A 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.
The order yesterday by a court in New Delhi paves the way for the government to take over Mallya’s businesses and property holdings.
Mallya, former owner of whisky distiller, Whyte & Mackay, is 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 Sir Richard Branson for his investments in a brewing company, an airline, a Formula 1 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 1 World Championships in some European countries in the 1990s.
The Enforcement Directorate claimed 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.
Mallya was once one of the wealthiest people in India with control of Kingfish Airlines and other major businesses.
It is claimed he borrowed hundreds of millions of dollars he knew he would never be able to repay.
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