Gift settlements: How Mallya kept Diageo deal's $40 mn away from India

Vijay Mallya has to pay a whopping 9,000 crore of loan taken from a consortium of 17 banks

Earlier this week, India had a sip of victory after liquor baron Vijay Mallya was arrested by the Scotland Yard in London, but eventually, he was let off within a couple of hours on conditional bail. This has put India in a precarious position. Enforcement Directorate officials claim that bringing Mallya back to India will take over 6-12 months. Meanwhile, in its dossier, the ED has said that Mallya transferred Rs 26 ($40 million) crore to his three children through gift settlements.

According to Money Control, in an affidavit submitted before the Supreme Court, Mallya stated that the money had