Viral News / UK court declares Vijay Mallya bankrupt, banks will be able to recover loans

Zoom News : Jul 27, 2021, 06:37 AM
UK court has declared fugitive businessman Vijay Mallya bankrupt. Now this will help the consortium of State Bank of India to recover the loan given to Vijay Mallya. Mallya's property can be confiscated.Vijay Mallya had fled to Britain a few years ago by taking loans of thousands of crores from many banks of India. Since then the Indian government and central investigative agencies are trying their best to bring him back to India from Britain. Mallya has received a setback from the UK court many times.

Central agencies have been attaching properties linked to Vijay Mallya from time to time. In December last year, under the Money Laundering Act, the Enforcement Directorate had attached assets worth Rs 14 crore in France. In addition, the ED had recently auctioned the confiscated properties of Vijay Mallya, bringing in over Rs 5800 crore to various SBI-led banks.

Mallya, who fled to Britain, is being probed by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) in connection with an alleged Rs 9,000-crore bank fraud involving the operations of the now-defunct Kingfisher Airlines in India.

At the same time, to save himself, many times the stakes of Vijay Mallya settlement package have been played. Last year, Mallya had claimed that he was ready to give Rs 13,960 crore to banks. His total debt was Rs 9,000 crore, but since interest was also levied on the principal amount, this amount has increased to a great extent. A consortium of banks had also turned down a similar offer from Mallya.