Vi­jay Mallya Lives in $15 m Bri­tish man­sion

The Economic Times - - Economy: Macro, Micro & More -

In­dian liquor baron Vi­jay Mallya, who owes .₹ 9,000 crore to var­i­ous banks in the country, has been liv­ing at a $15 mil­lion man­sion in Eng­land's Hert­ford­shire county, The Sun­day Times re­ported. The man­sion was bought from the fa­ther of Lewis Hamil­ton, the For­mula One cham­pion, by a com­pany with off­shore links, the daily said. An ar­rest war­rant for Mallya, 60, nick­named "the King of Good Times", was is­sued by an In­dian court last week af­ter he flew to Bri­tain. The use of com­pa­nies with off­shore links to buy prop­er­ties in Bri­tain has come un­der in­creas­ing scru­tiny as the prac­tice can al­low the real owner or ben­e­fi­ciary to re­main hid­den some­times for tax pur­poses. Such com­pa­nies col­lec­tively hold up to $245 bil­lion of Bri­tish prop­erty, much of it in Lon­don and the home coun­ties.


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