Vijay Mallya Loses Rs 10,000 Crore Lawsuit in UK, Filed by Indian Banks: Woes Mount For The Liquor Baron!

Liquor Baron Vijay Mallya faced a major setback on Tuesday after he lost a lawsuit filed in London by a consortium of Indian banks seeking to collect Rs. 10,000 crore amid allegations of him committing massive fraud. According to an ANI report, the judge ruled that the consortium of lenders, including IDBI Bank, can impose an Indian court's decision against Mallya, who has defaulted on $1.4 billion in debt taken by his now-defunct airline Kingfisher.

In addition to this, the judge in London also refused to overturn a worldwide freeze placed on Mallya's assets. Indian banks' victory in the court battle will now be preventing Mallya from disposing of his assets overseas. Reportedly, the Indian investigative authorities have already taken possession of Mallya’s assets in India, and with this court victory, it is sure that the infamous liquor baron is up for more trouble.

He is currently facing a trial in the UK Court, to rule if he can be deported to India to face charges for financial irregularities involving a total amount of Rs 9,000 crores, as well as money laundering cases. Last year in April, Mallya was arrested by Scotland Yard on an extradition warrant. He is out on bail on a bond worth 650,000 pounds.

Reportedly, a Delhi court has recently issued fresh directions to attach the properties of Vijay Mallya, who was declared a proclaimed offender for evading summons in a money laundering case related to FERA violations.

Last year in April, it had issued an open-ended non-bailable warrant against Mallya. Unlike a non-bailable warrant, an 'open-ended NBW' does not carry a time limit for execution.

(With additional inputs from PTI)

(The above story first appeared on LatestLY on May 09, 2018 09:01 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).