In what could be seen as a victory for Indian banks, defaulter, Vijay Mallya has been described as fugitive by a court in United Kingdom (UK). In a hearing in the case filed by Indian banks, of the thousands of crores of rupees that Mallya took as loan and defaulted, the court said that Mallya is a fugitive on the run, which is illegal. The same judge had earlier suggested that his properties could be seized. Most of his assets are in various countries and it needs a great deal of efforts on the part of governments to liquidate them.
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