From Mumbai’s ‘king of good times’ to ‘fugitive’: How things changed for Vijay Mallya | mumbai news | Hindustan Times
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From Mumbai’s ‘king of good times’ to ‘fugitive’: How things changed for Vijay Mallya

MUMBAI CITY NEWS: The ED on Thursday took possession of Mallya’s farmhouse located on the beachfront in Alibaug, Maharashtra

mumbai Updated: May 19, 2017 16:34 IST
Pratik Salunke
Vijay Mallya, in happier times.
Vijay Mallya, in happier times.(HT FILE)

The Enforcement Directorate (ED) on Thursday took possession of businessman Vijay Mallya’s farmhouse located on the beachfront in the coastal town of Alibaug.

We trace the businessman’s journey from the ‘king of good times’ to a ‘fugitive’:

THE CASES

March 2016: The enforcement directorate registered a money-laundering case against Vijay Mallya and officials of IDBI bank in Mumbai for causing a loss of Rs900 crore to the public sector bank. An agency source said IDBI gave Mallya loan, despite negative credit ratings and financial troubles of Kingfisher Airlines

March 2: Mallya escaped the country. Flees to UK

June: The special court for Prevention of Money Laundering Act declared Mallya a proclaimed offender – an accused against whom a warrant of arrest has been issued has absconded or is concealing himself, so such a warrant cannot be executed

August: The ED registered a fresh case against him for defaulting on Rs6,027 crore taken as loan from various banks.The case was filed based on a complaint filed by the State Bank of India, which led the consortia of 17 banks that gave loans to Kingfisher Airlines

Action taken
  • The ED has provisionally attached movable and immovable properties, in excess of Rs1,500 crore, belonging to Mallya and his United Brewaries (Holding) Limited
  • This includes:
  • Bank balance of Rs34 crore
  • A flat in Bangalore (2,291 sqft) and Mumbai (1,300 sqft)
  • Industrial plot in Chennai (4.5 acres)
  • Coffee plantation land in Coorg (28.75 acres)
  • Residential and commercial constructions in UB CITY and Kingfisher Tower in Bangalore (840,279 sqft)
  • Goa villa sold for Rs73 crore
  • Alibaug bungalow worth Rs100 crore attached and taken into ED possession

November: A special prevention of money laundering act (PMLA) court declared Mallya a “fugitive” and permitted the ED to attach his domestic properties, shares and debentures.

February 2017: The ED obtained a Letter Rogatory to get details on properties and accounts held by liquor baron Vijay Mallya in Switzerland.

April: After three failed auctions, banks managed to sell the Kingfisher Villa in Goa to actor-producer Sachiin Joshi for Rs73 crore through a private treaty. Mallya was arrested by Scotland Yard and was released after providing a bail bond worth 650,000 pounds

May 18: The ED took possession of businessman Vijay Mallya’s farmhouse located on the beachfront in the coastal town of Alibaug.