India revokes passport of indebted tycoon Vijay Mallya

Accusing him of owing Indian banks more than a billion dollars and fleeing to London, the Indian government has revoked the passport of business mogul Vijay Mallya.

The decision to cancel Mallya's passport, according to External Affairs Ministry spokesman Vikas Swarup, was taken considering the evidence gathered by the Enforcement Directorate which has been investigating the tycoon's massive debts, reported the Guardian. The Ministry was also consulting legal experts on seeking Mallya's deportation from the UK to face charges of money laundering and financial irregularities in India. The government denies opposition Congress Party's accusation that it let Mallya flee India while being pursued by banks for debts totalling $1.3B.

The flamboyant businessman is known as the Richard Branson of India for his investments in aviation, Formula 1, Indian cricket and the drinks industry. His debts were the result of his Kingfisher Airlines going under in 2013, according to BBC News. Mallya denied allegations that he left India because of the outstanding debts as he also hit back at critics for his "media trial" over the issue.

Forbes reported that the 60-year old lives in a three-story mansion worth $13M. It is named Ladywalk and is located in the village Tewin-in-Hertfordshire which is just a few hours' drive north of London.

Following his default on billions of dollars in loans for his defunct Kingfisher Airlines, the businessman became the object of a government investigation which revealed that his staff went unpaid for years. Mallya does not live in India year round but is considered a resident and is reported to have not been running his multi-billion dollar businesses for over a year now. He even stepped down as chairman of the Bangalore Royal Challengers cricket team, his only remaining asset.

Bulk of Mallya's fortune comes from United Breweries, one the world's largest spirits companies, but his reputation came tumbling down following his billionaire misadventure in the airline industry. His name was further sullied by the recent release of the Panama Papers, which cited one account of his in the Caribbean, making him the most despised businessman in India. Indians hated him for holding all that money overseas, yet can't seem to pay his workers in the country. 

Mallya refused to appear three times before the Enforcement Directorate which is seeking an Interpol arrest warrant against him based on a non-bailable warrant issued by a Mumbai court in a money laundering case.

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Vijay mallya, passport, India, passport revoked, $1.3B debt, tycoon

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