Vijay Mallya should have cut his coat according to his cloth. Here

STRDEL/ AFP/ Getty Images

Vijay Mallya should have cut his coat according to his cloth. Here's why

Vijay Mallya believed in living life king size. After making his fortunes from United Breweries -- a company that owns the Kingfisher beer brand, Mallya wanted to be known for everything associated with uber- luxury. He launched a premium airline under the brand name Kingfisher, and his calendar shoot with models of the Indian fashion world made steamy headlines in India as well as abroad.

However, Mallya was more of a consumer of luxury than a businessmen making money out of it. Most of his investments did not make business sense.

Read: End of Good Times? Tribunal locks up Rs 515 crore of Mallya's money

Today, he faces charges from the Enforcement Directorate as well as CBI for misusing the funds allocated for his businesses. He is a declared wilful defaulter by the State Bank of India and may lose his personal assets for not paying his dues.

Mallya's love for a hedonistic lifestyle and the mess he is in today are interlinked.

The polarity of this King

Vijay Mallya bought the Indian Premier League franchise, Royal Challengers Bangalore (RCB) in 2008 for a whopping US$111.6million.

Despite owing Rs 7500 crore to the Indian banks, Mallya spent a whopping Rs 9.5 crores on Australian all-rounder Shane Watson in the IPL player auction that was held in January 2016.

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Vijay Mallya greets Sharmila Padmanabhan, the owner of the Indian Derby winning horse Desert God, at Royal Western India Turf Club on 7 February 2016 in Mumbai. Photo: Arijit Sen/Hindustan Times via Getty Images

Mallya has 42.5% stake in the F1 team while Sahara Group also has 42.5 % share and the remaining 15% belongs to the Michiel Mol family.

It is alleged that by 2009, when Kingfisher's bank loans increased and its losses touched Rs 1,600 crore, as much as 6.4 million GBP (British Sterling) was paid from the accounts of Kingfisher to the F1 team.

In 2010, even as the employees of Kingfisher Airlines were not getting their salaries, the amount of sponsorship money to Mallya's F1 team almost doubled.

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Force India party yacht at the Monaco Grand Prix 2014

The tag of wilful defaulter did not stop Mallya from celebrating his 60th Birthday in December 2015 in a style typical of his good times.

The party hosted close to 600 people who were made to stay at Taj Vivanta , a plush five-star property. Enrique Iglesias and Sonu Nigam performed were a part of the cavalcade of artists who performed there.

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Force India Chairman Vijay Mallya on the grid before the Formula One Grand Prix of Great Britain at Silverstone Circuit on 5 July 2015 in Northampton, England. Photo: Charles Coates/Getty Images

Mallya had pledged Kingfisher's trademarks in lieu of loans from banks.

In 2009, global consultancy firm Grant & Thronton valued Kingfisher trademarks at Rs 4,111 crore.

In 2012, the value came down to Rs 3,008 crore.

The current value of the trademarks now stands at a mere Rs 6 crore!

The banks have no way of recovering their money at this value of the pledged trademarks.

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(L to R) Ruth Powys, Camilla- Duchess of Cornwall and Vijay Mallya attend the Quintessentially Foundation and Elephant Family's Royal Rickshaw Auction in London. Photo: David M. Benett/Dave Benett/Getty Images

The amount of Money that Mallya Owes to different banks:

  • State Bank of India: ,1623 crore lent to him ( Rs 155 crore has been recovered by the bank.)
  • Punjab National Bank: Rs 1,500 crore
  • IDBI Bank: Rs 800 crore
  • Bank of India: Rs 650 crore
  • Central Bank of India: Rs 410 crore
  • UCO Bank: Rs 320 crore
  • Corporation Bank: Rs 310 crore
  • State Bank of Mysore: Rs 150 crore
  • Indian Overseas Bank: Rs 140 crore
  • Federal Bank: Rs 90 crore
  • Punjab & Sind Bank: Rs 60 crore
  • Axis Bank: Rs 50 crore
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Vijay Mallya poses with models at the launch of The Kingfisher Swimsuit Calendar 2010 in Mumbai on 20 December 2009. Photo: STRDEL/AFP/Getty Images[/caption

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Mallya poses with models during the launch of the Kingfisher 2014 calendar in Mumbai on 21 December 2013. Photo: STRDEL/AFP/Getty Images

Kingfisher Calendar, considered the most coveted ticket to India's fashion and film industries, has been an unbroken tradition since 2003.

One of the most expensive fashion events in India, it reveals Mallya's way of life, even though his employee's didn't get their salaries.

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Neeraj Thakur

Neeraj Thakur @neerajthakur2