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Force India boss Vijay Mallya has been declared a proclaimed offender by an Indian court.
The airline magnate and former member of Indian parliament is wanted in connection with a billion dollars of unpaid loans.
On 11 June 120M US million dollars worth of Mallya's assets were secured against loans totalling the same amount.
The move comes after Mallya, who is currently believed to be in London, has refused to return to India to face investigation in a money laundering case.
The Indian Government has previously requested the businessman be extradited to his homeland but the UK government has so far refused to cooperate, stating that he entered the country using a valid passport. His passport has since been revoked by the Indian authorities.
Indian law states that Mallya now has 30 days to appear in a place that has been specified by the courts. Should he fail to appear, the court has the right to sell off some of Mallya's property.
120 Million in assets seized as collateral in-case he defaults along with not showing up at court.
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mclarenfan1968
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120 Million in assets seized as collateral in-case he defaults along with not showing up at court.