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Last Updated : Jan 05, 2019 05:01 PM IST | Source:

Vijay Mallya is India's first Fugitive Economic Offender: Timeline of the tycoon's fall

A UK court had ordered the extradition of Vijay Mallya on December 10, 2018

Moneycontrol News @moneycontrolcom

A special Prevention of Money Laundering Act (PMLA) court has declared Vijay Mallya a fugitive economic offender.

Mallya's properties can now be confiscated by the government. He is the first person to be declared a fugitive economic offender under the newly enacted Fugitive Economic Offenders' Act, 2018.

Here's a round-up of events on what has happened to the liquor baron so far. Of late, it was clear that Mallya's time is up:

January 5, 2019: A special PMLA court declares Vijay Mallya a fugitive economic offender. Mallya becomes the first person to be declared a fugitive economic offender under the new law.

December 10, 2018: UK court orders extradition of Vijay Mallya.

December 5, 2018: Mallya 'humbly' offers to pay back banks the entire principal loan amount. The offer came hours after Christian James Michel, the alleged middleman in the politically sensitive Rs 3,600 crore AgustaWestland chopper deal, was extradited to India from the United Arab Emirates (UAE) on December 4.

November 2018: 13 Indian banks secure a favourable order from UK court to use information disclosed in court as part of a worldwide freezing order against the 62-year-old businessman in a case involving the sale of a luxury super yacht.

October 2018: London court orders that six of Mallya's luxury cars to be sold to recover dues. Reports said the six cars include a 2012 Maybach 62, a 2006 Ferrari F430 and a Porsche Cayenne with James Bond number plates. The cars had the signature 'VJM'.

September 2018: After questioning the condition of Mumbai's Arthur Jail, where he would be staying if extradited, Mallya sees a video of the jail later in September and calls it 'impressive'.

June 2018: Files application with Karnataka High Court to sell assets worth Rs 13,900 crore. Adds that he is tired of the 'relentless pursuit' to recover dues from him.

May 2018: In a ruling in favour of banks, a UK high court refuses to overturn an Indian court's worldwide order for freezing of Mallya's assets.

March 2018: UK court says it is obvious that Indian banks broke rules to lend to Kingfisher Airlines.

October 2017: Mallya once again arrested in London following an Enforcement Directorate (ED) affidavit.

April 2017: Mallya arrested in London on India's request for extradition.

April 2016: Enforcement Directorate approaches special court to issue non-bailable arrest warrant against Mallya.

April 2016: Ministry of External Affairs revokes Vijay Mallya’s passport.

April 2016: Hyderabad court convicts Vijay Mallya in case filed by GMR Hyderabad International Airport for bounced cheque.

April 2016: Banks reject Mallya’s offers for payment of dues worth Rs 9,000 crore.

March 2016: Mallya offers to pay Rs 4,000 crore by September to banks.

March 2016: On March 9, Mallya leaves India.

March 2016: Vijay Mallya in discussion with banks to settle debt.

February 2016: SBI-led consortium moves debt recovery tribunal (DRT) to attach Vijay Mallya’s passport.

December 2015: CBI questions Vijay Mallya in Rs 900 crore IDBI Bank’s loan.

October 2015: CBI conducts raids on Vijay Mallya’s offices in connection with Rs 950 crore loan provided by IDBI Bank.

April 2015: United Spirits Limited (USL) asked Vijay Mallya to step down as chairman and director of fund on alleged fund diversion.

February 2015: SBI led bank consortium takes possession of Kingfisher House in Vile Parle.

December 2014: United India Bank recognises UBHL, guarantor of Kingfisher Airlines as wilful defaulter.

March 2013: Kingfisher Airlines net worth falls to negative of Rs 13,000 crore.

February 2013: UBHL seeks shareholders’ approval for Rs 450 crore for Kingfisher Airlines.

2012: Mallya gives guarantees of Rs 5,904 crore for carrier’s loan.

2011: 11 bank accounts were suspended by service tax department for non-payment of Rs 70 crore.

2011: Airline accumulated losses reach more than 50 percent of its net worth.

2009: Airline debt reaches Rs 7,000 crore.

March 2008: Kingfisher Airlines debt touches Rs 934 crore due to spike in oil prices.

2008: UBHL paid Rs 550 crore for a 26 percent stake in Air Deccan.

June 2007: Kingfisher Airlines decides to purchase debt-ridden Air Deccan.

May 2005: Vijay Mallya sets up Kingfisher Airlines to cater to the premium segment.
First Published on Jan 5, 2019 05:00 pm
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