What's up guys and welcome back to wall street millennial on this channel, we cover all things stocks and investing in today's video we're going to take a look at the former member of parliament of india, vijay malya malya is a billionaire indian businessman who is currently wanted By the indian government for numerous financial crimes, known as the king of good times for his opulent and extravagant lifestyle, he is currently wanted for billions of dollars of unpaid debts. In addition to a colorful political career in india, malia has run several billion dollar businesses. However, most of his businesses went belly up and he is now one of the most indebted people on the planet. He is currently a fugitive of india residing in a country estate in london, with millions of dollars of debt, unpaid and a non-bailable warrant for his arrest.

In this video we'll take a look at this fascinating tale of a billionaire with political ambitions in a playboy lifestyle who chose to run from his country rather than pay his debts. Malia was born in india to businessman vitale malia, who was the chairman of the powerful spirits company united breweries group. He attended saint xavier's college in kolkata, where he earned a bachelor's degree in commerce throughout college. He routinely did summer internships as family's business since graduating college.

He has married multiple times and lived an extremely extravagant lifestyle. He has gained the reputation of the king of good times due to his propensity to engage in playboy activities. However, he was also observed to be an astutely religious person. He reportedly prays every day and participates in the entire 41 days sabrimala fast each year.

That's a religious fast under the religion of hinduism malya is reported to be a devoted follower of lord vega, teshwara, sabrimala, ayapa and kuke sabra mania, which are various hindu gods and temples. In fact, he is so devoted to these hindu temples that in 2012 he gave three kilograms of gold bricks to the venkateshwara temple. He also donated more than one hundred thousand dollars worth of gold plated doors to the coogie summer, subramanya temple, but as we will soon see, the money he donated was ill-gotten malia was born into a high socioeconomic status. His father was an executive at a large indian corporation in the early 2000s malia got into politics in india.

By joining the janata party, he was elected to the indian parliament twice from his home state for six-year terms. In his first term, he served from 2002 to 2009.. He was re-elected in 2010 and served until 2016.. However, in may of 2016 his passport had been revoked for accusations of massive financial fraud and he resigned from his position in parliament in a show of arrogance and lack of remorse.

He declared that his reason for resigning was because he was confident that he would not be afforded a fair trial. He also said that the department of financial services had provided false information on him regarding an ethics panel that was due to vote on his expulsion. The day after he resigned, malia got his money to fund a lavish lifestyle through business. His father was the chairman of united breweries group, which is an indian conglomerate that owns many companies, one of their companies kingfisher beer currently controls more than half of the beer market.

In india, and is the leading indian beer brand worldwide, in addition to the beer, business united breweries also sell spirits under the united spirits company. United spirits is the flagship company of united breweries vijay malia served as chairman of united spirits after his father, passed away under malia, united spirits and united breweries grew tremendously and became a multinational conglomerate that expanded into many unrelated industries such as real estate, fertilizer and aviation. By the early 2000s under malia's leadership, the company had become a corporate powerhouse in 2005. Malia decided to push his luck in business with the establishment of kingfisher airlines.

Kingfisher was the same brand name of his successful beer company and he decided to give his airline the same name. However, the airline quickly fell into hard times throughout the 2000s, and early 2010s malia took out billions of dollars of loans from banks on behalf of the airline. Despite his best efforts, his success in the alcohol industry did not translate into airline business success in october 2013. It was reported that kingfisher airlines was over a year behind on paying its employees salaries.

They also at that time owed more than a billion dollars to banks in unpaid debt and quickly thereafter, melia lost his airline operator license unable to pay back those loans or bring in more revenue. The company continued incurring operations and interest expenses and instead continued to grow. However, malia refused to let his company go down in the traditional bankruptcy courts. Instead, he used the debt airlines bank funding to fund his own lavish lifestyle.

The millions of dollars of gold, bars and gold-plated doors which he had donated to hindu temples were given. During the same time that kingfisher airlines was hemorrhaging cash, he also continued to live his playboy lifestyle, seemingly unable to adjust to the fact that for the first time in his life, his family's business could not be used as an unlimited atm using his families and his Own business and political clout malia was somehow able to take out billions of dollars worth of liabilities on behalf of the airline business. However, when kingfisher airlines was unable to generate enough profits to service those debts, instead of making good on his own personal liabilities, mallya fled the country. In early 2016, a group of banks that had been valued as creditors asked the supreme court of india to prevent valia from fleeing the country in order to escape his debt burden, but it was too late.

It has been reported that at the time he had already fled to one of his estates in london later that month, another court issued a warrant for his arrest without bail. A third court in the following month issued another undated arrest warrant against malia. This warrant was relayed to money laundering charges. The enforcement directorate in india had alleged that malia had illegally used tax havens to transfer more than half a billion dollars from his bank accounts by june of 2016, the indian enforcement directorate had identified 200 million dollars of malia's assets for seizure against unpaid debts in september.

It increased that number to more than a billion dollars after several other increases. The final number came up to 1.4 billion of his assets to be attached to his debits. These assets, including real estate stock accounts and a farmhouse. However, without a court date, nothing could actually be done and with malia clearly doing whatever he could to avoid appearing before court.

Nothing happened for years. Vijay malia was not running from the banks because he knew he could not pay the debts. According to the attorney general. For india, malia used the bank's money to purchase part or full ownership stakes in dozens of businesses across the world.

The value of these business stakes far exceeded the amount owed by malia. They included a formula one racing team since fleeing to the uk, the indian income tax department, as well as the central bureau of investigation, have attempted to get him extradited back to india for trial new charges on top of non-payment of debt included, failing to appear in Court after he fled india, as well as for balancing a 70 000 check written to an airport used by his failed airline. Although the uk law enforcement community were relatively uninterested in malia's debt issues in india, the metropolitan police arrested him on behalf of the indian authorities. On accusations of fraud and money laundering, however, he was released on bail after failing to appear before the indian supreme court on may 9th 2017.

He declared that the trials were a witch hunt and said that he had done nothing wrong later. In 2017, malia was arrested. A second time on money laundering charges but again released on bail. He has been on bail ever since then living in a 30 million dollar property in the prestigious cornwall terrace in london.

The banks valia had swindled, tried to repossess the property but because malia had put it in his mother's name, the banks could do nothing. In late 2018, a uk court ruled that malia be extradited to india to face investigations. He appealed the ruling, but his appeal was rejected by the london high court in october of 2020. The uk notified india that he could not be extradited at the time due to quote confidential legal matters.

To this day it is unknown what the cause of the delay is. The story of vijay malia is still not closed, like the malaysian con man, jo lo vijay valia still owes billions of dollars to creditors and is evading the justice system by using his financial power and international boundaries. He borrowed billions of dollars from banks and small creditors under the guise of using the funds for a dying airline business, but secretly used those funds to pay for his own lavish lifestyle and other business ventures. When his airline business rolled over, he refused to pay the consequences and instead ran from his creditors.

This is a shocking story of green. At the highest level, we've seen many people like vajay malia, engage in fraudulent behavior because of their addiction to the high life and their unwillingness to face the reality of it all coming crashing down. They just play by different rules than ordinary people and when their house of cards does come falling down, they have the resources to hide from the law. For years, the jade valia is just one more billion dollar con man that the justice systems of the world that slip through their fingers and we have no way of knowing if you'll, ever have to pay up for his crimes.

Alright, guys that wraps it up. For this video, if you like the content, make sure to hit that like button and subscribe for future videos. Also, let us know what you think about vijay malia in the comments section below in the meantime. Thank you so much for watching and we'll see you in the next video wall street bulletin signing out.