Force India CEO, Vijay Mallya, could have his passport revoked and could face deportation to India if he does not willingly return to the country in response to loan fraud probe involving a state-run bank. The businessman is also being hunted down for over $1.3 billion in unpaid loans from a collection of banks.
Mallya has been absent from the first two races of the 2016 Formula One season. Racing Clothesline reported on March 10 that the Indian businessman and politician had fled India and travelled to the United Kingdom, according to information released by the Central Bureau of Investigation. This was reportedly to avoid repaying over $1.3 billion in outstanding loans, as the group of banks approached the Supreme Court of India in search of repayment.
The 42.5% stakeholder of Force India was requested to appear in front of the court and disclose his assets. He later requested to appear in front of the probe agency for an alleged case of loan fraud involving the state-run IDBI Bank in Mumbai and Mallya’s former airline, Kingfisher Airlines. Mallya has not cooperated with either investigation and remains in the United Kingdom.
The Enforcement Directorate is now seeking the revocation of Mallya’s passport. If this action is approved, the Indian government will seek cooperation from the United Kingdom authorities for the deportation of Mallya. It’s unclear whether these actions will be approved.
Although he is still a shareholder of the Force India F1 Team, these ongoing legal activities will have no immediate impact on the team. No charges have been filed against the 60-year-old. He is still active on social media, although his has understandably been quite about his legal issues.
