Vijay Mallya, the CEO of the Force India Formula One Team, has been putting up a great deal of resistance in the investigation of his massive debt to state owned banks, as well as the investigation into loan fraud. His passport has been recently suspended and the Indian government has begun the process of deportation.
At the start of March, Mallya fled to the United Kingdom to avoid repaying over $1.3 billion in bank loans that the lenders were seeking. The group of mostly state-run banks approached the Supreme Court, asking for the Indian businessman to disclose all of his assets no later than April 21. The government has also been seeking his cooperation in a loan fraud and money laundering case involving the defunct Kingfisher Airlines and the state-run IDBI Bank.
Last week, the Indian government temporarily suspended his passport and requested that he reply to them with an explanation as to why his passport should not be revoked. If Mallya didn’t respond within a week, the government would impound his passport and seek his deportation back to India. The deadline has passed for his to disclose his assets, which he did not do because he felt that he should not have to disclose his assets that were out of the country.
The Enforcement Directorate has now approached the External Affairs Ministry to begin the process of his deportation. The Enforcement Directorate came armed with a warrant for his arrest, in relation to his loan fraud and money laundering investigation. The Indian government is now seeking the cooperation of the United Kingdom government and international law enforcement agencies to ensure that Mallya is returned to India.
In a separate case, Mallya was convicted of a cheque-bouncing case put forward by the GMR Hyderabad International Airport. Despite all of his legal troubles, Mallya is still active on social media.
Authorities Suspend Mallya’s Passport
Mallya Could Lose Passport And Face Deportation
Vijay Mallya Leaves Debt In India
