The King Of Good Times Is Wanted In India For Defaulting On $1.5 Billion In Loans!

An arrest warrant for Mallya, nicknamed "the King of Good Times", was issued by an Indian court last week after he flew to Britain. Mallya, who owes Nearly $1.5 Billion (Rs 9,000 crores) to various banks in the country, has been living in a $15 million mansion in England's Hertfordshire county. Mallya is one step closer to being deported from Britain after his passport was revoked by India's external ministry on Sunday.

LONDON – Indian liquor baron Vijay Mallya, who owes Rs 9,000 crores to various banks in the country, has been living in a $15 million mansion in England's Hertfordshire county, The Sunday Times reported

The mansion was bought from the father of Lewis Hamilton, the Formula One champion, by a company with offshore links, the daily said.

An arrest warrant for Mallya, 60, nicknamed "the King of Good Times", was issued by an Indian court last week after he flew to Britain.

The use of companies with offshore links to buy properties in Britain has come under increasing scrutiny as the practice can allow the real owner or beneficiary to remain hidden sometimes for tax purposes.

Such companies collectively hold up to $245 billion of British property, much of it in London and the home counties.

Mallya is one step closer to being deported from Britain after his passport was revoked by India's external ministry on Sunday.

Meanwhile, a media report said Mallya appears on the electoral rolls in Britain with his country home in Hertfordshire as his recorded address.

The Indian government on Tuesday informed the Supreme Court that it would soon initiate court proceedings and approach the British government to get Vijay Mallya extradited from Britain even as the controversial liquor baron said he did not plan to return soon because of the fear that he may be taken straight to Tihar Jail from Delhi airport.

Attorney general Mukul Rohatgi slammed Mallya for "playing with the Supreme Court of India" and scripting a "cock and bull story" after deliberately failing to comply with any of the SC's three directions. He said the government had sensed his attitude and taken steps for revocation of his passport and issuance of non-bailable arrest warrant against him.

Appearing for Mallya, senior advocate C S Vaidyanathan told a bench of Justices Kurian Joseph and R F Nariman that the businessman was not coming to India at present as he was aware of the circumstances prevailing in the country. He also hinted that Mallya feared meeting the fate of Subrata Roy of Sahara, who has been in Tihar Jail for over two years over non-refund of investors' money.

"He has no passport. It has been revoked and an NBW has been issued. The prevailing circumstances mean the moment Mallya lands in Delhi, he would be taken straight to Tihar Jail."

How is it going to help negotiations with banks for recovery of the loans? Looking at what is happening in the country, Mallya feels his personal liberty is in danger," Vaidyanathan said.

Rohatgi said, "If Mallya intends to come back, he still can despite cancellation of his passport. He can move the high commission in London for a visa and buy a one-way ticket. Since he is not willing to come back to India, the government will take whatever steps are required to be taken. Revocation of passport has happened. I am telling this appearing for the government and the banks. We will initiate proceedings in court and go to the British government to seek him."