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Adrina Adie

India’s jet-set tycoons crash to earth

They were famed for their jet-set lifestyles and the names of their companies were emblazoned on airplanes, Formula One cars and the shirtfronts of cricket teams. 

Now the debt-laden empires of three of India's best-known tycoons – Vijay Mallya, Subrata Roy (pic, centre) and T. Venkattram Reddy – are crumbling before their eyes, downfalls that observers say stem from a climate of weak regulation and deference to conspicuous wealth.

"All too often, the banks are dazzled by the halo of personal fortunes," said Vishwas Utagi, a veteran campaigner for banking regulation.


Now the debt-laden empires of three of India's best-known tycoons – Vijay Mallya, Subrata Roy (pic, centre) and T. Venkattram Reddy – are crumbling before their eyes, downfalls that observers say stem from a climate of weak regulation and deference to conspicuous wealth.

"All too often, the banks are dazzled by the halo of personal fortunes," said Vishwas Utagi, a veteran campaigner for banking regulation.



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