Kingfisher Airlines

The Supreme Court has awarded a 4-moth jail sentence and imposed a fine of Rs 2000 on Indian fugitive and businessman Vijay Mallya in a 2017 contempt case.

Mallya family trust owned Rose Capital Ventures, which is based out of British Virgin Islands, mortgaged his London property in 2012 to UBS for a 5 year loan of 20.4 million pounds. In 2017, the loan had expired and Mallya was not able to pay the outstanding dues on it.

Vijay Mallya is charged of loan fraud and money laundering worth 9,000 crores.

Vijay Mallya was asked about his extradition hearing while entering The Oval to watch the India-Australia match

With this, India intends to narrow down all possible avenues of relief for the 63-year-old former Kingfisher Airlines boss.

Trouble seems to be mounting for the fugitive liquor baron

Mallya who is active on social media did not make any renewed comment on his appeal.

Gopinath joined the board of Kingfisher Airlines after selling Air Deccan to Mallya in 2007

According to ED, loans were channelled for the loss-making KAL through dummy companies via circuitous routes.

Vijay Mallya has been facing proceedings over fraud and money laundering charges amounting to an estimated Rs 9,000 crores