In a much shocker to liquor king Vijay Mallya, the London High Court has rejected his petition after finding the liquor baron accused on three counts. He has been facing allegations of taking loans from Indian banks and not paying back.
Since 2016 the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have been trying to extradite Vijay Mallya to India who has been facing the fraud charges.
"We have held there is a prima facie case both of misrepresentation and of conspiracy, and thus there is also a prima facie case of money laundering," the High Court concluded," the judges said.
A group of Indian public banks led by the State Bank of India(SBI) has sought a bankruptcy order against Vijay Mallya to recover a huge amount of Rs 9,000 crore against the unpaid loans.
Earlier Vijay Mallya has requested the Union Finance Minister Nirmala Sitharaman to sell his properties in India and settle the same amount against his loans.
Since 2016 the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have been trying to extradite Vijay Mallya to India who has been facing the fraud charges.
"We have held there is a prima facie case both of misrepresentation and of conspiracy, and thus there is also a prima facie case of money laundering," the High Court concluded," the judges said.
A group of Indian public banks led by the State Bank of India(SBI) has sought a bankruptcy order against Vijay Mallya to recover a huge amount of Rs 9,000 crore against the unpaid loans.
Earlier Vijay Mallya has requested the Union Finance Minister Nirmala Sitharaman to sell his properties in India and settle the same amount against his loans.