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Kingfisher Airlines Chairman Vijay Mallya (C) arrives for a news conference in Mumbai November 15, 2011. India’s cash-strapped Kingfisher Airlines doubled its loss in the September quarter on higher fuel prices and operating costs amid investor worries about its ability to remain aloft in a fast-growing but loss-making industry. REUTERS/Vivek Prakash (INDIA – Tags: BUSINESS TRANSPORT) – RTR2U15C Photo Credit: Reuters

Vijay Mallya charged in $132 mn loan default case

24 January, 2017

The 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.

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 Mallya, who has said he is living in “forced exile”, deported by Britain.

The CBI action against 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 Mallya was not immediately reachable for comment.

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Vijay Mallya charged in $132 mn loan default case

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