Bank loan fraud, escape to UK, bankruptcy: Timeline of Vijay Mallya's grand downfall

Embattled business tycoon Vijay Mallya on Tuesday, January 18, lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement amid a long-running dispute with Swiss bank UBS.

Mallya, who fled to the UK in 2016, is being probed by the ED and the CBI for the alleged bank fraud linked to his now-defunct Kingfisher Airlines. The airline was forced to shut down in 2012 due to a mounting debt burden that made it difficult for it to continue operations. Mallya moved to London after facing pressure from lenders and has publicly stated that he has been working to repay his debts since.

Here’s a timeline of the liquor baron’s extradition fight from the UK and accusations of fraud in India, where he owes 17 Indian banks an estimated Rs 9,000 crore.

Timeline of Mallya’s fall from ‘King of Good Times’ to ‘fugitive’

March 9, 2016: Mallya flees India

Vijay Mallya secretly left India after a huge debt of Rs 9,000 crore to a consortium of 17 banks. The flamboyant business tycoon who was always known for his “King Size” image fled to London with Rs 270 crore in his pocket.

April 2016: MEA revokes Vijay Mallya's passport

The Ministry of External Affairs announced that it has revoked the passport of Vijay Mallya, the wanted boss of Kingfisher Airlines, starting the process of bringing him back to India.

April 2016: ED approaches Special court seeking Red Corner notice

The Enforcement Directorate moved a special court trying cases under PMLA Act for a non-bailable warrant and Red Corner notice against Vijay Mallya. Hiten Venegavkar, the advocate for the ED, said Mallya was summoned thrice by the agency to record his statement but he failed to appear.

April 2017: Mallya arrested in London over India's extradition request

Vijay Mallya, the boss of the now-defunct Kingfisher Airlines, was arrested by Scotland Yard in London upon India's request to extradite the 'international businessman' from Britain. He was released on bail a few hours after arrest.

May 2018: UK court refuses to overturn worldwide order on freezing assets

Vijay Mallya lost a lawsuit filed by 13 Indian banks in the UK High Court seeking to collect from him more than $1.55 billion. Judge Andrew Henshaw refused to overturn a worldwide order freezing of Mallya's assets and upheld an Indian court's ruling that the banks were entitled to recover funds.

October 2018: London court orders sale of six luxury cars owned by Mallya

In an effort to pay back a part of the over Rs 10,000 crore that Vijay Mallya owes to banks in India, a London court ordered the sale of 6 of the businessman's luxury cars, and its proceedings were sent to the banks in question. Justice Cockerill, who passed this order from the London Court, noted that the enforcement officers are at liberty to sell six cars. 

December 10, 2018: UK court orders extradition of Vijay Mallya

A court in the United Kingdom ordered the extradition of fugitive liquor baron Vijay Mallya who faces a case of loan default to the tune of Rs 9,000 crore besides allegations of money laundering. Mallya had contested his extradition on the grounds that the case against him was "politically motivated".

January 2019: Special PMLA court declares Mallya a 'fugitive economic offender'

Special Prevention of Money Laundering (PMLA) judge MS Azmi in his oral order declared Mallya, a fugitive economic offender under Section 12 of the act, on a plea of Enforcement Directorate (ED). This was the second consecutive blow to Vijay Mallya after the extradition order.

February 2019: UK Home Secretary orders Mallya's extradition to India

On February 3, the Secretary of State, having carefully considered all relevant matters, signed the order for Vijay Mallya's extradition to India. "Vijay Mallya is accused in India of conspiracy to defraud, making false representations and money laundering offenses,” the spokesperson said.

April 2020: Royal Courts of Justice quashes Mallya's plea against extradition

The Royal Courts of Justice in the United Kingdom on April 20 dismissed fugitive Indian businessman Vijay Mallya's appeal against the 2018 extradition order by a lower court in the country.

July 2021: Vijay Mallya declared bankrupt

A British court granted a bankruptcy order against Vijay Mallya, paving the way for a consortium of Indian banks led by the SBI to pursue a worldwide freezing order to seek repayment of debt owed by the now-defunct Kingfisher Airlines.

January 2022: Mallya loses London home

Vijay Mallya lost a legal battle to hold on to his plush London home after a British court refused to grant him a stay of enforcement in a long-running dispute with Swiss bank UBS. The 18/19 Cornwall Terrace luxury apartment overlooking Regent’s Park in London, described in court as an "extraordinarily valuable property worth many tens of millions of pounds, is currently being occupied by Mallya’s 95-year-old mother Lalitha.