Airline tycoon saw his fortune go down the drain after secret loans of millions of dollars piled up
An airline tycoon saw his fortune go down the drain after secret loans were uncovered.
Vijay Mallya headed up a multi-billion dollar empire after making his riches selling Kingfisher beer.
The brand quickly expanded, branching out into Formula 1 racing and even aviation.
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At its peak, Kingfisher Airlines was the second largest domestic carrier in India.
Mallya also became a member of parliament and earned the nickname ‘King of Good Times’ thanks to his extravagant lifestyle, however, things would all come crashing down.
His airline began suffering from financial losses, ultimately closing down in 2015 with over $1 billion in bank loans.
At the time, Mallya was accused under Indian law of money laundering and just months later, in March 2016, the former tycoon moved to the UK, claiming he wanted to be closer to his children.
A joint petition was signed by 17 banks and delivered to the Supreme Court of India in a bid to stop Mallya from leaving the country but he had already fled.
A month later, his passport was revoked and Mallya resigned from his position as a member of parliament.
Just over a year after he left India, in April 2017, Mallya was arrested and later released on bail by the UK Metropolitan Police extradition unit on behalf of Indian authorities.
In May 2017, the billionaire was found guilty of contempt of court by the Supreme Court of India and summoned to appear in July.
But Mallya refused to attend, calling the accusations a ‘witch hunt’.
By October, the tycoon was arrested for money laundering as part of a case in London and was released on bail.
In 2022, India’s Supreme Court found Mallya guilty of contempt of court for transferring $40 million to his children, which was in violation with court orders.
The court sentenced him to four months in prison and he was instructed to deposit $40 million plus 8% interest within four weeks to the Supreme Court legal services authority.
Mallya was warned that a failure to do so would result in more of his properties being seized and an additional jail sentence of two months.
However, despite warnings and attempts made by the Indian government to get Mallya into a courtroom, it’s believed that he is still in London to this day.
Without a passport, the failed airline boss is unable to leave the UK as he awaits a final hearing on extradition back to India.
Mallya is still active on social media, with his X, formerly Twitter, bio claiming that he is a ‘targeted victim of the Indian government’.