Businessman turned conman: Vijay Mallya faces final extradition hearing after losing Force India F1 team

Force India co-owner, Vijay Mallya, talks outside Westminster Magistrates, in central London
Force India co-owner, Vijay Mallya, talks outside Westminster Magistrates, in central London Reuters

Vijay Mallya is appearing in a UK court on Tuesday as it makes a final hearing in his extradition case.

Fugitive economic offender Vijay Mallya has lost control over the Force India Formula One racing team. Understandably, the flamboyant king of good times is devastated. Mallya has lost a stupendous amount of his wealth and trophies in the last few years, along with his reputation and standing.

Vijay Mallya's losses are celebrated in India. That's natural, going by the laws of retribution Indians seriously believe in. As each brick comes apart from the liquor baron's empire, his former employees in Kingfisher Airlines may experience a whiff of poetic justice whizzing past.

We in India love to treat each story with a view to finding a moral in it. And Mallya's story has many spectacular morals. The plainest of them all is that if you do wrong you will suffer. The middle India loves to latch on to that belief.

So What Has Mallya Lost Already? Let's Have A Quick Look.

Force India Formula 1 Team

A court-appointed administrator took over the F1 company last Friday, replacing Mallya's right-hand man Bob Fernley and dealing one of the heaviest blows to the fugitive tycoon. "The administration was triggered by Force India's Mexican driver Sergio Perez, supported by engine provider Mercedes and team sponsor BWT who were also owed money by a team struggling financially," a Reuters report said.

Kunigal stud Farm

Highly indebted Mallya quit horse racing, his United Racing & Bloodstock Breeders Limited (URBB) confirmed last year. The company, which owns the sprawling stud farm in Karnataka's Kunigal, had been cutting back on expenses and operational outlays for quite some time. Mallya had at least 100 fine-bred horses at this farm at any point during the heyday of this legendary 400-acre estate.

Kingfisher Villa in Goa

The sea-facing villa on Goa's Candolim beach was synonymous with the high noon of the Mallya empire. The flamboyant parties held at the villa defined the Mallya brand of business and deal-making. The villa was valued at Rs 90 crore when it was put on the block but fetched only Rs 73 when Mallya had to pass it on under duress.

Kingfisher House, Mumbai

The iconic building has all but slipped out of Mallya's hands. The 17-lender consortium has been trying to sell the structure to recoup some of the money Mallya owes the banks. Early this year, the consortium halved the asking money to ₹ 75 crore.

United Spirits

United Spirits is Mallya's flagship company, the prized asset he inherited from his father and one that churned out the money that drove his other ambitious enterprises later on. But after Kingfisher Airlines came crashing in a pile of debt, Mallya lost control of the prestigious brand. USL, which once became the world's second-largest spirits company, is now in the hands of British giant Diageo.

Kingfisher Airlines, and the famed brand

The story of Kingfisher Airlines is the story of Mallya's downfall and disgrace. His name, wealth and future sank under its weight but when the creditors put the Kingfisher brand for sale there weren't any takers.

UB City

Mallya's United Breweries Holdings Ltd had a 55 percent share in Kingfisher Towers in Mallya's iconic UB City, which was built on prime real estate Mallya's father Vittal Mallya bequeathed to his son in the heart of Bangalore's central business district. But Mallya has all but lost the prized asset.

Indian Empress

The Indian Empress used to be Mallya's private yacht. It was claimed to be the 33rd largest in the world as well. Mallya had bought it in 2006, at the prime of his business empire. Like Kingfisher Villa in Goa, the yacht was integral to Mallya's party-driven business mantra.

Mangalore Chemicals & Fertilizers

MCFL is another family-controlled entity that Mallya has had to give up under duress ever since his business came crashing under the impact of the Kingfisher Airlines fiasco. Mallya stepped down as chairman of the company after the Zuari group acquired a controlling stake in it.

European assets

With the noose tightening around Mallya, his assets including land parcels, ranches and mansions in various European cities and Hong Kong are on the radar of the bankers and the investigating agencies.

His private Jet

Mallya's Airbus A319 luxury jet was sold by India's service tax authorities for Rs 25 crore earlier this month. Its initial reserve price was Rs 152 crore. But it did not fetch that price since it was kept at the Mumbai airport hangar for more than five years after it was confiscated in 2013.

Other-worldly fleet

Also, on the block are his Rolls Royce Ghost, and other marquees like Jaguar XJ220, Jaguar XJR15 race car and Ferrari 1965 California Spyder.