Indian court paves way for takeover of tycoon's businesses

FILE- In this Dec. 14, 2017 file photo, F1 Force India team boss Vijay Mallya arrives at Westminster Magistrates Court in London. A New Delhi court has declared India’s flamboyant tycoon Vijay Mallya a “proclaimed offender” for failing to appear to answer allegations of money laundering by flouting foreign currency laws. Thursday’s order paves the way for the government to take over Mallya’s businesses and real estate holdings. (AP Photo/Frank Augstein, File)

NEW DELHI — A New Delhi court on Thursday declared India's flamboyant tycoon Vijay Mallya a "proclaimed offender" for failing to appear to answer allegations of money laundering by flouting foreign currency laws.

The order paves the way for the government to take over Mallya's businesses and real estate holdings.

Mallya is currently in London where a court is hearing whether he should be extradited as sought by India.

Mallya was once hailed as India's version of British tycoon Richard Branson for his investments in a brewing and liquor company, an airline, a Formula One team and an Indian Premier League cricket club.

Investigators have accused the 61-year-old of paying $200,000 to a British firm for displaying his company Kingfisher's logo during the Formula One World Championships in London and some European countries in the 1990s.

The Enforcement Directorate claimed that the money was paid without prior approval of India's federal bank. Mallya denies any wrongdoing.

The Indian government seeks the entrepreneur's extradition to face money-laundering and conspiracy allegations. He is fighting to remain in Britain — which he calls his second home — and will be able to appeal if the judge rules against him.

Mallya was once one of the wealthiest people in India with control of Kingfisher Airlines and other major businesses. He was also a prominent member of Parliament before he resigned when he was about to be expelled.

The government says he borrowed hundreds of millions of dollars he knew he would never be able to repay.

___

This story has been corrected to correctly identify the airline's name.

Must Read

The Latest: Lawmaker says several killed in Kabul...

Jun 2, 2017

Lawmaker says several protesters killed in Kabul during protest over security in Afghan capital

Officials: Afghan children smuggled to Pakistan...

Jul 31, 2017

Afghan officials: Children illegally being taken to religious seminaries in Pakistan to be taught...

The Latest: Taliban claim Kabul bank attack that...

Aug 29, 2017

The Latest: Taliban claim responsibility for suicide attack outside bank in Afghan capital that...

US historian who spent decades in Afghanistan...

Sep 10, 2017

An American historian who spent decades in Afghanistan working to preserve the heritage of the...

Hospital official says 5 killed in Afghan suicide...

Sep 29, 2017

Hospital official says at least five people killed and 20 wounded in a suicide bombing outside a...

People also read these

Bombers kill at least 6 attending Kabul funeral

Jun 3, 2017

Afghan officials says a trio of suicide bombers in Kabul have killed at least six people attending...

New boy muppet in Afghanistan promotes gender...

Jul 15, 2017

A new muppet is joining the cast of Afghanistan's version of "Sesame Street: Zeerak, who will show...

Afghan official says blast at Shiite mosque kills...

Aug 1, 2017

An Afghan hospital official says the death toll in the suicide attack inside a minority Shiite...

Kabul catwalk: Afghan models show off traditional...

Aug 17, 2017

Amid tight security, Afghan models promote traditional clothing of country's ethnic groups in rare...

Civilians hurt by US airstrike responding to...

Sep 27, 2017

The Taliban unleashed a barrage of rockets at the Kabul international airport that the insurgents...

Weather, 20 December
Houston Weather
+7

High: +11° Low: -2°

Humidity: 83%

Wind: NNE - 7 KPH

Canberra Weather
+27

High: +27° Low: +17°

Humidity: 87%

Wind: W - 20 KPH

Roissy-en-France Weather
+6

High: +6° Low: -5°

Humidity: 87%

Wind: ENE - 7 KPH

Florence Weather
+9

High: +9° Low: +6°

Humidity: 97%

Wind: ENE - 17 KPH

Parga Weather
+7

High: +16° Low: +4°

Humidity: 100%

Wind: SE - 25 KPH

About Us

Get all the up-to-date breaking news about politics, business, entertainment, sports, lifestyles, weather, traffic, and local news in a seamless digital environment only in Morning Dispatcher.

Contact us: sales@morningdispatche.com

Subscribe Now!

Quick Links

HomePress