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Bloomberg
Former billionaire Vijay Mallya lost a bid at a London appeal court to block his extradition to India, putting the fallen tycoon one step closer to facing fraud and money-laundering charges in his home country.
A London appeal court upheld a 2018 ruling to send him back to India over allegations that Mallya made a number of misrepresentations leading to the 2012 collapse of his company, Kingfisher Airlines Ltd.
Mallya, who’s known as the “King of Good Times†in India, was arrested in London in April 2017 after 17 banks accused him of willfully defaulting on more than $1.3 billion in debt accumulated by Kingfisher Airlines — a full-service carrier he founded in 2005 and shut down seven years later. A willful defaulter refuses to repay loans despite having the means to do so.
Lawyers for the Indian tycoon, who is on bail, didn’t immediately return calls and messages seeking comment. He has the right to seek an appeal one more time to the UK Supreme Court.