India revokes passport of tycoon who owes $1 billion
NIRMALA GEORGE, Associated Press

NEW DELHI (AP) — India on Sunday revoked the passport of a flamboyant Indian businessman accused of fleeing to London in March while owing more than a billion dollars to Indian banks.

External Affairs Ministry spokesman Vikas Swarup said the decision to revoke Vijay Mallya's passport was taken considering the evidence gathered by India's Enforcement Directorate, which has been investigating the tycoon's massive debts.

The ministry was also consulting legal experts on seeking Mallya's deportation from the UK to face charges of money laundering and financial irregularities.

The opposition Congress party has accused the government of letting Mallya flee India while being pursued by banks for debts totaling 90 billion rupees ($1.3 billion). The government denies the charge.

India's Finance Minister Arun Jaitley defended Mallya's departure, saying the banks had not initiated the legal process to prevent him from leaving by the time he boarded the flight out of India.

The Enforcement Directorate told the government that Mallya was not cooperating with the investigators, after he ignored three dates when he was summoned to give evidence to them.

The government last week suspended the businessman's passport, after giving him a week to explain why his passport should not be revoked.

The government was committed to bringing Mallya back to India to face justice and was "considering steps for Mallya's deportation," Swarup told reporters Friday.

Mallya was once hailed as India's version of British tycoon Richard Branson for his investments in a brewing and liquor company, an airline, a Formula One team and an Indian Premier League cricket club.

His downfall was triggered by the failure of Kingfisher Airlines, which he launched in 2005. The Indian government in 2012 suspended the license of the airline after it failed to pay pilots and engineers for months.

Mallya ceded management control of his flagship United Spirits Limited to global spirits company Diageo. Diageo's agreement last month to pay Mallya $75 million in exchange for his resignation as chairman of USL prompted a legal push by competing creditors, who say they should have the first claim to that money.

Mallya is famous for a flashy lifestyle and lavish parties attended by fashion models, Bollywood movie stars and cricket players.


-- (c) Associated Press 2016-04-25

This guy is amazing, spending $ 1 billion of the banks money on high flying booze and formula 1 with Bollywood models......

Indias version of Richard Branson, without the success!

India is going to have problems getting him back.

He is a dual passport holder and the revoked PP does not really mean anything..... What the AP story does not say is that the revoked PP is actually a diplomatic passport

Edited April 25, 201610 yr by torpedo1970

A-hole, damaging his country's economy like that and that in such a poor country. The banks will need that money back or find other ways, like charging more to current customers.

A-hole, damaging his country's economy like that and that in such a poor country. The banks will need that money back or find other ways, like charging more to current customers.

The Indian people are poor but the country is not poor.. They have a large military force that is rated #4 in the world behind The US,Russia.and China.

A-hole, damaging his country's economy like that and that in such a poor country. The banks will need that money back or find other ways, like charging more to current customers.

The Indian people are poor but the country is not poor.. They have a large military force that is rated #4 in the world behind The US,Russia.and China.

Spot on

India is a VERY rich country, if they used their money and resources right.

Their Tax system is nearly the same as the British, after all they where a colony.

Meaning they get in a huge amount of money that just "disappear" in corrupt politicians and officials pockets. and they do spend a lot on the military. but next to nothing on the infrastructure to the people. no water and electricity is common.

A revolution - the same as the one in France would be a good option.... what we do see is that the gap between rich and poor is just getting bigger and bigger every year.... with so many people affected, it will not last forever....

viva le revolution

I also believe that India has nuclear capabilities when it comes to blowing up the world.

A-hole, damaging his country's economy like that and that in such a poor country. The banks will need that money back or find other ways, like charging more to current customers.

The Indian people are poor but the country is not poor.. They have a large military force that is rated #4 in the world behind The US,Russia.and China.

Incredible !

I was not aware of that, thanks for sharing..!

Another useless a-hole spending money he didnt make....this guy owns an airline, a distillery and brewery and a F 1 team.

well its more like he owned all those assets.

now he sits on a net debt situation, so even if the banks cashed in all the collateral assets, he would still owe the banks some decent money

by the way, when going was good kingfisher was a good airline to fly with

he was also chairman of diageo's indian outfit untill lately when we settled him $75mill to step down

I also believe that India has nuclear capabilities when it comes to blowing up the world.

I would rather them have the arsenal and capability then the more extreme wackos next door

A-hole, damaging his country's economy like that and that in such a poor country. The banks will need that money back or find other ways, like charging more to current customers.

Many very rich countries have poor population....Brazil, Mexico, India, Russia, China, even the USA.

A-hole, damaging his country's economy like that and that in such a poor country. The banks will need that money back or find other ways, like charging more to current customers.

Many very rich countries have poor population....Brazil, Mexico, India, Russia, China, even the USA.

Guess you are right, and sadly so.

It seems sometimes that the Thais are not that well off but much better than most in the countries that you listed in the above...!

Why does england take these thieves says something doesn't it.

Why does england take these thieves says something doesn't it.

UK immigration policy is a bit OT, and a major bone of contention for many on this forum, but the UK government has long held a soft spot for the more aspirational foreign criminal.

Steal a few million and, at best, they will let you in the country and ignore you. Steal a few billion and they will welcome you with open arms, let you buy up half of London, football teams, newspapers etc.