedas, located where the three seas meet wear only white so I will be more specific – this politician has a suave exterior for the most part, uses this to charm many a lady journalist (who are perhaps turned off by the crude exertions of the Ganges belt politicians) into a web of intrigue from which there is no escape. Riches are periodically showered only for glowing encomiums to be written as a quid-pro-quo.
Potential revealed in 1996 elections
Another day, another new three-letter party with the letter M as the middle letter took birth in the LOV. Many a disgruntled politician from the Grand Old Party (GOP) of India left to join this new entity. Formed barely weeks before the 1996 elections, the party needed massive finances to compete against the entrenched rivals. The leader of the party was well respected as a GOP troubleshooter and was now venturing out on his own. But money was tight and GOP was squeezing him hard. Enter the Rain Man. For those unfamiliar with the phrase Rain Man, it means a man who can make it rain – not those who can sing Megh Malhar or Amrutavarshini but an individual who can make it rain money.
Rain Man promised this ex-GOP Thalaivar that he will get him Rs.5000 crores in a year (that was a large sum in 1996-7) and to prove his seriousness, gave Rs.400 crores to contest the 1996 elections. How did Rain Man make Rs.400 crores? It is widely believed that a certain LOV based bank was squeezed of its capital (yes the hard earned money of the long-suffering Indian denizen) and used for “better” purposes.
1996 elections threw up a hung verdict. The GOP, unable to shake off a wily Chanakya decided to commit hara-kiri, just to ensure his downfall, despite a stellar economic performance. The GOP which is essentially a party of touts was starved of its oxygen when Chanakya dismantled the license raj and was only too happy to see his back. With no clear leader in sight and an aborted 13-day dalliance with power by the largest party, it was time for creating a coalition government. LOV had another party (also with M as its middle initial) whose head honcho knew that he could not become the Prime Minister (PM) of this motley assemblage. But he did enough to ensure that his LOV rival, the ex-GOP Thalaivar did not become the PM either, casting his lot with a neighbor who suddenly found himself in the PM chair with just a handful of MPs!
Back to Rain Man and his promise of Rs.5000 crores in one year – The new PM was “persuaded” to part with a “Money making” Ministry to the Rain Man and he did indeed deliver on his promise! A new template was being created that would carry on for several more years…
An unexpected win in 2004
Rain Man did not think that the GOP would storm back to power in 2004 and therefore contributed just a few hundred crores to the coffers of GOP for fighting elections. Rain Man, thanks to his reputation, was quick to re-join the new dispensation but not before swallowing his pride and coming to the unfortunate reality that he had to pay obeisance to the first family of the GOP. The name, as they say, goes a long way in India’s emotion-filled politics.
The next four years can be considered as a golden era in the art of making it rain. Rain Man was given carte blanche and he made full use of this opportunity to not just fill the party’s coffers but his own too. No deal was too small and no sector sacrosanct. All that could be looted was and then some – not just banks but even profitable public institutions were plundered. Officials who stood in the way were brushed aside – some even foisted with false cases. The goal was to enrich and get enriched.
2009 elections and the need for money
Most of GOP’s performance in the 2004-09 period was more due to the good work done by the previous government (of 1999-2004) and therefore GOP was not sure it would come back to power. The party treasurer sounded the alarm and said that mammoth amounts of money were needed to “convince” partners and keep the coalition intact and get it over the line. Rain Man chipped in with a cool 12,000 crores and win the GOP did (although many cried foul over alleged tampering of Electronic Voting Machines (EVMs)). The deed was done and GOP based coalition was in for another five years. Then all the scams started coming out, making the populace furious with the ruling dispensation. The writing was on the wall – the GOP was going to lose in 2014. So what did Rain Man do?
Who did Rain Man support in 2014?
Reliable sources indicate that Rain Man foresaw the result and decided to fund the opposite coalition to the tune of Rs.6,000 crores! Establishing this is going to be difficult but one can see from the reluctance of the current government that there was perhaps a tacit agreement put in place. Why else would Rain Man roam free, when most of his scams have been proved beyond doubt? More importantly was the pledge Na Khaunga Na Khaane doonga broken even before the current government started ruling?
2019 – Rain Man’s last chance?
The Demonetisation may have hurt the common man but it hurt the smaller, regional parties run by fiefdoms even more. Much of the loot was in the form of currency, which instantly became worthless on November 8, 2016. Caught with truckloads of cash, attempts to put them in Nepal’s banks with some “agreements” with willing partners in the Nepali government were scuttled, leading some cheftians to froth at the mouth at the “injustice” being done. Bottom line, even with everyone ganging up against the ruling coalition, there is no money to fight the 2019 polls. Enter the Rain Man.
Reliable sources from the capital of LOV who want to stay anonymous have said that the Rain Man has a plan of raising up to Rs.50,000 crores to fund the 2019 electioneering for the opposition, provided they agree to elect him the PM, should the motley crew get a majority. The money may not be in India now but the diabolical plan of the Rain Man is to work deals with rupee-rich brokers (many of whom are implicated in stock market scams but roam free) by trading assets abroad in exchange for hard cash at the time of elections. A reverse-hawala move. How is this possible, you ask? See the figure below:
Rain Man’s money is locked up in various places and in order to unlock it, some “harmless” events can be staged to make the whole transaction look legit –
- Rain Man holds about 30% stake in Multi Commodity Exchange (MCX) and about 40% in the National Stock Exchange (NSE) through benamis. Say NSE is merged with MCX or
- MCX is merged with the Bombay Stock Exchange (BSE)
If either of the above events happen, then Rain Man can book the money. Money will be released from Portfolio Management Services (PMS) abroad into Global Brokers based out of either Mauritius or Cyprus / Cayman Islands/ Singapore/ St. Kitts Island. For a 30% discount, local brokers in India (who are sitting on piles of cash) will sell through Non-Banking Finance Corporations (NBFC)s. The cash will then be available for distribution to the coalition partners. There will be an upfront payment, a commitment of sorts on both sides and the remaining will be done upon election of Rain Man as the Primer Ministro (PM in Spanish). Once this is set in motion, then there will be a lot of activity in the Stock Market and effecting a crash can be done almost at will.
Stock Market crash imminent?
With the use of Participatory Notes, Rain Man can cause a crash in the Stock Market, giving heads up to the brokers so they can move in for the kill to pick up the good stocks at low prices. If the crash were to be timed around Deepavali (Oct-Nov) and the middle class sees its holdings in Systematic Investment Plans (SIP) go up in smoke, it will be depressed and will look to blame the party in power. Kill two birds with one stone!
Will the government act?
The investigative agencies know who the Rain Man is… Every day he roams free, he is scheming and putting pieces in place. There are enough transgressions of law by this individual that they can throw the book at him and put him in jail, and take their sweet time unearthing plot after plot. If the present Government does not take this step, it runs the risk of losing the 2019 election with disastrous consequences for its top leadership. Will they? Only time will tell.