(FILES) This file photo taken on July 8, 2016 shows Sahara Force India F1 team principal Vijay Mallya at a press conference following the second practice session at Silverstone motor racing circuit in Silverstone, central England.The recent arrest of Vijay Mallya on April 18, 2017 highlighted the problem of bad loans in India, but analysts say the tycoons unpaid debts are just the tip of an iceberg that is already holding back the countrys economic growth. / AFP PHOTO / Andrej ISAKOVIC
New Delhi: The recent arrest of Vijay Mallya (pic) highlighted the problem of bad loans in India, but analysts say the tycoon’s unpaid debts are just the tip of an iceberg that is already holding back the country’s economic growth.
The multi-millionaire owner of a Formula One team and founder of the Kingfisher beer brand was arrested last Tuesday in Britain, where he fled a year ago after allegedly defaulting on loans from Indian state banks worth more than US$1bil.
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