U.K agrees, Vijay Mallya to be brought back from UK to India.

5 Feb 2019

U.K agrees, Vijay Mallya to be brought back from UK to India.

U.K agrees, Vijay Mallya to be brought back from UK to India.Vijay Mallaya, a Indian businessman, Chairman of United Breweries Group, which is into beverages, liquor, aviation infrastructure and real estate was accused of fraud, money laundering and wilful defaulting of 9,000 crores in loans. King Fisher Airlines had to shut down its operations in 2012-13.

Kingfisher Airlines, Credit: Wikimedia Commons

In March 2016, consortium (group) of banks, approached Supreme Court to stop Mallaya’s movement to another country. Enforcement Directorate (Enforcement and Economic Intelligence Agency) called ED also made similar appeal to a special court in Mumbai. Both Hyderabad and Mumbai courts issued non-bailable warrants, however Mallaya secretly fled to United Kingdom in March 2016.
 	In June 2016, the Prevention of Money Laundering Act (PMLA) court declared Mallya as a “proclaimed offender” in connection with ED’s money laundering probe with respect to ₹9000 crore loan default case.
 	ED attached his private properties towards payments of such loans and outstanding to banks, employees and vendors. It made applications to US, UK and Europe to attach his personal properties towards the loans of Mallaya and his companies.
 	Vijay Mallaya was also a Rajya Sabha Member of Parliament (MP), at the time of fleeing from India.
 	On April 2017, Mallya was arrested by the UK Metropolitan Police extradition unit on behalf of Indian authorities. This was under an Extradition Treaty between the two countries. But he was released on bail.
 	Since then Mallaya has been on bail in UK and fighting extradition case in UK.
 	He became the first businessman to be declared a fugitive economic offender under the Fugitive Economic Offenders Act.
 	UK Home Secretary approved extradition of Vijay Mallaya on February 3, 2019. Vijaya Mallaya has given his intention to appeal to UK High Court, which is permitted under law.

About Vijay Mallaya:

Son of famous business person, Vittal Malaya, he is called the “King of Good Times”. He has been major shareholder of United Breweries, the biggest alcohol company. He has also been Chairman of Bayer CropScience, Sanofi and several other companies.
 	He had business interests in Berger Paints, Asian News, Cine Blitz, IPL, Formula One, Sahara Force India etc.

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Vijay Mallaya, a Indian businessman, Chairman of United Breweries Group, which is into beverages, liquor, aviation infrastructure and real estate was accused of fraud, money […]

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