• Thursday, August 11, 2022

Business

Vijay Mallya loses $1.55 billion assets case in UK court

Vijay Mallya fighting extradition

By: Sarwar Alam

Embattled liquor tycoon Vijay Mallya, undergoing an extradition trial in a UK court over fraud and money laundering charges by Indian authorities, on Tuesday (8) lost a lawsuit filed by 13 Indian banks in the UK High Court seeking to collect from him more than $1.55 billion. Judge Andrew Henshaw refused to overturn a worldwide order freezing 62-year-old Mallya’s assets and upheld an Indian court’s ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to nearly $1.55 billion (£1.145 billion). The victory for the banks, which claimed the businessman had wilfully defaulted on the loans…

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