Panama Papers Offshore Leaks explains how Vijay Mallya siphoned off the money

While banks are having a hard time with Vijay Mallya being unable to recover a huge NPA, Mallya is  said to be holidaying in London. The banks are complaining he has siphoned off the loan given to Kingfisher Airlines.

When I searched few names in Offshore Leak, the web page returned the name of Dr Vijay Mallya. I was well expecting his name in the Panama Papers. Dr Mallya owns Venture New Holding Ltd in the tax heaven of North East Carribean nation- British Virgin Island. He is also the beneficiary owner of this firm. This holds another firm Sharecorp Ltd which is registered in India. Through this company Vijay Mallya was able to have business links with different countries like Singapore, China, Britan, Italy, USA to name few. He could have siphoned off the money through this network, also avoiding the taxation. The profit was routed back to him through Venture New Holding Ltd, legally avoiding the tax, being registered in the tax heaven, British Virgin Island.

Vijay Mallya holding shadow company in British Virgin Island.
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He could have owned the asset through these firms more than that is required to liquidate his loans. It is impossible for anyone to hold a company in a tax heaven like British Virgin Island without any interest of siphoning off the money or tax avoidance. The banks should pursue the matter with the investigation agencies to look into the Mallya's case in a different angle.