It would not be an exaggeration to say that there will be no Indian who does not know Vijay Mallya. VIPs used to line up before him for his new year calendar. But now his situation has become worse. Vijay Mallya has been absconding by taking loans to the tune of Rs 12,000 Crore from the SBI led a consortium of 16 banks. The Kingfisher Airlines engulfed into losses and this impacted his business empire. With no intention to pay back the loans, Mallya fled to London and is living a lavish life in the suburbs of the city.
In order to repay banks, Mallya had approached the court seeking permission to sell his lavish house in France. The house was sold in the auction and money was deposited into the London Court Fund. However, the banks have now refused to give the money to Mallya for court fees stating that they may not get the loans if they allow him to take money. The court also agreed to the requests of the banks and with this Mallya could not get even a penny after selling his bungalow.
It is learnt that Mallya did not pay the bank loans and spent the income on purchasing properties on a large scale in the foreign countries in the name of his son Siddharth Mallya. The consortium of banks has declared Mallya a wilful defaulter as the loans were in his names and properties in his son’s name. The bank officials have also sanctioned loans without showing the properties. Though it was known that Mallya would flee, no one took precautionary measures. They approached the court after he fled the country. There are criticisms that while Congress and JDU sent him to Rajya Sabha, the BJP helped him flee the country.
It is said that Mallya did not pay the provident fund of his employees which were deducted from their salary. He also deducted TDS of the employees and procured assets in foreign countries. The bank authorities who always pose many questions to the common man for their loans gave a loan of Rs 1,600 Crore for a house which was not even worth Rs 100 Crore. The total loans from the banks are more than Rs 6,000 Crore and along with the interest, it is Rs 12,000 Crore. The government of India is enacting dramas as if they are trying to extradite him to the country.
