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1-min read

Vijay Mallya Gifted $40 Million to his Children: ED's Dossier

Liquor baron Vijay Mallya, who is wanted in India for defaulting on loans worth Rs 9,000 crore had transferred USD 40 million to his three children through gift settlements.

Moneycontrol.com

Updated:April 20, 2017, 4:29 PM IST
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Vijay Mallya Gifted $40 Million to his Children: ED's Dossier
A file image of ex-chairman of United Spirits Ltd Vijay Mallya, who is now being probed for a loan default case. (Photo: Reuters)
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New Delhi: Liquor baron Vijay Mallya, who is wanted in India for defaulting on loans worth Rs 9,000 crore had transferred USD 40 million to his three children through gift settlements.

In an affidavit submitted before the apex court, he stated that the money had been transferred to his three children—Siddharth, Leena and Tanya Mallya — who were US citizens and sole beneficiaries of the three respective trusts of which he had no control in his individual capacity.

Mallya, who has been declared an absconder in India, was arrested by Scotland Yard police and produced before the Westminster Magistrates' Court there and was subsequently granted bail.

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