While the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are now looking into the overseas assets of Vijay Mallya as they pursue him to return the Rs 9,091 crore he owes to creditors of his grounded airline, the businessman probably misses his golden days. Often called ‘The King of Good Times’ or the ‘Liquor Baron’ the business tycoon and entrepreneur of India, Vijay Mallya, is the owner of various ventures including the UB conglomerate, Kingfisher Airlines and United Breweries Group. He is also a member of the Rajya Sabha.
Once called the “King of Good Times” and “the playboy of the East” due to his extravagant lifestyle, Mallya and his companies have been embroiled in financial controversies and difficulties in recent years, and especially since 2012. Mallya left India on 2 March 2016 after saying he wanted to move to Britain to be closer to his children. A group of Indian banks is trying to collect approximately Rs 9,091 crore in loans they said they have made to Mallya and his businesses, and the Attorney General said that Mallya’s assets abroad are “far in excess to loans taken by him”. The 17 banks petitioned the Supreme Court of India in March 2016 to try to prevent Mallya from leaving the country, but the Indian government indicated that he had already left. The Enforcement directorate of India also filed a money laundering case against him in March 2016 for allegedly sending abroad some Rs. 900 crore that had been loaned to his airline.