Disgraced businessman and Kingfisher Owner Vijay Mallya who fled the country after being booked for fraud and money-laundering allegations lost a UK lawsuit filed by the Indian banks.
The Indian banks that have filed the lawsuit now have the legal rights to collect 1.15 billion pounds or 10,000 crores from the businessman. Judge Henry Lawrenson declared that those who lent money to Mallya including the IDBI bank could now enforce against his assets.
The court’s declaration moved Mallya’s return to the country and held for his fraud an inch closer. It can be considered as a massive win for India and its banking system.