News In Brief Business and Economy
News In Brief Business and Economy

Vijay Mallya Facing Jail Time Despite Delay In Extradition

Share Us

474
Vijay Mallya Facing Jail Time Despite Delay In Extradition
12 Jul 2022
5 min read

News Synopsis

Vijay Mallya, India's most wanted borrower is filing appeal after appeal in an effort to stop his extradition home. He is currently in jail awaiting his extradition. This is for one of the offences he committed, which was transferring $40 million to his children.
The Supreme Court of India sentenced Vijay Mallya, a fugitive businessman, to four months imprisonment and a Rs2,000 fine. He was found guilty of contempt for violating court orders and having transferred the money.
The Supreme Court ruled that Vijay Mallya's $40 million transaction was 'void' and inoperable. The court ordered Mallya's children to return the $40 million with 8% interest to the recover officer within four weeks.

In case of non-refund, Vijay Mallya's properties can be attached. Mallya has four children — Siddharth Mallya, Laila Mallya, Tanya Mallya, Leanna Mallya.

The order was passed by a bench consisting of Justices UU Lalit and S Ravindra Bhat, as well as PS Narasimha.

Vijay Mallya fled to London back in March 2016 as he owned ₹9,000 crores to a consortium of 17 Indian banks. He is said to have left India with a wealth of ₹270 crore.

Vijay Vittal Mallya (born 18 December 1955) is an Indian businessman and former Member of Parliament (Rajya Sabha). He is the subject of an extradition effort by the Indian Government to return him from the UK to face charges of financial crimes in India.

TWN In-Focus