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.

People also read these

Authorities: Several demonstrators killed in...

Jun 2, 2017

Authorities say several killed during demonstration in Kabul calling for better security in Afghan...

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...

The Latest: Afghanistan says 2 Iraq embassy staff...

Jul 31, 2017

Afghanistan's Interior Ministry spokesman Najib Danish has said that two Afghan employees died in...

At least 20 people killed in mosque attack in...

Aug 25, 2017

Officials say an attack on a mosque in the Afghan capital of Kabul has killed at least 20 people...

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...

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[at]morningdispatcher.com

Subscribe Now!

Quick Links

HomePress