Vijay Mallya was indeed flying high “literally” in terms of business and his lifestyle. He made billions in revenue when he was the most successful businessman in the country.
He is the son of Mr. Vittal Mallya. He was first portrayed in the media as the cool businessman that everyone wants to be with. But, after some questionable decisions regarding his fraudulent behavior, many found him to be in disgust.
Why is he now staying in the UK?
Currently, Vijay Mallya is seeking asylum in the UK. He says that he is staying there to be with his family, but the true reason is to seek asylum from getting convicted on Indian soil.
Why is he afraid of getting convicted?
Mallya has made some financial misstatements to make some fraudulent claims that he is not liable to anyone. This all happened when he acquired a loan of Rs. 9,000/- from the banks. These banks lent the loan to him for his aviation venture of Kingfisher Airlines. With the acquired loan, his airlines got defunct, and he said that he would not pay the amount and sought asylum in the UK.
Why was his airlines got defunct?
Kingfisher was first branded as a first-class only airline in the country, but later they acquired the cheapest options of Air Deccan. This also made Mallya accept its losses as well. Then the top management was not clear of its functions and its duties. With a series of irregularities happening, the DGCA has suspended the license of kingfisher airlines.
What happened to his other businesses?
He ventured into racing with an F1 team called Force India, but that soon failed due to several financial irregularities. His IPL team is RCB, is now owned by a different owner where Mallya owns only the minor shares. The only thing that is running now is his United Brewery business.
How many years will he be sentenced if he was extradicted from the UK?
If the money laundering case and other cases have been proven, Mallya will face seven years in jail.
This is the story of a man’s life that taken a wrong turn with soo much greed intact.
If you like this article leave a comment and share this article.