Mallya, Nirav Modi and Choksi have defrauded public sector banks by siphoning off the funds through their companies which resulted in total loss of Rs 22,585.83 crore to the banks.
This is not the first time that a SBI branch has named and shamed education loan borrowers. In 2013, the Bodinayakanur branch of SBI in Theni district too had displayed photos of students and their parents for defaulting on their educational loans.
Under the new Fugitive Economic Offenders Act, Mallya is the first accused in India to be booked. In 2019, a Mumbai court named Mallya as an offender under the Act, empowering probing agencies to seize his properties and assets the world over.
The dismissal of the High Court appeal effectively clears the decks for Mallya's extradition to India to face the charges in the Indian courts, with 14 days for him to apply for permission to appeal to the UK Supreme Court.