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The long list of assets owned by <keyword id="14678" type="PERSON" weightage="100" keywordseo="Vijay-Mallya">Vijay Mallya</keyword>, who has been in news constantly since the past few days for <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms" target="_BLANK￿￿￿￿">fleeing away from the country</a> even though he owes state-run banks some 9000 crore rupees, has not been able to avoid the Indian government’s hawk eyes. 
 
Apparently, the government is all set to auction off Vijay Mallya's assets, which include his personal Airbus ACJ 319, so that his service tax dues of Rs 812 crore can be recovered. 
 
Mallya’s other assets that are about to be auctioned include five smaller ATRs and three helicopters belonging to Mallya's <a href="http://www.businessinsider.in/Govt-Rejects-Vijay-Mallya-As-Kingfisher-Airlines-Director/articleshow/45345410.cms" target="_BLANK￿￿￿￿">Kingfisher Airlines</a>. 
 
Also read: <a href="http://www.businessinsider.in/VijayMallya-the-escapee-who-didnt-escape-apparently/articleshow/51344981.cms" target="_BLANK￿￿￿￿">Vijay Mallya - the escapee who didn't escape, apparently</a> 
 
"We are going ahead with the auction," a senior Central Board of Excise &amp; Customs (CBEC) official told ET. 
 
Even though the tax department wanted to arrest Mallya last year, it was rebuffed by a Mumbai metropolitan magistrate on the execution of a personal recognisance bond of Rs 50 lakh. Ecen then, the tax department had argued that Mallya could leave the country and had asked the court to ask him to surrender his passport, but that didn’t happen and as a result, <a href="http://www.businessinsider.in/Vijay-Mallyas-journey-from-a-businessman-to-a-fraudster/articleshow/51328653.cms" target="_BLANK￿￿￿￿">Mallya has fled the country</a>. 
 
The news has come just a day after <a href="http://www.businessinsider.in/Another-woe-for-Mallya-Hyderabad-court-issues-non-bailable-warrant/articleshow/51392100.cms" target="_BLANK￿￿￿￿">Hyderabad court had issued a non-bailable warrant</a> against Mallya after he failed to appear in court in connection to a lawsuit by GMR Hyderabad International Airport Ltd. 
 
<a href="https://upload.wikimedia.org/wikipedia/commons/5/54/Vijaymallya.jpg">Image source</a>

Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues

As told earlier, India’s liquor baron <a href="http://www.businessinsider.in/A-little-too-late-Mallya-flew-out-of-India-before-banks-could-take-a-stay-order-against-him/articleshow/51323634.cms">Vijay Mallya</a> who owes thousands of crores to several <keyword id="488657" type="UNKNOWN" weightage="100" keywordseo="state-run-banks">state-run banks</keyword>, has fled the country. The legal battle in the Supreme Court and Debt Recovery Tribunal against Mallya is being led by SBI. 
 
 
Here is the breakdown of Mallya’s journey from a businessman to a wilful defaulter. 
 
1) Mallya owes nearly Rs 7,000 crore to bankers. Here's how it stacks up 
 
Rs 1,600 crore - SBI 
 
Rs 800 crore - PNB 
 
Rs 800 crore - IDBI 
 
Rs 650 crore - Bank of India 
 
Rs 550 crore - Bank of Baroda 
 
Rs 430 crore - United Bank of India 
 
Rs 410 crore - Central Bank of India 
 
Rs 320 crore - UCO Bank 
 
Rs 310 crore - Corporation Bank 
 
Rs 150 crore - State Bank of Mysore 
 
Rs 140 crore - Indian Overseas Bank 
 
Rs 90 crore - Federal Bank 
 
Rs 60 crore - Punjab &amp; Sind Bank 
 
Rs 50 crore - Axis Bank 
 
He, however, claims that out of these 7000 crores, Rs 1,200 crore have been recovered by these banks. 
 
2. A look at his holdings in his companies 
 
33% in United Breweries, which is worth Rs 7,000 crore. But more than half of the stake is pledged. 
 
22% interest in Mangalore Chemicals &amp; Fertilisers, which is worth Rs 140 crore. One-third of the shares are pledged. 52%of UB Holdings, a shell company, which has some real estate in Bangalore and other places, but the rentals have already been pledged. 
Under 1% stake in Bayer Corp Science, but Mallya remains its chairman. 
 
3. How Mallya became Mallya 
 
1983 | After his father's death, Mallya becomes UB group chairman at 28. 
1999 | Launches Kingfisher Strong, which changes beer consumption nationally, is still the largest selling brand. 
2002 | Nominated to Rajya Sabha. 
 
4. Mallya's shopping list 
 2005 | Launches <keyword id="6373962" type="CITY" weightage="100" keywordseo="Kingfisher-Airlines">Kingfisher Airlines</keyword> (KFA). Buys Shaw Wallace, gaining whisky brands such as Royal Challenge 
2006 | Buys Herbertsons, makers of Bagpiper whisky and Romanov vodka. 
2007 | Buys F1 team Spyker, renames it Force India. Acquires Air Deccan. Buys British whisky maker Whyte and Mackay for £595m. 
2008 | Buys IPL team Royal Challengers Bangalore for $111.6m. UB City comes up in Bangalore. 
 
5. And, how it got ruined 
2012 | KFA staff strike work for nonpayment of salaries, income-tax dept freezes KFA accounts, airline grounds flights. In Oct, govt suspends KFA licence. British alcoholic beverages firm Diageo agrees to buy majority stake in United Spirits 
2013 | Diageo acquires 27% stake in USL for Rs 6,500 crore, but KFA lenders do not get any funds. 
2014 | United Bank identifies United Breweries Holdings as wilful defaulter. 
2015 | Diageo asks Mallya to step down as chairman of the Indian liquor firm but he refuses. 
2016 | Banks move debt recovery tribunal, which restrains Mallya from accessing Rs 515 crore he was to receive from Diageo as settlement after agreeing to quit. 
 
6. The pain of Kingfisher’s employees 
Over 1,500 staffers, still on the firm's payrolls after it stopped operation, not paid? On March 5, employees write an open letter to Mallya, saying his 'heart is impure' and he has blood on his hands. They seek PM Narendra Modi's help to get their dues. 
 
7. Despite whatever he says, Mallya isn’t a broke bloke 
 
Mallya owns homes in Trump Towers, New York City, and in San Francisco. Game resort in South Africa. A beachfront villa in Goa. He also has a fleet of over 200 luxury vintage cars, a 95m "mega yacht" with a helipad, a Gulfstream private jet. 
 
<a href="http://clientimages.teamtalk.com/14/11/800x600/Vijay-Mallya_3228444.jpg">Image source</a>

Vijay Mallya’s journey from a businessman to a fraudster

<ul><li>Kapoor was in the limelight due to the fast rise of its bank. Its stock shot up from ₹12.5 in June 2005 to ₹393.20 in August 2019. </li><li>In just over 17 years, the bank became India’s fourth-largest private lender. </li><li>However, the downfall of <keyword id="45660" type="CITY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> and <keyword id="128581" type="PERSON" weightage="20" keywordseo="Rana-Kapoor">Rana Kapoor</keyword> came as fast as its rise. </li><li>Rana Kapoor was taken into custody by the Enforcement Directorate (ED) on charges of money laundering, allegedly worth ₹4,300 crore, during his tenure. </li></ul>India’s second richest banker Rana Kapoor — former MD and CEO of troubled Yes Bank — was taken into custody by the Enforcement Directorate (ED) on charges of money laundering worth ₹4,300 crore, during his tenure. The 62-year old Kapoor co-founded Yes Bank alongside Ashok Kapur in 2004. In just over 17 years, the bank became India’s fourth-largest private lender. However, the downfall of Yes Bank and Rana Kapoor came as fast as its rise. 
 
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 On March 5, the Reserve Bank of India (RBI) superseded Yes Bank’s board and imposed a withdrawal limit of ₹50,000 on its customers for a month. Like many other banks in India, Yes Bank was stressed under a load of bad loans. However, the Enforcement Directorate (ED) stepped against its probe on Kapoor due to the bank’s irregular credit practices leading to suspicions of money laundering and insider trading. The rise of a billionaire promoter Rana Kapoor started Yes Bank at a time when the country didn’t have many banking entrepreneurs. Uday Kotak was the only one leading the charge on private banking. And, Kapoor wanted to model Yes Bank after Kotak Mahindra Bank. He infused ₹200 crore capital with his brother-in-law Ashok Kapur, who is now deceased. A year later, the bank raised ₹300 crore through an initial public offering (IPO). Soon after its debut, Yes Bank stock became the apple of investor’s eye and it looked like nothing could go wrong. But it was a rocky ride for Yes Bank. Three years after it went for an IPO, Kapur the then chairman of Yes Bank died in 2008 Mumbai terrorist attack. <a href="https://qz.com/india/891891/once-an-intern-at-citibank-yes-banks-rana-kapoor-is-now-indias-newest-banking-billionaire/">His wife Madhu Kapur later inherited his 12% stake after a nasty court battle. </a> Over the span of a decade, the bank recorded a 30% increase in its profit during the October-December quarter of 2016. ICICI Securities also recommended buying Yes Bank shares after it showed <a href="http://www.moneycontrol.com/mccode/news/article/article_pdf.php?autono=8310641&amp;num=0">“strong business growth” in 2017. </a> The Good and the bad times Kapoor was in the limelight due to the fast rise of its bank. Its stock shot up from ₹12.5 in June 2005 to ₹393.20 in August 2019. 
 
 
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 In January 2019, he entered the billionaire club after his net worth surged. His 11.6% stake in the bank was now worth $1 billion, according to Bloomberg. For a while, it looked like Kapoor would achieve his dream as he became the second richest banker in India after Uday Kotak. He was looking to double Yes Bank’s market share from 1% to 2.5% in 2020. But little did he know that growth itself would punch a hole in the bank. The bank came on RBI’s radar for its penchant for loaning to corporates that other banks wouldn’t entertain and quoting high-interest rates. While he did successfully recover a few loans <a href="https://www.businesstoday.in/current/economy-politics/vijay-mallya-74-lakh-ubhl-shares-sold-rs-1008-crore-ed/story/331719.html">like from the defunct Kingfisher Airlines</a> owned by Vijay Mallya — his model was heading for failure, as the economy slowed down. When RBI ousted Rana Kapoor as the CEO 
 
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 In 2016, RBI’s assessments discovered that Yes Bank was sweeping a lot under the carpet. It had under-reported non-performing assets (NPAs) worth ₹4,176 crore ($580 million) for March 2016. In 2017, the extent of underreporting swelled to ₹6,355 crore. As a result, its plan to raise $1 billion through qualified institutional placement failed terribly, leading it to the funding crisis that eventually led to its downfall. Thanks to the many gimmicks, RBI also ousted Kapoor from the bank by <a href="https://qz.com/india/1396517/why-rbi-wants-yes-banks-rana-kapoor-to-go/">trimming his tenure to January, 2019. </a> Soon, many secrets came tumbling out. Nearly ₹10,000 crore worth loans (about 4% of all its loans) given under Rana Kapoor’s management were classified as high-risk. In simple words, loans that may turn bad in a year. In fact, Yes Bank had exposure to almost all the troubled groups and companies in the country — Jet Airways, Anil Dhirubhai Ambani Group, Cox &amp; Kings, CG Power, Dewan Housing Finance (DHFL), Essar Shipping, Mcleod Russel, Cafe Coffee Day etc. Troubled Times Even after Yes Bank appointed Ravneet Gill as Rana Kapoor’s successor in March 2019, its troubles were far from over. It posted a shocking loss of ₹600 for the quarter ending September 2019. While the revenues fell 20%, costs rose through the roof shrinking operating profit by 40%. 
 
	
 
	
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 Soon, there were a flurry of rating downgrades from Moody’s and others after news about NPA’s doubling to 9.5% of total loans in FY21, started doing the rounds. IDFC Securities cut the target price for the share price by more than half to ₹35. Yes Bank’s share slipped by 93% since its peak of August 2018. Rana Kapoor to blame 
 
	
 
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 Most industry experts are blaming Rana Kapoor and his non-traditional ways for the fall of Yes Bank — and crippling India’s banking sector even further. The ED and CBI now believe that the robust growth of Yes Bank was based on unethical and illegal practises. He is also being booked for accepting bribes in the form of loans to his daughters’ company. However, Kapoor still maintains that he <a href="https://www.moneycontrol.com/news/business/companies/yes-bank-crisis-how-rana-kapoors-authoritarian-streak-proved-to-be-the-banks-undoing-5010931.html">has “no clue” why the RBI took over the bank he </a>built from scratch. See also: <a href="https://www.businessinsider.in/finance/news/yes-bank-mobile-and-net-banking-down-after-rbi-limits-withdrawals-to-50000/articleshow/74499754.cms">Yes Bank mobile and net banking down after RBI limits withdrawals to ₹50,000</a> <a href="https://www.businessinsider.in/stock-market/markets/news/yes-bank-share-price-and-shareholding-charts-show-how-rumours-were-used-to-trap-small-investors/articleshow/74500017.cms">In the Yes Bank crisis, one chart shows how rumours were used to trap small investors</a> <a href="https://www.businessinsider.in/business/corporates/news/yes-bank-q2-earnings-and-share-price-impact/articleshow/71847366.cms%20of%20Yes%20Bank%E2%80%94%20swings%20to%20a%20loss%20in%20the%20second%20quarter">Bad loans take the wind out of Yes Bank— swings to a loss in the second quarter</a> <a href="https://www.businessinsider.in/yes-bank-q1-earnings-report-yes-bank-share-price-q1-earnings-repor/articleshow/70261380.cms">Yes Bank profits dropped 91%-- but it was still way better than expectations</a>

The fall of Yes Bank founder Rana Kapoor from a billion dollars to facing a ₹4300 crore investigation

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Vijay Mallya's personal Airbus jet to be auctioned to recover government’s dues

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Vijay Mallya’s journey from a businessman to a fraudster

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The fall of Yes Bank founder Rana Kapoor from a billion dollars to facing a ₹4300 crore investigation

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