Vijay Mallya declared bankrupt, a look at King of Good Times' bank loan fraud and escape to UK

Vijay Mallya on Monday (July 26, 2021) was declared bankrupt by a UK court which now allows Indian banks to pursue fugitive businessman's assets worldwide.

 

(Photo: Reuters)

 

The 65-year old self-styled 'King of good times' is wanted in India on fraud and money laundering charges. Mallya is currently residing in the UK for the past five years and is fighting his extradition case to India in a British court.

 

(Photo: Reuters)

Vijay Mallya, the owner of the now-defunct Kingfisher Airlines, owes more than Rs 9,000 crore to a consortium of banks in principal and interest.

 

The petitioners in the court were made up of an SBI-led consortium of 13 Indian banks, including Bank of Baroda, Corporation Bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co Pvt Ltd.

 

 

(Photo: Reuters)

The former Member of the Indian Parliament remains on bail after he was ordered to be extradited in December 2018 by Westminster Magistrate's Court in London - a ruling he has repeatedly tried and failed to overturn.

 

(Photo: Reuters)

The UK government, however, is dealing with a 'confidential matter' pertaining to Mallya and there are speculations that the 65-year-old has sought political asylum in the United Kingdom. 

 

 

(Photo: Facebook/SidMallya)

The fugitive businessman, notably, has exhausted legal procedures available to him to fight the government's effort to bring him back to India. 

 

(Photo: Facebook/SidMallya)