Vijay Mallya loses case, Indian banks now at liberty to sell off property in UK

Vijay Mallya loses case, Indian banks now at liberty to sell off property in UK
Written by Abhishek Rana

Vijay Mallya, who is already accused of money laundering and loan default, and is wanted in India for the charges, has lost a case that was filed by the Indian banks in the United Kingdom High Court. The case is seeking to demand 1 lakh crore rupees from him. Judge Andrew Henshaw ruled that 13 banks were now allowed to recover fund from the mogul, and also overruled appeal for not letting world wide freezing of his accounts. The order enables the courts to sell of Mallya’s property in England and Wales, to collect the money that he owes them. Now, he won’t be able to take away his assets from the UK, especially if it exceeds or is equal to the amount that he is owed.

Vijay run off to UK when the authorities were in the process of recovering the funds that he had laundered from the Banks, which amounts to a whopping 9 thousand crores in loans for the Kingfisher Airlines. The company has shut down because of the losses incurred and the inability to pay off the debts and give appropriate salaries to the employees.

He was arrested by the London authorities a year ago, but was let go on the basis of international laws. He has been able to evade justice for quite a while but it seems that now the law will make it difficult for him to slip away again.

About the author

Abhishek Rana

Since my early childhood, I’ve loved writing, watching movies and having an opinion. Now, I do it professionally. Always looking for new ways to challenge myself.

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