1. Vijay Mallya seeks more time to appear before ED in IDBI money laundering case

Vijay Mallya seeks more time to appear before ED in IDBI money laundering case

IDBI money laundering case: ED had summoned Vijay Mallya to appear on March 18 in the alleged default in payment of Rs 900 crore dues to IDBI bank.

By: | Updated: March 17, 2016 5:53 PM
Vijay mallya loan default case IDBI money laundering case: ED had summoned Vijay Mallya to appear on March 18 in the alleged default in payment of Rs 900 crore dues to IDBI bank. (Photo: Reuters)

Liquor baron Vijay Mallya has sought more time from Enforcement Directorate(ED) in IDBI money laundering probe.

The probe agency had summoned Vijay Mallya to appear on March 18 as part of its money laundering probe in the alleged default in payment of Rs 900 crore dues to IDBI bank.

Officials said the Mallya has informed the Enforcement Directorate’s investigating officer that he would not be able to keep Friday’s date and sought time till April.

“The summons have been issued to Mallya under provisions of the Prevention of Money Laundering Act in connection with the IDBI case,” they said. The sources said Mallya has also been asked to furnish documents related to his personal finances.

The ED is looking into the “proceeds of crime” that would have been generated using the slush funds of the alleged loan fraud. It is also probing if some of this amount was sent abroad illegally.

The agency has also written to the 17-bank consortium, led by SBI, which lent money to the grounded airlines, and later went to the Debt Recovery Tribunal (DRT) for recovery of these dues.

In another development, the auction of Kingfisher House, once the headquarters Kingfisher Airlines, proved to be a flop show on Thursday with no bids coming in, presumably due to litigation fears and a high reserve price of Rs 150 crore — dealing a blow to lenders’ efforts to recover their loans.

  1. Dulal Basu
    Mar 17, 2016 at 12:23 pm
    Cancel his pport and force him to return to India.
    Reply

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