Vijay Mallya: Why Is He Back In News

Vijay Mallya is back in news for the money laundering case.

 
Vijay Mallya: Why Is He Back In News

Vijay Mallya, self-acclaimed “King of Good Times” and a flamboyant millionaire, was arrested in London on charges of running his Force India Formula One team on money laundered money.

The 61-year-old liquor baron, who has been staying in the UK for over a year now, is accused of defaulting on loans worth thousands of crores in India. He slipped out of the country in March last year, amid attempts by a group of banks to recover more than Rs. 9,000 crores loaned to him for his now-collapsed Kingfisher Airlines.

He was arrested in London on behalf of the Indian authorities, but managed to get out with a bail. Mr Mallya is in Britain on an “indefinite leave to remain” visa or on permanent residence after India cancelled his passport.The businessman faces at least half a dozen arrest warrants back in India.

Known for his lavish lifestyle and plush bungalows, he made Kingfisher beer a global brand and ran an airline of the same name.

He has used Twitter to dismiss the charges against him and target the media and politicians.

The businessman, who is living in a £11.5m Hertfordshire mansion, is due back in court on 20 November and an extradition hearing is due to start on 4 December.

While youngsters were once enamoured by him and his success, now people are enraged that he has duped the authorities of crores of rupees, used loopholes to escape punishment and lives in pomp on the tax payers’ hard earned money.