Today India's Supreme Court sentenced tycoon Vijay Mallya to four months in jail for refusing to disclose his assets after defaulting on a loan of 90 billion rupees ($1.13 billion) since the collapse of his defunct Kingfisher Airlines.
The high-living tycoon, with interests that ranged from the Force India F1 team, through aviation to liquor empires, is now in now a fugitive in Britain while Indian prosecutors and legal teams battle to extradite him so that he will serve tile for all he robbed from
Mallya has refused to appear before the court in his home country, despite several summonses. Hence, the court found him guilty of contempt for not obeying its orders and imposed a fine of 2,000 rupees. His legal team had not commented at the time of writing.
Lawyers representing the lenders have said Mallya transferred $40-million to members of his family even though the bank loan remains unpaid.
The court has also set a four-week deadline for Mallya and his family to deposit $40 million, along with the accrued interest, or face further legal action.
Mallya, who also co-owned the Formula 1 motor racing team Force India until 2019, has denied all wrongdoing and has previously said the case against him is politically motivated.
During his decade-long tenure as a team owner, Mallya was known as the ing of Good Times, hosting lavish parties during the course of race seasons, the highlight being his Monaco Grand Prix weekend party aboard the Indian Empress; the hottest ticket at the time for the wanna-be-seen F1 crowd.
Sumptuous parties attracting A-Listers, VVIPs, royals and the like, quaffing high-end liquor and munching five-star delicacies all, of course, made possible by money pilfered from Mallya's various schemes, which have now come back to haunt him.
Mallya features in the Netflix series Bad Boy Billionaires: India. An episode dedicated to his shenanigans is titled: "Beer baron and airline owner Vijay Mallya builds a brand image of excess till his Kingfisher empire plunges into alleged money laundering and debt."
Timeline of Vijay's downfall from King of Good Times to Fugitive:
March 9, 2016: Mallya flees India
Mallya secretly left India after a huge debt to a consortium of 17 banks. The flamboyant business tycoon who was always known for his “King Size” image fled to London.
Mallya secretly left India after a huge debt to a consortium of 17 banks. The flamboyant business tycoon who was always known for his “King Size” image fled to London.
April 2016: MEA revokes Vijay Mallya's passport
The Ministry of External Affairs announced that it has revoked the passport of Mallya, the wanted boss of Kingfisher Airlines, starting the process of bringing him back to India.
The Ministry of External Affairs announced that it has revoked the passport of Mallya, the wanted boss of Kingfisher Airlines, starting the process of bringing him back to India.
April 2016: ED approaches Special court seeking Red Corner notice
The Enforcement Directorate moved a special court trying cases under PMLA Act for a non-bailable warrant and Red Corner notice against Mallya. Hiten Venegavkar, the advocate for the ED, said he was summoned thrice by the agency to record his statement but he failed to appear.
The Enforcement Directorate moved a special court trying cases under PMLA Act for a non-bailable warrant and Red Corner notice against Mallya. Hiten Venegavkar, the advocate for the ED, said he was summoned thrice by the agency to record his statement but he failed to appear.
April 2017: Mallya arrested in London over India's extradition request
The boss of the now-defunct Kingfisher Airlines - a prominent sponsor of Mallya's F1 team - was arrested by Scotland Yard in London upon India's request to extradite the 'international businessman' from Britain. He was released on bail a few hours after arrest.
The boss of the now-defunct Kingfisher Airlines - a prominent sponsor of Mallya's F1 team - was arrested by Scotland Yard in London upon India's request to extradite the 'international businessman' from Britain. He was released on bail a few hours after arrest.
May 2018: UK court refuses to overturn worldwide order on freezing assets
Mallya lost a lawsuit filed by 13 Indian banks in the UK High Court seeking to collect from him more than $1.55 billion. Judge Andrew Henshaw refused to overturn a worldwide order freezing of his assets and upheld an Indian court's ruling that the banks were entitled to recover funds.
Mallya lost a lawsuit filed by 13 Indian banks in the UK High Court seeking to collect from him more than $1.55 billion. Judge Andrew Henshaw refused to overturn a worldwide order freezing of his assets and upheld an Indian court's ruling that the banks were entitled to recover funds.
October 2018: London court orders sale of six luxury cars owned by Mallya
In an effort to pay back a part of the money that Mallya owes to banks in India, a London court ordered the sale of 6 of the businessman's luxury cars, and its proceedings were sent to the banks in question. Justice Cockerill, who passed this order from the London Court, noted that the enforcement officers are at liberty to sell six cars.
In an effort to pay back a part of the money that Mallya owes to banks in India, a London court ordered the sale of 6 of the businessman's luxury cars, and its proceedings were sent to the banks in question. Justice Cockerill, who passed this order from the London Court, noted that the enforcement officers are at liberty to sell six cars.
December 10, 2018: UK court orders extradition of Mallya
A court in the United Kingdom ordered the extradition of fugitive liquor baron who faces a case of loan default to the tune of tens of millions of dollars besides allegations of money laundering. Mallya had contested his extradition on the grounds that the case against him was "politically motivated".
A court in the United Kingdom ordered the extradition of fugitive liquor baron who faces a case of loan default to the tune of tens of millions of dollars besides allegations of money laundering. Mallya had contested his extradition on the grounds that the case against him was "politically motivated".
January 2019: Special PMLA court declares Mallya a 'fugitive economic offender'
Special Prevention of Money Laundering (PMLA) judge MS Azmi in his oral order declared Mallya, a fugitive economic offender under Section 12 of the act, on a plea of Enforcement Directorate (ED). This was the second consecutive blow to him after the extradition order.
Special Prevention of Money Laundering (PMLA) judge MS Azmi in his oral order declared Mallya, a fugitive economic offender under Section 12 of the act, on a plea of Enforcement Directorate (ED). This was the second consecutive blow to him after the extradition order.
February 2019: UK Home Secretary orders Mallya's extradition to India
On February 3, the Secretary of State, having carefully considered all relevant matters, signed the order for his extradition to India. "Vijay Mallya is accused in India of conspiracy to defraud, making false representations and money laundering offenses,” the spokesperson said.
On February 3, the Secretary of State, having carefully considered all relevant matters, signed the order for his extradition to India. "Vijay Mallya is accused in India of conspiracy to defraud, making false representations and money laundering offenses,” the spokesperson said.
April 2020: Royal Courts of Justice quashes Mallya's plea against extradition
The Royal Courts of Justice in the United Kingdom on April 20 dismissed fugitive Indian businessman Mallya's appeal against the 2018 extradition order by a lower court in the country.
The Royal Courts of Justice in the United Kingdom on April 20 dismissed fugitive Indian businessman Mallya's appeal against the 2018 extradition order by a lower court in the country.
July 2021: Mallya declared bankrupt
A British court granted a bankruptcy order against Mallya, paving the way for a consortium of Indian banks led by the SBI to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines.
A British court granted a bankruptcy order against Mallya, paving the way for a consortium of Indian banks led by the SBI to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines.
January 2022: Mallya loses London home
He lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS. The 18/19 Cornwall Terrace luxury apartment overlooking Regent’s Park in London, described in court as an "extraordinarily valuable property worth many tens of millions of pounds, is currently being occupied by Mallya’s 95-year-old mother Lalitha
He lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS. The 18/19 Cornwall Terrace luxury apartment overlooking Regent’s Park in London, described in court as an "extraordinarily valuable property worth many tens of millions of pounds, is currently being occupied by Mallya’s 95-year-old mother Lalitha
July 2022: Mallya sentenced to four months in jail
A week after a sheepish Mallya weaved his way to greet old 'pals' on the Silverstone grid - during the British Grand Prix weekend the only F1 race he can attend - his woes mounted. Today he was served a jail sentence for refusing to disclose his assets after defaulting on a loan of 90 billion rupees ($1.13 billion).
He won't serve the time unless the UK agrees to extradite him to India, to face his accusers.
A week after a sheepish Mallya weaved his way to greet old 'pals' on the Silverstone grid - during the British Grand Prix weekend the only F1 race he can attend - his woes mounted. Today he was served a jail sentence for refusing to disclose his assets after defaulting on a loan of 90 billion rupees ($1.13 billion).
He won't serve the time unless the UK agrees to extradite him to India, to face his accusers.
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