Vijay Mallya loses UK lawsuit over $1.55 billion in Indian claims

The asset freeze order had forced Mallya to live on 5,000 pounds a week, but his allowance was increased to roughly 20,000 pounds a week earlier this year

Indian tycoon Vijay Mallya lost a UK lawsuit filed by Indian banks seeking to collect more than 1.15 billion pounds ($1.55 billion) amid allegations that he committed massive fraud.

Judge Andrew Henshaw in London Tuesday said the lenders, including IDBI Bank Ltd., can enforce an Indian court ruling that relates to allegations that Mallya willfully defaulted on about $1.4 billion in debt for his now-defunct Kingfisher Airlines Ltd. Henshaw also refused to overturn a worldwide order freezing Mallya’s assets.

The 62-year-old is fighting numerous lawsuits in the UK and his native country over fraud and money-laundering allegations. He was arrested