Embattled business tycoon Vijay Mallya on Tuesday, January 18, lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement amid a long-running dispute with Swiss bank UBS.
Mallya, who fled to the UK in 2016, is being probed by the ED and the CBI for the alleged bank fraud linked to his now-defunct Kingfisher Airlines. The airline was forced to shut down in 2012 due to a mounting debt burden that made it difficult for it to continue operations. Mallya moved to London after facing pressure from lenders and has publicly stated that he has been working to repay his debts since.
Here’s a timeline of the liquor baron’s extradition fight from the UK and accusations of fraud in India, where he owes 17 Indian banks an estimated Rs 9,000 crore.
March 9, 2016: Mallya flees India
Vijay Mallya secretly left India after a huge debt of Rs 9,000 crore to a consortium of 17 banks. The flamboyant business tycoon who was always known for his “King Size” image fled to London with Rs 270 crore in his pocket.
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