Fugitive Vijay Mallya Declared Bankrupt By UK Court, Now Banks To Be Able To Recover Loans
A UK court has declared fugitive businessman Vijay Mallya bankrupt. In such a situation, now it will be easier for banks to recover loans.
London. Fugitive Vijay Mallya got a major setback from a UK court on Monday. The court has declared businessman Vijay Mallya bankrupt. In such a situation, now it will be easier for banks to recover loans.
Let us tell you that Vijay Mallya had escaped from India a few years ago by taking loans of thousands of crores from many banks. After this, all the agencies and the government of India are trying to bring Mallya back to India.
Vijay Mallya has faced setbacks from the courts several times in the past and central agencies have been confiscating properties belonging to Mallya.
Also read:- Vijay Mallya’s property to be auctioned on June 23, expected to get Rs 6200 crore led by SBI
In December last year itself, the Enforcement Directorate had attached Mallya’s assets worth Rs 14 crore in France under the Money Laundering Act. After this, recently the Enforcement Directorate had auctioned the confiscated properties. Several banks led by State Bank of India got more than Rs 5800 crore from this auction.
Alleged fraud of 9 thousand crores
It is to be known that Vijay Mallya is accused of cheating of 9 thousand crore rupees. The Enforcement Directorate (ED) and the Central Investigation Agency (CBI) are probing the alleged Rs 9,000 crore bank fraud involving the operator of Kingfisher Airlines (now closed in India).
Also read:- ED’s big action in money laundering case, Farooq Abdullah’s assets worth 11.86 crores seized
However, Vijay Mallya has said many times that he is ready to pay Rs 13,960 crore to the banks in connection with avoiding court action and being extradited to India. However, till now no further process has taken place. Actually, the original loan is only 9 thousand crore rupees, but after adding interest etc., Mallya had offered to return Rs 13,960 crore, which was turned down by the consortium of banks.
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