1. Vijay Mallya of money laundering case: Non-Bailable warrant issued by Special PMLA court against beleaguered tycoon

Vijay Mallya of money laundering case: Non-Bailable warrant issued by Special PMLA court against beleaguered tycoon

Special Prevention of Money Laundering Act (PMLA) court issued a Non-Bailable Warrant against the business tycoon Vijay Mallya today.

By: | New Delhi | Published: July 5, 2017 2:06 PM
Vijay Mallya money laundering, Mallya Bank loan case, Kingfisher money laundering case, Mallya money laundering, Vijay Mallya news Vijay Mallya of money laundering case: Non-Bailable warrant issued by Special PMLA court against beleaguered tycoon. (IE)

Special Prevention of Money Laundering Act (PMLA) court issued a Non-Bailable Warrant against the business tycoon Vijay Mallya today. A report by ANI said, “Special PMLA court issues Non-Bailable Warrant against Vijay Mallya as it takes cognizance of the complaint (charge sheet) filed by ED.” A report by Indian Express on June 14 said that the Enforcement Directorate (ED) had filed the first charge sheet against the liquor baron and others in the IDBI-KFA bank loan money laundering case. Earlier, in March 2016, ED had a filed a complaint under the Prevention of Money Laundering Act (PMLA).

According to the Indian Express sources, IDBI had given a short loan of Rs 10 crore to Mallya in October 2009. The sources added that the bank then loaned Rs 750 crore to the Kingfisher Airlines for the second time. Out of this Rs 200 crore was in form of a bridge loan.

The airlines owes a massive amount of over 9,000 crore to 17 banks, including the SBI, IDBI Bank, Punjab National Bank, Bank of India, Bank of Baroda, United Bank of India, Central Bank, UCO Bank, Corporation Bank, Indian Overseas Bank, Federal Bank, Punjab and Sind Bank, and Axis Bank among others.

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