Indian drinks tycoon Vijay Mallya 'flees to Britain' with nearly £1bn in unpaid loans

Flamboyant owner of Kingfisher drinks empire - dubbed India's Richard Branson - left the country earlier this month amid attempts by banks to reclaim £900m

He was once known as India’s “King of Good Times”, the fast-living, superyacht-owning heir to the Kingfisher drinks empire who was a ubiquitous presence on the country’s high-society party circuit.

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But Vijay Mallya’s descent into hard times appeared complete on Thursday amid claims he had fled India just as 17 banks owed £900m by his United Breweries company prepared a bid to seize his passport and retrieve their money.

It was confirmed earlier this week by India’s attorney-general that Mr Mallya had abruptly left India, barely pre-empting a Supreme Court petition led by the State Bank of India to bar his departure.

“He has left the country on March 2, the day we moved our application for impounding his passport,” Mukul Rohatgi told India’s supreme court. “He has tremendous assets in the UK. So in all likelihood he should be there.”

Vijay Mallya's 'Indian Empress' yacht

Vijay Mallya's 'Indian Empress' yacht  Photo: Sipa Press/REX/Shutterstock

• Rainmaker: The party comes to an end for Vijay Mallya, India’s King of the Good Times

On Thursday morning, India’s Times Now news channel reported it had spoken to residents of a Hertfordshire village who claimed to have seen the ex-billionaire on the premises of a country residence in the past few days.

India’s opposition Congress party on Thursday blamed the BJP-led government for allowing Mr Mallya to “flee”, with party vice-president Rahul Gandhi telling parliament on Thursday: “This person stole Rs. 9,000 crore [£900m]. How did he manage to run away from India?”

Mr Mallya has not denied leaving India, but in a statement sent to media on Sunday said he had not “absconded”.

“I have been most pained as being painted as an absconder. I have neither the intention nor any reason to abscond. I have been a non-resident for almost 28 years,” he wrote.

Vijay Mallya (L) and Prince Charles, Prince of Wales

Vijay Mallya (L) and Prince Charles, Prince of Wales  Photo: Dave Benett/Getty Images

The country’s Supreme Court has ordered him to appear before it in person with his passport on March 30.

Mr Mallya, 60, is well-known in India for his flamboyant lifestyle, which at one point included a fleet of 200 vintage luxury cars, a super yacht, private jet and his own Formula One racing team, Force India.

Already drawing comparisons to Richard Branson for his brash, highly diversified business empire, in 2003 he launched Kingfisher Airlines, placing his own personality at the heart of a brand intended to embody glamorous travel.

But the collapse of that venture in 2012 precipitated his decline in fortunes. The following year he sold a large chunk of his drinks empire to Diageo, which later forced him to step down as chairman in return for a payoff of over £50m.

The immediate payment to Mr Mallya of part of that sum by Diageo had prompted the bank consortium's petition earlier this month.

http://www.telegraph.co.uk/news/worldnews/asia/india/12189864/Indian-drinks-tycoon-Vijay-Mallya-flees-to-Britain-with-nearly-1bn-in-unpaid-loans.html