Vijay Mallya’s $40-million transfer to family members that resulted in a $25 fine

The Supreme Court (SC) on Monday slapped a fine of Rs 2000 ($25) and a 4th-month jail sentence on fugitive businessman Vijay Mallya. In addition, the former liquor baron has been asked to deposit $40 million with 8 per cent interest within a month, failing which his properties would be attached to recover the amount.

The court held Mallya guilty of contempt after it was brought to its notice that he had transferred $40 million to his children in the US. In 2016, the Karnataka High Court had prohibited Mallya from transferring money to any third party without clearing existing dues. These loans were owed by his now defunct Kingfisher Airlines to a consortium of various public sector banks led by State Bank of India.