Paradise Papers reveal money laundering by Mallya's firm
The Paradise Papers leak has revealed how funds amounting to over $1.5 billion were allegedly diverted using four offshore subsidiaries of United Spirits Limited India (USL), when Vijay Mallya owned the company. After Diageo acquired USL in 2013, it undertook a restructuring process to get rid of three of the subsidiaries and ended up waiving debts the firms owed.