Force India co-owner Vijay Mallya has been found guilty of contempt by India’s top court after a “flagrant violation” of various court orders.
Mallya, who denies any wrongdoing about the claim that he owes banks £600m, was accused of transferring $40m received from UK drinks company Diageo to his children.
In 2016, a court had prevented a $75m payment after creditors insisted on the money was used to help pay back his debts, but $40m had already been moved on.
Mallya was supposed to appear before court in India on July 10, but is currently in London.
India are continuing to seek his extradition which relates to a whole host of charges against the now-defunct Kingfisher Airlines.