King empire

Vijay Mallya from King of F1 Good Times to Jail

India’s Supreme Court today sentenced tycoon Vijay Mallya to four months in prison for refusing to disclose his assets after defaulting on a 90 billion rupee ($1.13 billion) loan since the collapse of his defunct Kingfisher Airlines.

The high-life tycoon, with interests ranging from the Force India F1 team, to aviation to alcohol empires, is now a fugitive in Britain while Indian prosecutors and legal teams scramble fight to extradite him to serve as a tile for all that he stole from

Mallya refused to appear in court in her home country, despite several summonses. Therefore, the court found him in contempt for not obeying his orders and fined him Rs. 2,000. His legal team had not commented at the time of writing.

Lawyers representing the lenders said Mallya transferred $40 million to her family members, even though the bank loan remains unpaid.

Dr. Vijay Mallya (IND) Sahara Force India F1 Team Owner.British Grand Prix, Saturday 15th July 2017. Silverstone, England.

The court also set a four-week deadline for Mallya and her family to deposit $40 million, plus accrued interest, or face legal action.

Mallya, who was also co-owner of Formula 1 motor racing team Force India until 2019, has denied any wrongdoing and has previously said the case against him was politically motivated.

In his ten years as a team owner, Mallya was known as the ing of Good Times, throwing lavish parties throughout the racing seasons, culminating in his Grand Prix weekend party. Monaco aboard the Indian Empress; the hottest ticket at the time for the F1 crowd that wants to be seen.

Lavish parties attracting A-listers, VVIPs, royals and more, drinking premium booze and munching on five-star delights, all, of course, made possible by money robbed in Mallya’s various schemes, which have now come back to haunt him.

Mallya features in the Netflix series Bad Boy Billionaires: India. An episode devoted to his shenanigans is titled: “Beer baron and airline owner Vijay Mallya builds a brand image of excess until his Kingfisher empire plunges into money laundering and debt presumed.”

The Indian Empress evening opens the Monegasque weekend

Timeline of Vijay’s fall from King of Good Times to Fugitive:

March 9, 2016: Mallya flees India
Mallya secretly left India after running up a huge debt with a consortium of 17 banks. The flamboyant business mogul who has always been known for his ‘king size’ image has fled to London.

April 2016: MEA revokes Vijay Mallya’s passport
The Department of External Affairs announced that it had revoked the passport of Mallya, the wanted boss of Kingfisher Airlines, beginning the process of bringing him back to India.

April 2016: ED approaches special court to seek Red Corner opinion
The Law Enforcement Branch moved a special tribunal to try cases under the PMLA Act for a non-releasable warrant and a Red Corner notice against Mallya. Hiten Venegavkar, ED’s attorney, said he was summoned three times by the agency to record his statement, but failed to show up.

April 2017: Mallya arrested in London following India’s extradition request
The boss of the defunct Kingfisher Airlines – a prominent sponsor of Mallya’s F1 team – has been arrested by Scotland Yard in London at India’s request to extradite the ‘international businessman’ from Britain. He was released on bail a few hours after his arrest.

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May 2018: UK court refuses to overturn global assets freeze order
Mallya lost a lawsuit brought by 13 Indian banks in the UK High Court seeking to recover more than $1.55 billion from her. Judge Andrew Henshaw refused to overturn a global order freezing his assets and upheld an Indian court’s ruling that the banks had the right to recover funds.

October 2018: London court orders sale of six luxury cars owned by Mallya
In an effort to repay some of the money Mallya owes banks in India, a London court has ordered the sale of 6 of the businessman’s luxury cars, and its proceedings have been sent to banks in question. Judge Cockerill, who made this London court order, noted that law enforcement officers are free to sell six cars.

December 10, 2018: British court orders Mallya’s extradition
A UK court has ordered the extradition of a fugitive liquor baron who faces a tens of millions of dollars default case on top of money laundering allegations. Mallya had challenged his extradition on the grounds that the case against him was “politically motivated”.

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January 2019: Special PMLA tribunal declares Mallya a “fugitive economic offender”
The Special Judge for the Prevention of Money Laundering (PMLA), M. S. Azmi, in his oral order, declared Mallya, an economic offender to be a fugitive under Section 12 of the Act, on a plea by the Directorate of application (ED). It was the second consecutive blow for him after the extradition order.

February 2019: UK Home Secretary orders Mallya’s extradition to India
On February 3, the Secretary of State, after carefully considering all relevant issues, signed the extradition order to India. “Vijay Mallya is charged in India with conspiracy to defraud, misrepresentation and money laundering offences,” the spokesperson said.

April 2020: The Royal Courts of Justice overturn Mallya’s plea against extradition
The UK’s Royal Courts of Justice on April 20 dismissed fugitive Indian businessman Mallya’s appeal against the 2018 extradition order by a lower court in the country.

Vijay (IND) Force India F1 Team Owner Formula 1 Testing, 1-5 March 2009, Jerez, Spain.

July 2021: Mallya declared bankrupt
A UK court has issued a bankruptcy order against Mallya, clearing the way for an SBI-led consortium of Indian banks to pursue a global freeze order to seek repayment of debt owed by defunct Kingfisher Airlines.

January 2022: Mallya loses her home in London
He lost a legal battle to keep his lavish London home after a UK court refused to grant him a stay of execution in a long-running dispute with Swiss bank UBS. Luxury flat 18/19 Cornwall Terrace overlooking Regent’s Park in London, described in court as an “extraordinarily valuable property worth tens of millions of pounds, is currently occupied by Mallya’s 95-year-old mother Lalitha.

July 2022: Mallya sentenced to four months in prison
A week after a crestfallen Mallya made his way to greet old ‘buddies’ on the Silverstone grid – during the weekend of the British Grand Prix, the only F1 race he can attend – his misfortunes increased. Today he was sentenced to prison for refusing to disclose his assets after defaulting on a 90 billion rupiah ($1.13 billion) loan.
He will not serve his sentence unless the UK agrees to extradite him to India, to face his accusers. (Sourced from Republic World; Additional reporting by Suchitra Mohanty)