Bombay beer baron ‘owes a billion’

An Indian beer tycoon, said to owe more than a billion dollars to banks in his own country, laundered money through his Formula One racing team, a court heard. Fugitive Vijay Mallya, 61, faces fraud charges in India after his airline collapsed with an estimated $1.3billion of debts. He fled to Britain in March 2016 after Kingfisher Airlines failed due to enormous unpaid loans, bills and wages five years ago, it is said. The magnate defaulted on huge loans from…