Mallya crops up in Panama Papers, has direct links to a firm in Virgin Islands

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Mallya crops up in Panama Papers, has direct links to a firm in Virgin Islands

Former Indian liquor baron Vijay Mallya, who has been declared a wilful defaulter by several Indian banks, is in trouble once again. Mallya senior’s name has appeared in the offshore leaks by International Consortium of Investigative Journalists (ICIJ), who shook the world with Panama Paper leaks a few days back.

As per the details accessed from the ICIJ website, a British Virgin Islands firm, called Venture New Holding Limited, which has been operational from February 15, 2006, is directly being linked to Vijay Mallya in spite of any of his companies.

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Mallya, who is an NRI, has had his tax haven entities in focus after the Karnataka high court’s observations in January 2014 that "Mallya had not come to the court with clean hands". The observation was in reference to a possible diversion of Rs 4,000 crore to a subsidiary in British Virgin Islands.

The operations of Venture New Holding were carried out from Mallya’s residence, 3 Vittal Mallya Road in Bengaluru. The offshore also has a direct link to a firm named Porticullus Trust Net, which, as per ICIJ details, is a 'one-stop solution' for the setting up of offshore accounts.

Mallya has direct links to a firm in Virgin IslandsMallya has direct links to a firm in Virgin IslandsThis firm originates from Cook Islands, which is an island group in South Pacific. Sharecorp Limited, a nominee shareholder firm protected Mallya's identity until the leaks happened.

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