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Vijay Mallya happily watches cricket match in England, will he return to India?

India business tycoon and former Indian upper house Parliament, Vijay Mallya has once again hit the headlines as he was seen watching the fifth Test match between England and India at The Oval. Vijay Mallya could be the only person who can happily relax despite having too many loans to his credit.

The 62-year-old is an Indian Konkani entrepreneur and a former politician who was once elected as the member of parliament for a short term of 1 year. Mallya inherited his dad’s business and from then his venture started. He is the ex-chairman of Indian’s largest spirits company and is also the co-owner and Team Principal Sahara Force India Formula 1.

Vijay Mallya (Credits: Business Today)

 

The escaping business magnate who is well known for his lavish culture and extraordinary lifestyle empathises in alcohol beverages, aviation infrastructures, real estates, and fertilizers.

The Indian liquor tycoon and an ex Rajya Sabha MP, Mallya, founded Kingfisher Airlines in the year 2003. Kingfisher Airlines got its identity from United Breweries Group’s flagship beer brand, Kingfisher. However, this project got Vijay Mallya in big trouble.

Since his arrest in April 2017, the tycoon is on bail and is fighting extradition to India on charges of alleged fraud and money laundering.

Mallya is accused of Rs 6,027-crore loan that he took from a consortium of 17 banks for his now-defunct Kingfisher Airlines to shell companies in 7 countries, including the likes of US, UK, France and Ireland.

State Bank of India sanctioned Rs 1,600 crore while other public-sector banks that sanctioned loans to Kingfisher are Punjab National Bank with an exposure of Rs 800 crore, Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore), Central Bank of India (Rs 410 crore), UCO Bank (Rs 320 crore), Corporation Bank (Rs 310 crore), State Bank of Mysore (Rs 150 crore), Indian Overseas Bank (Rs 140 crore).

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