Asia

Indian tycoon Vijay Mallya guilty of disobeying top court

Associated Press
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In this June 3, 2010 file photo, United Breweries Group Chairman Vijay Mallya attends the Global Investors Meet organized by Karnataka state government in Bangalore, India. India's top court on Tuesday, May 9, 2017, found wanted tycoon Mallya guilty of disobeying its order barring him from transferring $40 million to his children. Mallya, who fled to London last year, is wanted in India on charges of money laundering and bank demands that he pay back more than a billion dollars in loans extended to his now-defunct airline. India has been seeking his extradition over the charges, which Mallya denies.(AP Photo/Aijaz Rahi, File) (The Associated Press)

FILE - In this October 26, 2010 file photo, Indian entrepreneur Vijay Mallya receives the Entrepreneur Of The Year Award at The Asian Awards at Grosvenor House Hotel, Park Lane, London. India's top court on Tuesday, May 9, 2017, found wanted tycoon Mallya guilty of disobeying its order barring him from transferring $40 million to his children. Mallya, who fled to London last year, is wanted in India on charges of money laundering and bank demands that he pay back more than a billion dollars in loans extended to his now-defunct airline. India has been seeking his extradition over the charges, which Mallya denies. (AP Photo/Paul Jeffers, File) (The Associated Press)

India's top court has found wanted tycoon Vijay Mallya guilty of disobeying its order barring him from transferring $40 million to his children.

Mallya fled to London last year and has stayed there. He is free on bail during India's proceedings to extradite him.

The Supreme Court in Tuesday's ruling acted on a plea by Indian banks, who said Mallya received $40 million from British firm Diageo and transferred it to his children illegally. The court asked Mallya to appear before it in July to decide the punishment.

Mallya is wanted in India on charges of money laundering and bank demands that he pay back more than a billion dollars in loans extended to his now-defunct airline.