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Wanted in India on Fraud Charges, This Man Has Been Allowed to Spend Three-fold More Money

LONDON, 15 FEB. Vijay Mallya, the embattled liquor baron wanted in India on charges of fraud and money laundering, will get over 18,000 pounds weekly - a three-fold increase - as "ordinary living expenses allowance" following a recent UK High Court order.

Vijay Mallya's lawyers had applied to the court for additional living expenses as part of an estimated $1.5 billion worldwide freezing order against the 62-yearold businessman last year.

In an order dated January 30, Justice Robin Knowles permitted the increase in Mr Mallya's "ordinary living expenses allowance" to a maximum of 18,325.31 pounds a week. The allowance is believed to be a considerable boost on an estimated 5,000 pounds a week figure initially permitted by the court following a judgment of the Debt Recovery Tribunal (DRT) in Karnataka last year.

The litigation in the Queen's Bench Division of the Commercial Court in England's High Court of Justice dates back to November 24, 2017, and lists 13 Indian banks as claimants - the State Bank of India, Bank of Baroda, Corporation bank, Federal Bank Ltd, IDBI Bank, Indian Overseas Bank, Jammu & Kashmir Bank, Punjab & Sind Bank, Punjab National Bank, State Bank of Mysore, UCO Bank, United Bank of India and JM Financial Asset Reconstruction Co. Pvt Ltd.

Vijay Mallya and related concerns Ladywalk LLP, Rose Capital Ventures Ltd and Orange India Holdings are listed as defendants.

The freezing order relates to Mr Mallya and his concerns being restrained from removing from the jurisdiction any of their assets in the jurisdiction up to a limit of 145,000,000 pounds and in any way disposing of, dealing with or diminishing the value of any of their assets whether they are inside or outside the jurisdiction up to the same value.

A full hearing in the case, which falls under the UK's Foreign Judgments (Reciprocal Enforcement) Act 1933, is so far listed for April 12 and expected to last two days.

The court order of additional living expenses comes in the wake of the UK-based tycoon suffering a legal setback when the UK High Court awarded Singaporeheadquartered BOC Aviation an estimated $90 million in claims earlier this month against Vijay Mallya's now-defunct Kingfisher Airlines.

Meanwhile, the Indian government's extradition case against Mr Mallya is set to come up for one of its final hearings before Chief Magistrate Emma Arbuthnot at Westminster Magistrates' Court in London on March 16, with a judgement expected in May.


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