You are here

Kingfisher tycoon Vijay Mallya charged in loan default case -CBI

Tuesday, January 24, 2017 - 22:11

41-36093214.5 (38288141) - 06_05_2016 - pixmallya.jpg
India's Central Bureau of Investigation on Tuesday charged Vijay Mallya, the liquor and aviation tycoon, with having misappropriated a 9 billion rupee ($132 million) loan granted by a government-owned bank, a CBI spokesman said.

[MUMBAI] India's Central Bureau of Investigation on Tuesday charged Vijay Mallya, the liquor and aviation tycoon, with having misappropriated a 9 billion rupee ($132 million) loan granted by a government-owned bank, a CBI spokesman said.

Mr Mallya moved to Britain in March last year after being pursued in courts by banks seeking to recover about $1.4 billion owed by his defunct Kingfisher airline. The Indian authorities had sought ways to have Mr Mallya, who has said he is living in"forced exile", deported by Britain.

The CBI action against Mr Mallya may open the doors for India to begin work on a formal extradition process, after Britain rebuffed India's deportation request last year.

A spokesman for Mr Mallya was not immediately reachable for comment.

REUTERS

sentifi.com

Market voices on:

Nespresso
Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at btsub.sg/btdeal

Powered by GET.comGetCom