Mallya transferred $40 million to his children, allege banks

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The consortium of public banks on Wednesday told the Supreme court that liquor baron Vijay Mallya had transferred $40 million to his children in clear violation of Karnataka high court orders. In their petition to the apex court, banks sought deposit of $40 million by Mallya with the Supreme Court. The court has given the liquor baron time till February 2 to reply to the petition.

Vijay Mallya

In a loan default case, the banks submitted that Mallya refused to declare the $40 million received from Diageo to relevant authorities and transferred the same to his children. The consortium of banks that are seeking recovery of Rs 9,000 crore from Mallya, went on to pray that the money be deposited with the Supreme Court.

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