Major blow for Vijay Mallya

According to reports, Indian tycoon Vijay Mallya lost a UK lawsuit filed by Indian banks in UK seeking to collect more than 1.15 billion pounds ($1.55 billion) amid allegations that he committed massive fraud.

The 62-year-old is already fighting numerous lawsuits in the UK and India over fraud and money-laundering allegations. He was arrested in London a year ago.

Mallya left India in 2016, saying he was moving to England to be closer to his children. He has refused to return to India and said he fears an unfair trial amid the “media frenzy and hysteria” over unpaid dues.