Panama Papers: Firm in British Virgin Islands linked directly to Vijay Mallya

Industrialist said to be operating the entity from his residential address in Bengaluru, The Times of India reports

Troubles are mounting for industrialist Vijay Mallya as he finds himself named in the Panama Papers leaks as well. He has been linked directly to an offshore firm registered in the British Virgin Islands (BVI), which has been operational from February 2006, The Times of India reported, citing details accessed from the website of International Consortium of Investigative Journalists (ICIJ). 

Mallya is said to have been operating Venture New Holding from his residential address in Bengaluru. 

However, his identity was protected, until the leaks, through an entity Sharecorp Limited, which was functioning as a nominee shareholder, the newspaper reported.  Sharecorp has held the position for many other firms, including many offshore companies that are operated by Indians. 

The industrialist’s offshore was linked to a firm called Porticullus Trust Net, which is said to have been setting up offshore accounts. 

Meanwhile, United Kingdom’s Financial Conduct Authority is said to have shared information about Venture New Holding among other offshore entities that Mallya may have been operating. An investigation for the same is being conducted by the Securities and Exchange Board of India (SEBI). 

The reports come comes a day after Mallya received a double blow from the Supreme Court. 

A 17-bank consortium, on Thursday, rejected Rs 4,000-crore repayment offer made by Mallya. The group informed the apex court that they had rejected the amount even after it was revised late on Wednesday evening. 

The court also told Mallya to disclose all his assets by April 21 and deposit a ‘substantial amount’ to prove his ‘bona fide’. It will hear his case next on April 26.