New Delhi, 8th June : Vijay Mallya, the former owner of Kingfisher Airlines and Royal Challengers Bangalore (RCB), is back in the spotlight after appearing in a four-hour-long conversation on Raj Shamani’s podcast Figuring Out. Mallya’s journey has been one of remarkable success followed by a dramatic downfall, marked by controversy, financial troubles, and a prolonged legal fight.

Once celebrated as the “King of Good Times,” Mallya was the face of India’s high-flying business world. At just 28, he became the chairman of United Breweries Group and expanded it into a multi-industry empire spanning liquor, aviation, real estate, and sports. His extravagant lifestyle and high-profile investments—including owning RCB and securing Formula 1 sponsorships—made him a familiar figure in Indian media. According to Forbes and The Independent (UK), his net worth rose from USD 750 million in 2013 to USD 1.2 billion by July 2022.

However, his ambitious entry into the aviation industry proved disastrous. Kingfisher Airlines, launched in 2005, began struggling after the 2008 global financial crisis. The airline eventually defaulted on loans amounting to over ₹9,000 crore (around USD 1.1 billion) and ceased operations by 2012, drawing increasing scrutiny from Indian authorities and lenders.

Vijay Mallya’s Legal Troubles and Extradition Dispute-

In 2016, Mallya left India for the United Kingdom, describing his departure as a “prescheduled visit,” just before being accused of wilful loan default. In 2017, India’s Supreme Court found him guilty in a contempt of court case for transferring USD 40 million to his children in violation of court directives. He was sentenced to four months in jail and fined ₹2,000 (£21). Although India submitted a formal extradition request, Mallya still resides in the UK, stating that his presence there is “fully legitimate.”

Recovery Efforts from Mallya’s Assets-

To date, Indian authorities have recovered ₹14,000 crore from Mallya. His Kingfisher House property in Vile Parle, Mumbai, was sold for ₹52.55 crore in 2021. Additionally, his luxury villa in Goa fetched ₹73 crore in a separate sale.

Current Assets in Mallya’s Possession-

Despite his legal and financial setbacks, Mallya reportedly still owns several high-end properties. These include a penthouse and three luxury condos at Trump Plaza in New York and the Le Grande Jardin estate in France. Yet, his public image remains marred, and his case has become emblematic of India’s struggle with prominent financial defaulters, raising serious questions around corporate ethics, non-performing assets, and regulatory loopholes.

As he turns 69, Mallya’s dramatic fall underscores the perils of unchecked ambition and debt-driven expansion, along with the intricate challenges of international legal enforcement. Some of his business interests remain active, particularly in the liquor sector via United Breweries, now majorly owned by Heineken. However, his legacy continues to serve as a warning to the corporate world.

“A business failure is compared or is equivalent to a fraud,” Mallya remarked on the podcast, asserting that entrepreneurial risk should not be treated as criminal. He continues to maintain his innocence and has expressed willingness to return to India—on the condition of receiving a fair trial. His legal representatives have argued that Indian prison conditions do not meet the standards required under UK extradition laws.