Vijay Mallya is currently wanted for crores of unpaid loans by many public and private sector banks. He has fled India and is now said to be staying in Britain. The Kingfisher Airlines owner along with two of his firms have been charged by the enforcement directorate (ED) for fraudulently diverting almost 3,700 crores to IPL, F1 racing and enjoying private jet sorties. In the charge sheet, it is stated that the loans have been given to placing the corporate guarantee of the firm UBHL and personal guarantee of Mallya. KAL offered security, a negative lien for the purchase of a fleet of aircraft saying that the operations of the aircraft would provide a surplus of income. However, it is realized that the jet has never been used for its meant to purposes instead has just been used for the travel purposes of Mallya and his family members.
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