New Delhi, April 18 (IANS) Liquor baron Vijay Mallya defaulted on Rs 8,191 crore he had borrowed from a consortium of 17 public sector banks, which have so far recovered Rs 155 crore through auction of his seized properties.
The 61-year-old business tycoon fled to Britain in March 2016 after being pursued in courts by the Indian banks, led by the State Bank of India, seeking to recover the loans owed by his now-defunct Kingfisher Airline.
The Enforcement Directorate, which is probing the matter after it registered a money laundering case in January 2016, said it has attached properties of Mallya and his companies having market value more than Rs 8,000 crore.
Mallya's airline was granted loan in September 2004 and it was reviewed in February 2008.
The Central Bureau of Investigation initiated criminal investigation against Mallya in July 2015 and later the Enforcement Directorate also filed a case in the matter with regard to financial fraud.
The agencies registered cases against Mallya, his Kingfisher Airline, UB Group company United Breweries Holdings Limited and others following a complaint filed by the banks.
Despite multiple injunctions, Mallya failed to appear before investigators -- and then flew out of India in March 2016.
He was on Tuesday arrested by Metropolitan Police in London, following the Indian government's February 8 request to the UK government for his extradition. He later secured bail from Westminster Magistrates' Court.
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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