Setback to Vijay Mallya as High Court dismisses his petition
Bengaluru, Oct 07: In a setback to Vijay Mallya, the Karnataka High Court on Friday rejected petitions filed by him questioning rejection of his plea by the Debt Recovery Appellate Tribunal (DRAT) and upheld the decision of the DRAT asking Mallya to pre-deposit Rs. 3,101 crore to entertain his appeal against the order of the Debt Recovery Tribunal(DRT).
Division Bench comprising Chief Justice Dinesh Maheshwari and Justice Krishna S. Dixit held that Mr. Mallya and his United Breweries (Holding) Ltd. are jointly and severally liable, as guarantors, to pay the loan amount of Rs. 6,203 crore borrowed by Kingfisher Airlines Limited (KAL).
Mallya had filed an appeal before the DRAT against DRT’s January 19, 2017 order of permitting consortium of banks, led by the State bank of India, to recover the loan amount, payable by the KAL, from its guarantors along with an interest at the rate of 11.5 % per annum on the dues with yearly rests from the date of the application till the date of completion of realization.
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Insurance consultant loses Rs 71 lakh in cryptocurrency investment fraud
Thane (PTI): A 42-year-old insurance consultant from Mumbra in Thane district of Maharashtra was allegedly cheated of more than Rs 71 lakh by cyber fraudsters who lured him into investing in cryptocurrency trading, police said on Tuesday.
A case was registered against six persons at Mumbra police station under relevant sections of the Bharatiya Nyay Sanhita on charges of cheating and breach of trust. Nobody has been arrested to date.
The complainant, a resident of Kausa in Mumbra, alleged that the accused induced him to invest money in a firm, purportedly associated with a cryptocurrency platform, between August 2025 and March 2026.
He transferred Rs 71,60,015 through cash and online transactions at different times. However, the accused failed to return the invested amount and instead misappropriated the funds, a police official said.
