Vijay Mallya loses lawsuit against Indian banks

Vijay Mallya lost a lawsuit filed by Indian banks in a UK High Court seeking to collect over 1.55 billion US dollars from him.

It may be mentioned here that Mallya has been undergoing an extradition trial in a UK court over fraud and money laundering charges by Indian authorities.

Judge Andrew Henshaw upheld an Indian court's ruling that a consortium of 13 Indian banks is entitled to recover funds from Mallya amounting to nearly 1.55 billion US dollars.

With this judgement, the Indian banks, including State Bank of India, Bank of Baroda, Punjab National Bank and IDBI among others, shall be able to enforce the Indian judgment against Mallya's assets in England and Wales. The worldwide freezing order prevents him from removing any assets from England and Wales to outside.