Good news to Indian Economy; Vijay Mallya to return India 

After the court order, CBI officials said that they will try to bring him to India as soon as possible.

NP NEWS 24 ONLINE- Finally, 62-year-old Vijay Mallya wanted in India who was responsible for Kingfisher Airlines case is coming back to India after almost three years. He left India in year 2016, 2 March.Now, his return to India is a boost to the Indian economy as well as Modi government due to the upcoming 2019 elections.

The Chief Magistrate Judge Emma Arbuthnot of Westminster Magistrate Court, London, has found prima facie a case against fugitive businessman Vijay Mallya for fraud, conspiracy and money laundering of about 9,000 crore rupees which was heard on Monday.He left from the country after a consortium of banks started legal proceedings to recover the loans Mallya had taken.However, Mallya still has 14 days time to appeal in the higher court in London.

Once called the “King of Good Times” due to his extravagant lifestyle, Mallya and his companies have been embroiled in financial scandals, and controversies since 2012. Mallya left India on 2 March 2016 after saying he wanted to move to Britain to be closer to his children.

A group of 17 Indian banks are trying to collect approximately Rs 9,000 crore (US$1.3 billion) in loans which Mallya has allegedly routed to gain 100% or a partial stake in about 40 companies across the world. Several agencies including the Income Tax Department and the Central Bureau of Investigation (CBI) are investigating Mallya for charges including financial fraud and money laundering.

The 17 banks added a joint petition at the Supreme Court of India in March 2016 to try to prevent Mallya from leaving the country, but the Indian government indicated that he had already left. The Enforcement Directorate of India also filed a money laundering case against him in March 2016 for allegedly sending abroad some Rs 900 crore (US$130 million) that had been loaned to his airline.

On 24 April 2016, the Ministry of External Affairs (India) revoked Mallya’s passport, and he resigned from the Rajya Sabha on 2 May 2016, the day before their Ethics Committee was prepared to recommend his expulsion.

Vijay Mallya although now expressed his desire to repay his debt genuine via a post on twitter. The post read, “I want to disprove the narrative that I stole money. There is nothing ingenuine about my offer, I have made the offer before court of law. I won’t disrespect the court by making a bogus offer.”

Vijay Mallya said on this case outside UK court that, “My employees are my first priority. In the last two years, we’ve made two separate applications to the court to use the money deposited in the court to pay employees. The court hasn’t given us a decision. If the court accepts my settlement offer, pay the employees first.”

Whereas before appearing to the court, Mallya said “Whatever the judgment is, my legal team will review it and take appropriate action.”

Many other such entrepreneurs who are wanted in India have fled from the country like Nirav Modi in the case of PNB scam and his uncle Mehul Choksi, who are still wanted in country.