Vjay Mallya diverted major chunk of Rs 6,000-cr loan to shell companies

vijay mallya-wefornews

New Delhi, Sep 25: The fugitive liquor baron Vijay Mallya diverted most of  Rs 6,000-cr loan to shell companies in seven countries, revealed the Central Bureau of Investigation and the Enforcement Directorate probe revealed. 

In a bid to strengthen the evidence against absconded Mallya, the top investigative agencies are preparing fresh charge sheet in which they found the money which he borrowed from dozens of banks led by State Bank of India between 2005 and 2010 , was diverted through shell firms in seven countries, including the United States (US), the UK, France and Ireland, according to The Times of India.

Earlier this year also, the CBI and ED filed chargesheet regarding IDBI Bank’s Rs 900-crore loan. In which they claimed that Mallya had laundered amount worth Rs 1,300 crore through 13 overseas shell companies, which he has denied.

The investigative agencies will submit this latest evidence in the Westminster Magistrates Court, London in a hope that it will help to expedite Mallya’s extradition. Next hearing is scheduled to be held in December.

Malllya who owes over Rs 9,000 crore to various Indian banks, had fled India in to escape from legal proceedings in connection with loan default case Kingfisher Airlines.

Since 2016, he has been lodging in the UK.  On April 18, Mallya was arrested by Scotland Yard on an extradition warrant and is currently out on bail.

Wefornews Bureau 

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