Vijay Mallya Sentenced To Jail In India
New Delhi, India – Business tycoon Vijay Mallya has been sentenced to six months in prison by a special court in India. The former billionaire and owner of Kingfisher Airlines was found guilty of contempt of court after failing to repay a loan of around INR 9,000 crore ($1.4 billion USD) from state-run banks.
This comes after Mallya fled India in 2016 and is currently living in the United Kingdom. The Indian government has been seeking his extradition for years in relation to multiple criminal and financial cases, including loan default, money laundering, and fraud.
The extradition case is still ongoing, and Mallya has repeatedly denied any wrongdoing. In a tweet after the court’s verdict, he stated that he was “disappointed” and that he would appeal the decision.
Mallya’s lawyer argued that the businessman was willing to repay the loan but was unable to do so due to financial constraints caused by the downturn in the aviation industry. However, the court rejected this argument and ordered Mallya’s arrest.
The Reaction of Indian Authorities
The Indian government has welcomed the court’s decision, and officials have stated that it shows that no one is above the law. Union Minister Ravi Shankar Prasad tweeted, “Great day for India’s fight against corruption. Vijay Mallya declared a fugitive by Indian Courts, a UK court ordering his extradition and now a Court in India sentencing him to jail for contempt. No one who cheats India will go scot-free.”
It has been reported that the Indian government has also initiated the process to declare Mallya a fugitive economic offender under a new law that allows for the confiscation of assets of anyone who has fled the country to avoid prosecution.
The Impact on Mallya’s Business Empire
Mallya’s airline, Kingfisher Airlines, ceased its operations in 2012 due to financial troubles. Since then, Mallya has been facing numerous legal and financial challenges, including the loss of his controlling shares in United Spirits, which he sold to the British drinks giant Diageo in 2013.
His business empire also includes the Formula One team Force India and the Indian Premier League cricket team Royal Challengers Bangalore. It is unclear how Mallya’s legal troubles will impact his ownership of these businesses.
- Vijay Mallya has been sentenced to six months in prison by an Indian court.
- The businessman was found guilty of contempt of court after failing to repay a loan of around INR 9,000 crore from state-run banks.
- Mallya fled India in 2016 and has been living in the United Kingdom.
- The Indian government has been seeking his extradition for years in relation to multiple criminal and financial cases.
- Mallya has denied any wrongdoing and stated that he will appeal the court’s decision.
Leave a Comment