Vijay Mallya, the business tycoon who is currently fighting his extradition back to India has landed in more trouble. A UK court has ordered Mallya to live on INR 4.5 Lakhs or 5,000 Pounds a week. Meanwhile a team of lawyers is also trying to overturn a 1.5 Billion Dollar worldwide freezing order against him.
On Friday, a London judge upheld the in junction
however, he was given a short extension to respond to the order since the extradition proceedings are also going on. As per reports, he requested an allowance worth INR 18 Lakhs per week but the court adjourned it by restricting him to INR 4.5 Lakhs a week.
Accusations
Mallya is accused by over a dozen of Indian banks including state-owned IDBI Bank for willfully defaulting on a debt amounting to 1.4 Billion Dollars for his Kingfisher Airlines (now defunct). His 2-week extradition proceedings are currently going on whereby he is fighting back to prevent the authorities from sending him back to India to face the money laundering charges.
Earlier, he was arrested on the request of Indian authorities in London in April and recently again he was arrested in October but he managed to get a bail after a short while. The 61-year old businessman had escaped India on March 2nd last year for saving himself from being arrested in India for all the fraud charges.
Freezing Order
Talking about the freezing order, a day before the extradition proceedings, the court issued an order in a bid to freeze all his property worldwide. The decision was taken on the basis of an Indian court ruling back in January for Mallya’s assets to be enforced in UK.
Property
According to the filings, Mallya is the owner of at least 3 properties, cars, and “other valuable chattels”. Claims suggest that his residential property at Hertfordshire, England was bought by a company called Ladywalk LLP in 2015 for 11.5 Million Pound.
The company has also bought an adjacent lodge for 1.5 Million Pounds. Another company is believed to have bought a property worth 5.5 Million Pounds. Other properties include at least two yachts namely Force India and Zippo, marketed for 13.95 Million and 329,500, respectively.
Furthermore, Vijay Mallya has also breached the orders of Indian courts by dividing his assets among his children and wife. His two daughters and son are believed to possess a property worth 30 Million Dollar each, outside India while his wife 14.2 Million Dollars worth real estate property.
