SC TO PRONOUNCE PUNISHMENT AGAINST FRAUDSTER VIJAY MALLYA

New Delhi (The Quiver) : The Supreme Court on Monday will declare the punishment for fugitive fraud businessman Vijay Mallya in a 2017 contempt case. Mallya was accused over transferring $40 million to his children in violation of court orders. He was ordered to pay his pending dues over ₹6,200 crores to multiple banks .

In 2017, the SC held Mallya guilty of contempt of court for withholding information about transferring USD 40 million to his children, violating the court’s order. Mallya is convicted of fraud and money laundering charges.

Fraudster Vijay Mallya is living in Britain for over five years after fleeing from India. The 66-year-old liquor baron is an accused in a bank loan default case involving the now defunct Kingfisher Airlines which is worth more than ₹9,000 crores.

Mallya is currently pursuing appeals in the UK in an attempt to overturn a bankruptcy order imposed on him by the high court in London in July last year, PTI reported. Meanwhile , his lawyers have argued that the Indian banks have been pursuing the same debt against him both in India and the UK.

The case, which involves a consortium of Indian banks led by the State Bank of India (SBI) seeking the repayment of an estimated judgment debt of around GBP 1.05 billion owed by the now-defunct Kingfisher Airlines, is now likely to come up in the courts next year.