Embattled liquor tycoon Vijay Mallya, undergoing an extradition trial in a UK court over fraud and money laundering charges by Indian authorities, on Tuesday lost a lawsuit filed by 13 Indian banks in the UK High Court seeking to collect from him more than $1.55 billion
Judge Andrew Henshaw refused to overturn a worldwide order freezing 62-year-old Mallya's assets and upheld an Indian court's ruling that a consortium of 13 Indian banks were entitled to recover funds amounting to nearly $1.55 billion (1.145 billion pounds).
The victory for the banks, which claimed the businessman had wilfully defaulted on the loans accessed from them, will enable them to enforce the Indian judgment against Mallya's assets in England and Wales.
The worldwide freezing order prevents Mallya from removing any assets from England and Wales up to that value or to in any way dispose of, deal with or diminish the value of his assets in or outside of this jurisdiction, up to the same value.