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Counted as it is among the world’s fastest growing economies, an unfathomable amount of money flows in and out of the Indian economic system. But there are cracks in said system, and ever so often, a fraudulent mastermind uses them to slip some cash out for their advantage. From <keyword id="19964851" type="General" weightage="20" keywordseo="ponzi" source="keywords">Ponzi</keyword> schemes to bank frauds, the Indian government and investors have fallen victim to many financial scandals — some of which were so sordid that they can be recounted like they happened yesterday. Here’s a rundown of the most infamous scams in Indian financial history: <h2><keyword id="20713434" type="General" weightage="20" keywordseo="harshad-mehta" source="keywords">Harshad Mehta</keyword> Scam (1992) – ₹4,000 Crore </h2>Perhaps the most iconic of all Indian financial scams, Harshad Mehta was known as the "Big Bull" of the stock market. He manipulated stock prices using illegal loopholes in the banking system. By obtaining unsecured loans from banks and investing them in the stock market, Mehta artificially inflated stock prices. His bubble burst when banks demanded their money back, revealing the massive fraud. This scandal led to a major reform in India's financial markets. Mehta died in jail before full legal accountability was reached, but the scam caused a significant loss to investors and led to tighter regulation in the Indian stock market. <h2><keyword id="23122396" type="General" weightage="20" keywordseo="satyam-scam" source="keywords">Satyam Scam</keyword> (2009) – ₹14,000 Crore </h2>Dubbed as India’s Enron, the Satyam scandal involved its founder, <keyword id="23122397" type="General" weightage="20" keywordseo="ramalinga-raju" source="keywords">Ramalinga Raju</keyword>, admitting to falsifying the company's accounts to the tune of ₹14,000 crore. Satyam Computer Services, once considered a blue-chip company, was found guilty of inflating profits and revenues. Raju admitted to the scam after a failed attempt to buy two Maytas firms owned by his family. This case brought corporate governance issues in India to the forefront. Raju was convicted, but the legal processes have allowed him temporary freedom through bail. But this incident called for improved transparency and stricter corporate governance norms. <h2>Punjab National Bank Scam (2018) – ₹13,700 Crore </h2>Diamond merchant Nirav Modi and his uncle Mehul Choksi orchestrated one of the largest frauds in Indian banking history by obtaining fraudulent Letters of Undertaking (LoUs) from Punjab National Bank (PNB). These LoUs allowed them to obtain loans from foreign branches of Indian banks without providing any collateral. The scam involved over ₹13,700 crore, and Modi fled the country, causing significant reputational damage to India’s banking sector. Nirav Modi’s extradition is still pending, and Mehul Choksi remains out of India’s legal jurisdiction. The scam, however, resulted in strengthened banking regulations regarding LoUs and SWIFT transactions. <h2><keyword id="23122399" type="General" weightage="20" keywordseo="vijay-mallya-scam" source="keywords">Vijay Mallya Scam</keyword> (2016) – ₹9,000 Crore</h2>The "King of Good Times" was living large while his airline, Kingfisher, was drowning in debt. Vijay Mallya allegedly defaulted on loans amounting to ₹9,000 crore from various banks. He fled to the UK in 2016, leaving creditors, employees, and stakeholders in financial distress. His lavish lifestyle amidst the collapse of his airline made this scandal a high-profile case. Mallya’s extradition process is ongoing, but he remains out of reach of Indian authorities. The main impact was enhanced scrutiny of loan defaults and triggered legal reforms on extradition. <h2>Saradha Chit Fund Scam (2013) – ₹2,500 Crore </h2>The Saradha Group, operating a ponzi scheme disguised as a chit fund, promised unrealistically high returns to its investors, mostly in West Bengal and Odisha. The scam collapsed, leaving over 1.7 million people, many of whom were low-income investors, without their life savings. Politicians and celebrities were also implicated in the case. While Sudipta Sen is behind bars, not all the accomplices have been held accountable. But this Ponzi scheme resulted in reform of chit funds and greater regulatory oversight on such investment schemes. <div type="Article" hostid="261" msid="112337071" title="Noida woman invests in stock market via an app, loses over Rs 69 lakh as it turns out to be a scam" mstype="2" mssubtype="0"></div> <h2><keyword id="6560832" type="General" weightage="20" keywordseo="2g-spectrum-scam" source="Orion">2G Spectrum Scam</keyword> (2008) – ₹1,76,000 Crore </h2>The 2G spectrum allocation scandal involved the underpricing of telecom licences to select companies in exchange for bribes. Telecom minister A. Raja was at the centre of this controversy, which allegedly caused a loss of ₹1.76 lakh crore to the exchequer. The case was seen as a massive blow to public trust in India’s telecom sector and led to significant political fallout. Sadly, all key figures involved were acquitted despite the Supreme Court’s intervention and cancellation of 122 telecom licences. <h2><keyword id="455134" type="General" weightage="20" keywordseo="coal-allocation-scam" source="Orion">Coal Allocation Scam</keyword> (Coalgate) (2012) – ₹1,86,000 Crore </h2>The coal allocation scam, or "Coalgate," involved the illegal allocation of coal blocks to private companies between 2004 and 2009. The CAG of India estimated a loss of ₹1.86 lakh crore to the exchequer due to non-competitive bidding. Many high-profile politicians and industrialists were implicated, making this one of the largest political scandals in India. While some officials faced legal consequences, many key players were not prosecuted. But it did trigger policy reforms in the allocation of natural resources. <h2>DHFL Scam (2019) – ₹34,615 Crore </h2>Dewan Housing Finance Corporation Limited (DHFL) was accused of syphoning off over ₹34,000 crore through a series of shell companies and fraudulent loans. Investigations revealed that the promoters used these funds for personal enrichment and illegal political donations. The case came to light after an investigation by investigative journalists and was later confirmed by a report from KPMG. The case is ongoing, and the main accused are in custody. For now, regulations governing non-banking financial companies (NBFCs) have been strengthened. <h2>Yes Bank Crisis (2020) – ₹3,788 Crore </h2>Yes Bank, under its founder <keyword id="19899935" type="General" weightage="20" keywordseo="rana-kapoor" source="keywords">Rana Kapoor</keyword>, was involved in questionable lending practices. The bank made high-risk loans to companies already in financial trouble, which eventually turned into non-performing assets (NPAs). Kapoor was arrested, and the Reserve Bank of India had to step in to stabilise the bank. The case highlighted serious lapses in corporate governance and risk management. As of now, Rana Kapoor is facing trial, and legal proceedings are active. The RBI has also introduced new measures to monitor the health of banks more rigorously. <h2>Commonwealth Games Scam (2010) – ₹70,000 Crore </h2>The 2010 Commonwealth Games held in New Delhi were overshadowed by corruption allegations involving inflated contracts and kickbacks. <keyword id="23122398" type="General" weightage="20" keywordseo="suresh-kalmadi" source="keywords">Suresh Kalmadi</keyword>, the head of the organising committee, was arrested for awarding contracts at exorbitant rates. The estimated loss to the exchequer was around ₹70,000 crore. This scam tarnished India’s image on the global stage. Kalmadi was arrested but the case has not resulted in major convictions or recoveries, except for stricter oversight on large public projects and international event planning. These scams not only caused financial damage but also eroded public trust in India’s institutions. In response, India has tightened regulatory frameworks, improved corporate governance, and adopted stricter banking standards, although challenges persist in tackling large-scale fraud. <div type="Article" hostid="261" msid="112896255" title="I was scammed out of $300K in a 3-month-long government impersonation scam" mstype="2" mssubtype="0"></div>

10 financial scams that shook India: A dive into deception

<ul><li><keyword id="128682" type="General" weightage="20" keywordseo="netflix" source="Orion">Netflix</keyword> enters into a longer partnership with Hansal Mehta for more web series like the Scoop.</li><li>Netflix will be engaged in the entire creative process from scripting to marketing and distribution.</li><li>Netflix has had a successful year across series and films with titles such as Khakee - The Bihar Chapter, Rana Naidu, Class, Mission Majnu, Chor Nikal Ke Bhaga, Kathal among others.</li></ul>After the runaway success of Scoop, a web series based on the life of a crime journalist, Netflix has announced a multi-year series partnership with filmmaker Hansal Mehta. Scoop was Mehta’s maiden series on the streaming platform which was inspired by a court case involving journalist Jigna Vora, who was accused of allegedly conspiring with gangster Chota Rajan in the murder of another prominent journalist in 2011. Taking this collaboration forward, Hansal will create multiple series for Netflix in the coming years. Scoop has been called a genre-defining series inspired by crime reporter Jigna Vora’s book ‘Behind Bars in Byculla: My Days in Prison.’ Audiences and critics alike have been captivated by the deeply layered characters and compelling storylines, hailing it as one of the most binge-worthy series of the year. Mehta is a National Award winning director instrumental in delivering many critically acclaimed films and series including Aligarh, Shahid, Citylights and Scam 1992: The Harshad Mehta Story. “As a filmmaker, the idea of creating diverse and dynamic stories constantly keeps me on my toes. What excites me about this partnership with Netflix, which is home to some of the finest talent, is the potential for my work to reach viewers across the world. As was the case with Scoop, Netflix is engaged in the creative process right from scripting, all the way to marketing and distribution which is critical for the success of any creative collaboration. This long-term partnership with them is only going to empower me to dive into a variety of undiscovered stories,” he said. Over the years, docuseries and stories based on real life scams and personalities have captured the imaging of viewers. Another such series by Netflix was Bad Boy Billionaires: India, which documents the major financial scams that rocked India. These included some very colourful personalities like liquor baron <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword>, diamantaire Nirav Modi and Subrata Roy. According to Netflix, the investigative docu series explored the greed, fraud and corruption that built up — and ultimately brought down — India’s most infamous tycoons. Monika Shergill, Vice President - Content, Netflix India, said “Hansal is a master of his craft and has an eye for spotting stories that have a broad appeal and are relevant to a wide audience. Being a nuanced storyteller, he is able to tell these stories like no other. Scoop marks yet another success for our series line-up this year, and with this partnership we look forward to never before seen stories that audiences will love.” Netflix has had a successful year across series and films with titles such as Khakee - The Bihar Chapter, Rana Naidu, Class, Mission Majnu, Chor Nikal Ke Bhaga, Kathal and more.

Netflix taps Hansal Mehta for multi-year partnership following success of ‘Scoop’

Go First is not the first airline to fly into turbulent times in India

A senior <keyword id="67881" type="General" weightage="80" keywordseo="idbi" source="Orion">IDBI</keyword> Bank official allegedly conspired with businessman <keyword id="14678" type="General" weightage="50" keywordseo="vijay-mallya" source="Orion">Vijay Mallya</keyword> for sanction and disbursement of a loan to the latter's <keyword id="6373962" type="General" weightage="80" keywordseo="kingfisher-airlines" source="Orion">Kingfisher Airlines</keyword>, the Central Bureau of Investigation said in its supplementary chargesheet filed in a Mumbai court. <keyword id="6373968" type="General" weightage="80" keywordseo="mallya" source="Orion">Mallya</keyword> is an accused in the alleged Rs 900-crore IDBI Bank-Kingfisher Airlines loan fraud case, which is being probed by the <keyword id="6354572" type="General" weightage="100" keywordseo="cbi" source="Orion">CBI</keyword>. The Central agency had recently filed a supplementary chargesheet before a special CBI court here. As per the chargesheet, former IDBI Bank general manager Buddhadev Dasgupta abused his position, conspired with colleagues and Mallya in the matter of sanction and disbursement of short-term loan (STL) of Rs 150 crore to Kingfisher Airlines in October 2009. Along with 11 accused named in the earlier chargesheets, the CBI has added the name of Dasgupta in the supplementary chargesheet filed recently. As per the CBI, the STL was requested for six months to meet certain critical obligations to overseas vendors, including aircraft lessors and other service providers. The said loan of Rs 150 crore, as envisaged originally by Dasgupta (by proposal circulated among credit committee members) was to be adjusted/repaid from the aggregate loan of Rs 750 crore originally sought by the airlines. However, after circulation, there was a change in the proposal to show as if the credit committee had treated this as a separate loan, which may (or may not) be adjusted/recovered from the aggregate loan, as per the CBI. While the exposure of IDBI Bank was to be restricted to the aggregate amount of Rs 750 crore, it rose to Rs 900 crore in December 2009 due to this STL being kept as a separate loan largely at the behest of Dasgupta, the charge sheet said. During the course of the investigation, Letter Rogatory (LRs) had been sent to the United Kingdom, Mauritius, USA and Switzerland as per the permission of the CBI court. Courts of one country seek the assistance of courts in another nation for the administration of justice there through LRs. The chargesheet also mentioned the evidence collected during a foreign investigation from these countries. "The properties at UK (Ladywalk in 2015-16 for GBP 12-13 million or Rs 80 crore) and France (Le Grand Jardin in 2008 for Euro 35 Million or Rs 250 crore approximately) were acquired by Mallya even as Kingfisher Airlines was facing severe cash crunch (2008)," the chargesheet said. Mallya was having adequate funds at his disposal between 2008 to 2016-17, but none of it was brought to support the airlines as equity infusion or to honour his obligations as a personal guarantor for the loans availed by KAL from IDBI and other banks in India, it added. The chargesheet, citing the evidence collected through LRs, said sizable amounts were transferred to Force India Formula 1 Team between 2008 to 2012. The chargesheet further said significant amounts were diverted between 2007 to 2012-13 to make payments towards the acquisition and repayment of the loan for a corporate jet used personally by Mallya. These acts on the part of Mallya clearly show he caused the diversion of funds for the corporate jet, Force India Formula One Racing Team, and other such extravagant expenses, and then wilfully defaulted on the loans availed by Kingfisher Airlines, the chargesheet stated. The aforesaid facts disclose the commission of offences like cheating and criminal conspiracy and others under Indian Penal Code and Prevention of Corruption Act provisions against Mallya, Dasgupta and other accused, as per the CBI. Apart from the CBI, the Enforcement Directorate is also probing a money laundering case against Mallya. On January 5, 2019, a special court here declared Mallya a 'fugitive' under the Fugitive Economic Offenders Act. Under the provisions of the Act, once a person is declared a fugitive economic offender, the prosecuting agency has the powers to confiscate his property. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/maruti-suzuki-to-hike-prices-of-model-range-from-april/articleshow/98936536.cms">Maruti Suzuki to hike prices of model range from April</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/consumer-commission-orders-flipkart-retailer-to-pay-25000-compensation-for-sending-detergent-soap-instead-of-iphone/articleshow/98936522.cms">Consumer Commission orders Flipkart, retailer to pay ₹25,000 compensation for sending detergent soap instead of iPhone</a>

Former IDBI GM conspired with Vijay Mallya over short term loan to Kingfisher Airlines: CBI

To ensure there’s no rerun of <keyword id="6373968" type="PERSON" weightage="20" keywordseo="mallya">Mallya</keyword> episodes in Indian banks, The Securities and Exchange Board of India (<keyword id="35210" type="UNKNOWN" weightage="100" keywordseo="Sebi">Sebi</keyword>) has mandated all listed companies to inform stock exchanges if they falter on loans. As per the new clause, the company would require to inform the stock exchanges within one working day of the default, according to an ET news report. Currently, listed companies require to disclose material events and information to stock exchanges. Companies make specific disclosures in instances such as delays and defaults in the payment of interest and principal on debt securities, listed non-convertible debentures, redeemable preference shares and foreign currency convertible bonds. To resolve the bad loan burden of the banks, the government and the central bank have started getting lenders to kick off insolvency proceedings against big defaulters. If a borrower is unable to pay on the due dates, according to the new Insolvency and Bankruptcy Code (IBC), the lending bank can initiate the insolvency resolution process on the next day. But the RBI mandates, banks can declare a borrower defaulter only after 90 days. This move by Sebi is significant because may a times, a defaulter makes payment just a few days before 90-day deadline to retain standard asset classification on their loans. Also the new clause would mean the borrower would have limited ability to raise further capital.

This is what Vijay Mallya has taught Sebi

<ul><li>Vijay Mallya lost his plea against the extradition order to India in the London High Court.</li><li>The High Court’s order states that there is a prima facie case against Mallya, coinciding with the allegations made by Indian agencies.</li><li>A consortium of banks led by the State Bank of India have been trying to recover over ₹9,000 crore of unpaid loans from Mallya.</li></ul>Beleaguered liquor tycoon Vijay Mallya today lost an appeal against the extradition order to India by a London High Court. In February 2019, Mallya had appealed against a 2018 decision that allowed him to be brought back to India. He left India in a huff in 2016, after loans taken by the now-defunct Kingfisher Airlines, mounted. A consortium of banks led by the State Bank of India are trying to recover over ₹9,000 crore of unpaid loans from Mallya. Mallya declared financial fugitive in 2016 Vijay Mallya who was formerly known as liquor baron, is wanted in India on charges of financial fraud and money laundering. He was declared a financial fugitive in March 2016. Ever since, India has been trying to bring him to justice and back to the country. The UK too allowed his extradition in 2018, an order which Mallya has been challenging. Justice Stephen Irwin and Justice Elisabeth Laing at the Royal Courts of Justice in London dismissed his appeal of their judgment that was handed down remotely, due to the ongoing coronavirus lockdown. "We consider that while the scope of the prima facie case found by the SDJ [Senior District Judge] is in some respects wider than that alleged by the Respondent in India [Central Bureau of Investigation (CBI) and Enforcement Directorate (ED)], there is a prima facie case which, in seven important respects, coincides with the allegations in India," the judges ruled. As per UK law, it will allow extradition only if a crime a country wants people for, is a crime as per its laws. Since financial crime is considered illegal in the UK, it paved the way to bring Mallya back to India. Mallya denies wrongdoings, offer to repay the loans Over the past few months, Mallya has denied any wrongdoing and offered to repay the loans. "I have made repeated offers to pay 100 percent of the amount borrowed by KFA to the Banks. Neither are Banks willing to take money and neither is the ED willing to release their attachments which they did at the behest of the Banks. I wish the FM would listen in this time of crisis." Mallya said in a <a href="https://twitter.com/TheVijayMallya/status/1244781731410042880">Tweet</a> on March 31. See also: <a href="https://www.businessinsider.in/business/news/coronavirus-mallya-asks-fm-to-consider-his-offer-to-repay-kingfisher-airlines-dues/articleshow/74905681.cms">Vijay Mallya appeals to Finance Minister to reconsider his repayment offer during these 'tough' times</a> <a href="https://www.businessinsider.in/business/corporates/news/mallyas-kingfisher-house-to-go-under-the-hammer-again/articleshow/72142175.cms">Mallya's Kingfisher House goes under the hammer again- for the eighth time in 3 years</a> <a href="https://www.businessinsider.in/india/news/court-greenlights-the-sale-of-vijay-mallyas-assets-in-india/articleshow/73064097.cms">Court greenlights the sale of Vijay Mallya's assets in India</a>

Vijay Mallya loses appeal against extradition to India in UK High Court

A day after the <keyword id="842870" type="ORGANIZATION" weightage="20" keywordseo="UK-high-court">UK High Court</keyword> in London rejected embattled businessman <keyword id="14678" type="PERSON" weightage="20" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>'s appeal against extradition, the <keyword id="6357808" type="DEFINITION" weightage="20" keywordseo="enforcement-directorate">Enforcement Directorate</keyword> (<keyword id="12163" type="COMPANY" weightage="20" keywordseo="Ed">ED</keyword>) on Tuesday said that it was hopeful of getting the custody of the former Kingfisher Airlines chairman once he is extradited to India. A senior ED official linked to the probe told IANS, "<keyword id="6373968" type="PERSON" weightage="20" keywordseo="mallya">Mallya</keyword>'s appeal was rejected by the UK High court yesterday and now he has the option to appeal to the Supreme Court there." The official said that the system in the UK is a bit different, as Mallya needs to reach the top court there via the High Court again, citing the reason why he needs to move the Supreme Court. The official said that Mallya needs to convince the High Court why there is a need to approach the Supreme Court. "And if the High Court is satisfied then only his matter will be heard in the Supreme Court in UK," he said. The ED official's remarks came a day after Mallya lost his appeal in a UK court against an extradition order to India on charges of fraud and money laundering to the tune of Rs 9,000 crore. When asked if a team of ED officials will be leaving for London soon for the extradition of the businessman, the official said, "We are watching the developments. If the Supreme Court takes up his matter then we will wait for the court orders." The ED has attached several properties of Mallya in the last few years under sections of the Prevention of Money Laundering Act. The High Court in London upheld a 2018 ruling to send him back to India on the grounds that Mallya made a number of misrepresentations leading to the 2012 collapse of his company, Kingfisher Airlines. The former liquor tycoon and chairman of the now defunct Kingfisher Airlines had appealed to the High Court against his extradition to India at a hearing in February this year. Lord Justice Stephen Irwin and Justice Elisabeth Laing at the Royal Courts of Justice in London dismissed the appeal in a judgment handed down remotely due to the current coronavirus lockdown. "We consider that while the scope of the prima facie case found by the SDJ [Senior District Judge] is in some respects wider than that alleged by the Respondent in India [Central Bureau of Investigation (CBI) and Enforcement Directorate (ED)], there is a prima facie case which, in seven important respects, coincides with the allegations in India," the judges ruled on Monday. Mallya is wanted in India for allegedly defrauding banks and on money laundering charges amounting to an estimated Rs 9,000 crore. He is being investigated by the CBI and the Enforcement Directorate in connection with the loan fraud case. The CBI described the UK court rejecting Mallya's appeal as a "significant achievement" in the war against economic fugitives who have been managing to stay away from the judicial process. A CBI Spokesperson said, "It is a significant achievement in continuing a war against economic fugitives, who have been managing to stay away from the judicial process jn the country." He said, "It also validates the painstaking investigation done by the CBI." The CBI said that the judgement of the UK High Court is a significant achievement in the context of the CBI's efforts to curb corruption and is a reminder that fugitives, who have eluded the process of law after large scale frauds, cannot consider themselves above the process merely because they have changed jurisdictions. Mallya was arrested by the UK authorities on April 20, 2017 on the request of the Indian investigative agencies.

ED hopeful of getting custody of Vijay Mallya soon

Former liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, in a series of <a href="http://www.businessinsider.in/Vijay-Mallya-takes-to-Twitter-to-reveal-what-made-him-escape-the-country-without-paying-loan-amount/articleshow/56831457.cms">tweets</a>, said that he is ready to <keyword id="71039" type="UNKNOWN" weightage="100" keywordseo="negotiate">negotiate</keyword> with banks to pay a <keyword id="139241" type="UNKNOWN" weightage="100" keywordseo="one-time-settlement">one-time settlement</keyword>. 
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallya-out-of-India-while-banks-seek-stay-order/articleshow/51323634.cms">A little too late! Mallya flew out of India before banks could take a stay order against him</a> 
 Here are the <keyword id="4277112" type="UNKNOWN" weightage="100" keywordseo="Tweets-from-Mallyas-account">tweets from Mallya’s account</keyword>: 
 
<blockquote class="twitter-tweet" data-lang="en">
	 The allegations against me by the Attorney General before the Honourable <keyword id="6354977" type="ORGANIZATION" weightage="100" keywordseo="Supreme-Court">Supreme Court</keyword> only prove the attitude of the Government against me
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839968907251372033">March 9, 2017</a></blockquote>
 
Also read: <a href="http://www.businessinsider.in/Vijay-Mallyas-aircraft-to-be-auctioned-expected-to-fetch-around-Rs-535-crore/articleshow/55094451.cms">Vijay Mallya’s aircraft to be auctioned; expected to fetch around Rs 535 crore</a> 
 
He went on to say that he has followed all court orders, and deserves a fair trial. 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		I have humbly obeyed every single Court Order without exception. Seems as if Government is bent upon holding me guilty without fair trial
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839969673286389761">March 9, 2017</a></blockquote>
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Public Sector Banks have policies for One Time Settlements.Hundreds of borrowers have settled. Why should this be denied to us ?
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839981387843284992">March 9, 2017</a></blockquote>
 
Also read: <a href="http://www.businessinsider.in/13-of-vijay-mallyas-properties-to-be-auctioned-including-his-palatial-mumbai-house/articleshow/57310868.cms">13 of Vijay Mallya's properties to be auctioned, including his palatial Mumbai house</a> 
 
He added: 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Our substantial offer before the Hon'ble Supreme Court was rejected by Banks without consideration.Am ready to talk settlement on fair basis
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839982944706035712">March 9, 2017</a></blockquote>
 
He ended the series by saying that an intervention from the <a href="http://www.businessinsider.in/Vijay-Mallya-foreign-assets/articleshow/51994174.cms">Supreme Court</a> would end the matter quickly. 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Wish the Hon'ble Supreme Court would intervene and put an end to all this by directing Banks and us to negotiate and settle.We are ready.
	— Vijay Mallya (@TheVijayMallya) <a href="https://twitter.com/TheVijayMallya/status/839985116650831872">March 9, 2017</a></blockquote>
 
(Image source: OhMyIndia)

Ready to talk one-time settlement, says Vijay Mallya

Banks and the <keyword id="6357808" type="ORGANIZATION" weightage="100" keywordseo="Enforcement-Directorate">Enforcement Directorate</keyword> (<keyword id="12163" type="COMPANY" weightage="100" keywordseo="Ed">ED</keyword>) seem to be having a tiff over the right over the promoter shares of <keyword id="7229" type="CITY" weightage="100" keywordseo="UB-Group">UB Group</keyword> companies that <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> had pledged with banks. A few weeks back, ED officials had taken possession of the shares of some of these companies and other assets. They will soon move to get a confiscation order from the courts so that they can take over the shares. However, as per banks, it’s not that simple. "We hold the first right on pledged shares as a charge was created while disbursing loans to Mallya and his companies," said one banker requesting anonymity. "ED may dispose of other assets where there is no charge, but selling shares and assets pledged to us is not possible." As per another banker, since banks hold prior right on all pledged assets, ED cannot confiscate such a property. "Also, we are waiting for the extradition proceedings to get completed; recovery will speed up if Mallya is brought back." The tiff might go for long and can also prove to be worrisome for Dutch brewer <keyword id="81732" type="COMPANY" weightage="100" keywordseo="Heineken">Heineken</keyword>'s plans to take majority ownership in <keyword id="81868" type="COMPANY" weightage="100" keywordseo="United-Breweries">United Breweries</keyword>, of which has Mallya is a joint owner with a 30% stake. This stake is among the assets that ED possesses. ED, however, has a possible upper hand in the form of an option. As per experts, if the agency proves to the court that money was laundered by Mallya and his companies and this laundered money was used to create these assets, then the ownership will have to be transferred to the government. "If ED presses charge of money laundering and is able to prove that these shares/assets are from ill-gotten wealth, then these will go to the government and the charge by banks falls," Babu Sivaprakasam, partner at Economic Laws Practice, told <a href="http://m.economictimes.com/news/politics-and-nation/enforcement-directorate-banks-claim-right-over-assets-pledged-by-vijay-mallya/articleshow/58918471.cms">ET</a>.

ED and banks to lock horns over assets pledged by Vijay Mallya

India’s liquor baron <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword> has been in a good <a href="http://www.businessinsider.in/Govt-Rejects-Vijay-Mallya-As-Kingfisher-Airlines-Director/articleshow/45345410.cms">few controversies</a> in the recent past, and being <a href="http://www.businessinsider.in/PNB-not-the-only-bank-to-declare-me-a-defaulter-will-do-what-I-have-to-do-Mallya/articleshow/51054600.cms">declared as a wilful defaulter by Punjab National Bank</a> and <a href="http://www.businessinsider.in/United-Bank-Of-India-First-Bank-To-Declare-KFA-And-Vijay-Mallya-As-Wilful-Defaulter/articleshow/41419364.cms">United Bank of India</a> might just be one of them. 
 However, <keyword id="6354731" type="CITY" weightage="100" keywordseo="State-Bank-Of-India">State Bank of India</keyword>, country's largest lender, has decided to deal with him hands on. <keyword id="13222" type="CITY" weightage="100" keywordseo="SBI">SBI</keyword> has reportedly approached the Debt Recovery Tribunal (DRT) seeking the arrest of Vijay Mallya so that <a href="http://www.businessinsider.in/SBI-Sends-Letter-to-Kingfisher-Airlines-May-declare-Vijay-Mallya-As-A-Wilful-Defaulter-Soon/articleshow/41707004.cms">loans to Kingfisher Airlines</a>, which was once promoted by the liquor baron can be recovered. 
 
Not only an arrest, SBI also wants his passport to be impounded and a complete disclosure of his personal assets. The move has come after Mallya struck a $75-million deal with Diageo to exit United Spirits and relocate to the UK. 
 
The CBI has charged on lenders for not taking timely action against the defaulter, which helped the company "divert funds and destroy evidence". 
 "Despite our repeated requests, the banks did not file a complaint with the CBI. We had to register the case on our own." Regretting that only "one among the 17 lenders" had declared Kingfisher a "wilful defaulter", CBI Director <keyword id="235651" type="PERSON" weightage="100" keywordseo="Anil-Sinha">Anil Sinha</keyword> said. 
 
<a href="http://s3.india.com/wp-content/uploads/2016/02/vijay-mallya.jpg">Image source</a>

SBI wants Vijay Mallya arrested

<ul><li>The UK Court will rule out its decision next week for Mallya’s extradition to India. </li><li>In 2019, Mallya offered to pay back all the money and salaries that he owes. </li><li>Indian authorities want Mallya back in India for $1.4 billion money laundering charges. </li></ul>New Delhi is putting all its efforts to put Mallya behind the Indian bars. A judgement on Mallya’s appeal against extradition is expected next week. The Crown Prosecution Service accused Mallya of submitting “absolute and outrageous lies” about projections of profitability and loss while applying for loans from IDBI and SBI banks in 2009 that ballooned into Rs 9,000 crore loan which he could never repay. The businessman has been declared a financial fugitive by the Indian government after he fled the country as loans mounted in 2016. He is now being tried for fraud and money laundering charges worth ₹9,000 crore($1.4bn). <div type="image" title="Indian businessman Vijay Mallya leaves the Royal Courts of Justice in London" msid="74122329" hostid="261" caption="&amp;lt;p&amp;gt;Indian businessman Vijay Mallya leaves the Royal Courts of Justice in London, Britain February 11, 2020. REUTERS/Simon Dawson&amp;lt;/p&amp;gt;"></div>

 The former founder of the defunct airline Kingfisher was on bail since his arrest on an extradition warrant in April 2017. He however had to pay up a bail bond worth 650,000 pounds with travel. He had sought permission from London? High Court to appeal against the extradition order. He has multiple cases against him, his assets in India has been sealed but bringing him to India has been taking longer. As per UK laws, to extradite a criminal, the offence he has committed should also be an offence in Britain. Fortunately, financial fraud is an offence in the country. Mallya’s counsel Clare Montgomery challenged Emma Arbuthnot of Westminster Magistrate Court’s decision on extradition order passed in December 2018, claiming it had “multiple errors” and was “plain wrong” to accept Indian government claims of fraudulent intentions. In July 2019 Mallya told the media outside in the court that he is “vindicated” by the ruling. He later offered the PNB bank that he owes money to, and the Indian authorities to pay back all the money. He tweeted in July 2019 “I once again repeat my offer to pay back the Banks that lent money to <keyword id="6373962" type="COMPANY" weightage="20" keywordseo="kingfisher-airlines">Kingfisher Airlines</keyword> in full. Please take the money. With the balance, I also want to pay employees and other creditors and move on in life.” <div type="twitter" handle="TheVijayMallya" handlename="Vijay Mallya" image="http://pbs.twimg.com/profile_images/827708603/Copy_of_VJM_4_normal.JPG" favoritecount="18947" retweetcount="3332" status="Despite the good Court result for me today, I once again repeat my offer to pay back the Banks that lent money to K… https://t.co/AZW9uJ28yt" createdat="1562086081000" id="1146098209036603398"></div>
 Mallya’s whose interests have ranged from aviation to liquor had a net worth of $750M in 2013, according to <a href="https://www.forbes.com/profile/vijay-mallya/#2a30a31f78e4">Forbes</a>. The decision of the High Court this week will mark one of the final stages of the appeals process against Mallya’s extradition to India. He can still challenge the decision in the European Courts. As in the case of match-fixing scandal Sanjeev Chawla –he challenged the decision in European Courts of Human Rights based in Strasbourg, France. However, his plea was dismissed, and his extradition to India is expected after the paperwork is done.

Vijay Mallya's homecoming judgement might come next week

<keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, the former Indian liquor baron, will be making a rare public appearance in the United Kingdom tomorrow. He would be coming out of his shell to address a press conference ahead of the <keyword id="3475758" type="UNKNOWN" weightage="100" keywordseo="Formula-1-British-Grand-Prix">Formula 1 British Grand Prix</keyword>. 
 
Mallya fled India and has been in the UK since March, owing banks in India loans worth Rs 9000 crore, which he took for his now-defunct Kingfisher Airlines. 
 
At the press conference, he would be present alongside fellow team principals Maurizio Arrivabene (Ferrari), Eric Boullier (McLaren), Dave Ryan (Manor), Claire Williams (Williams) and Toto Wolff (Mercedes). 
 
Force India, the team that Mallya has in the British Grand Prix, has its factory at a stone's throw away from the circuit. 
 
<a href="http://data1.ibtimes.co.in/cache-img-1200-0/en/full/607103/1462615153_vijay-mallya-2008.jpg">Image source</a>

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