India’s case against Mallya politically motivated, UK court hears

Thursday, 7 December 2017 00:00 - - {{hitsCtrl.values.hits}}

London (Reuters): The Indian Government’s fraud case against tycoon Vijay Mallya is baseless and politically motivated, his defence lawyer told a London court on Tuesday as she battled to prevent his extradition to his home country.

Mallya, who lives in Britain, stands accused in India of fraudulently palming off losses from his now defunct Kingfisher Airlines onto banks by taking out loans he had no intention of repaying.

His defence team argue that he is being used as a scapegoat by Indian politicians of all stripes to deflect public anger at the accumulation of bad debts by state-owned banks.

The 61-year-old, nicknamed “the King of Good Times” after the slogan on bottles of one of his premium beers and his hard partying lifestyle, had business interests ranging from aviation to liquor.

He is also the co-owner of Formula One motor racing team Force India.

The case against him centres on a series of loans Kingfisher obtained from Indian banks, especially state-owned lender IDBI. The banks want to recover a total of about $ 1.4 billion that the state says the defunct airline owes.

Mallya’s British defence lawyer, Clare Montgomery, told Westminster Magistrates Court that India had made a series of serious allegations against him and others that did not have “a shred of evidence” to back them up.