India has suspended the passport of billionaire Vijay Mallya who is currently in UK. Banks are still struggling to recover a billion dollars owed by his Kingfisher Airlines. Mallya who is 60 has defied various requests asking him to turn back to Mumbai for interrogation.
His lawyers said that he is available in Video conferences to banks and his presence in India is not a must. However in repeated tweets, Vijay Mallya said he is a Rajya Sabha MP and he is not an absconder. As a parliamentarian, he has a diplomatic passport, which is suspended for a month, said the government today.
He has been given a week to explain why it should not be revoked. However Banks persist Mallya to return in person and make the negotiations. Mr.Mallya earlier had guaranteed Kingfisher loans and he proposed to pay 4000 Crores to lenders and another 2000 Crores if Kingfisher wins a lawsuit seeking damages.
Now his passport has been suspended as he stopped cooperating with investigators. Enforcement Directorate now demands to question him about money laundering.
