India’s supreme court found Vijay Mallya guilty of not disclosing his assets after defaulting on a loan and sentenced him to 4 months in jail.
Highlights
- Vijay Mallya was sentenced to 4 months of jail time.
- SC found him guilty of not disclosing assets when found defaulting on a loan.
- Vijay Mallya transferred his assets to his family members and didn’t pay the loan back.
India’s highest court, Supreme Court, on Monday found Vijay Mallya guilty of not paying the loan of 90 billion rupees ($1.13 billion) taken from SBI.
Vijay Mallya after defaulting on a loan transferred all his assets to his family member. He flew to London after that and never returned.
Vijay Mallya transferred his property worth $40 million to his family members without paying the loan back after the collapse of Kingfisher Airlines.
SC hearing has set a deadline for Vijay Mallya and his family members to deposit $40 million with interest to the SBI. If not done within the 4-week deadline, Vijay Mallya and his family will face further legal action against them.
SC also sentenced Vijay Mallya to a 4-month prison for the charges of guilty of contempt.
He has been always interested in aviation and liquor and after he flew the nation, he was in London.
He was also co-owner of the Formula One motor racing team Force India until 2019.
Both Britain and India have taken many actions towards trying to extradite him. After all the actions and attempts, Vijay Mallya has still appeared in court for years.
Supreme Court of India has further fined 2000 rupees for not following the orders of the court.
Vijay Mallya and his lawyer have been hard to find despite some public images taken of some appearances of Vijay Mallya in London.
After all the accusations against him, Mallya has said in the past that all the accusations are false and that cases against him are all politically motivated. Mallya also said he did nothing wrong and had to be away from India because of wrong accusations.
Read More: – Contempt of court: SC sentences Vijay Mallya to four months in jail, slaps Rs 2k fine
