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

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

Vijay Mallya, in happier times. (HT FILE)

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

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.