1. Informal. A moron, a hugely incompetent person or group of persons lacking in intelligence and/or lacking the necessary equipment, skills and experience esp. relating to sexual performance.
2. Sport related jargon. Someone or something of great initial promise that falls embarassingly short.
3. Business. A liar. A Seller of commodities for personal gain. A business person lacking integrity.
Jerome: I can't wait to Venky my new client's company. I'm going to run it into the ground and use the proceeds to buy another new villa.
John: You seen the new star wars films?
Mike: Yeah, proper venkys they turned out to be.