Mallya effect: Rs 1 billion diverted from IPL team RCB's holding company

USL's internal probe found the amount was diverted from Royal Challengers Sports Pvt Ltd, the holding company of Royal challengers Bangalore, under Vijay Mallya's ownership

Even as United Spirits Ltd (USL) investigated a massive financial fraud at the company at the time businessman Vijay Mallya was at the helm of its affairs, the alleged financial irregularities spread to the company’s Indian Premier League (IPL) franchise Royal Challengers Bangalore (RCB) as well. Royal Challengers Sports Pvt Ltd (RCSPL), the holding company of RCB, said in its latest financial statement filed before India’s regulators that it had detected financial irregularities to the tune of Rs 1.15 billion (Rs 115 crore).

RCSPL’s 2016-17 financial statement states that an additional inquiry conducted by USL’s management revealed that Rs 1.15