Embattled business tycoon Vijay Mallya on Tuesday, January 18, lost a legal battle to keep his lavish London home after a British court refused to grant him a stay of execution amid a long-running dispute with the Swiss bank UBS.
Mallya, who fled to the UK in 2016, is being questioned by the ED and CBI over alleged bank fraud linked to his defunct Kingfisher Airlines. The airline was forced to close in 2012 due to mounting debt which made it difficult to continue operations. Mallya moved to London after coming under pressure from lenders and has publicly stated that he has since been working to pay off his debts.
Here is a timeline of the liquor baron’s fight against extradition from the UK and fraud charges in India, where he owes 17 Indian banks around Rs 9,000 crore.
Timeline of Mallya’s fall from ‘king of good times’ to ‘fugitive’
March 9, 2016: Mallya flees India
Vijay Mallya has secretly left India after a huge debt of Rs 9,000 crore to a consortium of 17 banks. The flamboyant business tycoon who has always been known for his ‘King Size’ image has fled to London with Rs 270 crore in his pocket.
April 2016: MEA revokes Vijay Mallya’s passport
The External Affairs Ministry has announced that it has revoked the passport of Vijay 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 has moved a special tribunal to try cases under the PMLA Act for non-releasable warrant and Red Corner notice against Vijay Mallya. Hiten Venegavkar, ED’s lawyer, said Mallya 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
Vijay Mallya, the boss of the now defunct Kingfisher Airlines, 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.
May 2018: UK court refuses to overturn global assets freeze order
Vijay Mallya has lost a lawsuit brought by 13 Indian banks in the UK High Court seeking to claim more than $1.55 billion from him. Judge Andrew Henshaw refused to overturn a global order freezing Mallya’s assets and upheld an Indian court’s ruling that the banks had the right to recover the funds.
October 2018: London court orders sale of six luxury cars owned by Mallya
In an effort to repay some of the more than Rs 10,000 crore that Vijay 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 the banks in question. Judge Cockerill, who made that London court order, noted that law enforcement officers are free to sell six cars.
December 10, 2018: British court orders extradition of Vijay Mallya
A UK court has ordered the extradition of fugitive liquor baron Vijay Mallya who faces a Rs 9,000 crore default case on top of money laundering allegations . Mallya had challenged his extradition on the grounds that the case against him was “politically motivated”.
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 dealt to Vijay Mallya 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 order for the extradition of Vijay Mallya 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 Vijay Mallya’s appeal against the 2018 extradition order by a lower court in the country.
July 2021: Vijay Mallya declared bankrupt
A UK court has issued a bankruptcy order against Vijay 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
Vijay Mallya has 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 apartment 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 Lalitha, Mallya’s 95-year-old mother.