Indian tycoon Mallya 'guilty of contempt'

India's top court ruled Tuesday that former liquor and aviation tycoon Vijay Mallya was guilty of contempt after illegally sending his children millions of dollars while his many creditors were still trying desperately to get back at least some of the money they'd granted Mallya in terms of loans.

The Indian businessman, who co-owns a Formula One team and a cricket side, fled India in 2016, owing more than $1.3 billion (1.2 billion euros) in loans to more than a dozen banks.

The 61-year-old tycoon has so far refused to return from Britain to face multiple charges. India's Supreme Court ruled in favor of a consortium of banks and creditors, who argued that Mallya had violated court orders by transferring $40 million to his three children.

Lies and irregularities

Vipin Kumar Jai - a lawyer representing the banks - said Mallya had deliberately concealed his assets and withheld information from the court, leading to the contempt charge.

The Indian businessman was arrested in London last month, following an extradition request by India.

But he was later released on bail by a British court. India has been trying unsuccessfully so far to haul him before the courts back home, where he's come to symbolize the excess and risk of bad loans in Asia's third-largest economy.

Mallya dropped off India's list of the richest people back in 2014 when he faced massive debts stemming from his grounded Kingfisher Airlines.

hg/jd (AFP, dpa)