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Panama Papers: Firm in British Virgin Islands tied directly to Vijay Mallya

Troubles are increasing for industrialist Vijay Mallya as his name appears in the Panama Papers leaks as well.

Mallya has been related directly to an offshore firm listed in the British Virgin Islands (BVI), which has been functioning since February 2006, The Times of India reported, quoting details from the website of International Consortium of Investigative Journalists (ICIJ).

According to the newspaper, his identity was secret, until the leaks, through an entity Sharecorp Limited, which was operative as a nominee shareholder. The industrialist's offshore was associated with a firm called Porticullus Trust Net, which is said to have been creating offshore accounts.

Meanwhile, United Kingdom's Financial Conduct Authority is alleged to have shared information about Venture New Holding with other offshore units that Mallya may have been operating. An investigation is under way by the Securities and Exchange Board of India (SEBI).

The reports come a day after Mallya got a double blow from the Supreme Court.

A 17-bank consortium, on Thursday, refused to accept Rs 4,000-crore repayment offer made by Mallya. The court also directed Mallya to disclose all his assets by April 21 and deposit a 'substantial amount' to attest his 'bona fide.'