Special PMLA Court issues non bailable warrant against Vijay Mallya

By: |
April 18, 2016 4:59 PM

Special PMLA Court on Monday issued non bailable warrant against Vijay Mallya in the Rs 430 crore IDBI money laundering case.

Vijay mallya - IDBI Money laundering caseMore trouble for Vijay Mallya in IDBI Bank money laundering case: The special PMLA court also rejected application moved by Kingfisher Airlines that termed Enforcement Directorate’s claim that company had shiphoned off Rs 430 cr of IDBI loan as false.

Special PMLA Court on Monday issued non bailable warrant against Vijay Mallya in the Rs 430 crore IDBI money laundering case. The court also rejected application moved by Kingfisher Airlines that termed Enforcement Directorate’s claim that company had shiphoned off Rs 430 cr of IDBI loan as false.

Earlier, Kingfisher Airlines on Monday moved an application in the special PMLA court in Mumbai terming as “false and incorrect” ED’s charges against its owner Mallya that he had siphoned off Rs 430 crore of the IDBI loan and used this money to acquire property abroad.

This comes days after government of India supended Mallya’s passport on ED’s request

“This fact may have a bearing in the mind of the court so we wanted to correct it and place it before the court. ED’s charges are false and incorrect,” said advocate Pranav Badeka of the now defunct Kingfisher Airlines (KFA).

ED on Saturday, during arguments, had told the court that out of the Rs 950 crore which Mallya’s company had borrowed from IDBI for using it in the Kingfisher Airlines, Rs 430 crore was diverted and spent on purchase of property abroad.

Thus, the bank’s money was used for some purpose other than the one for which the loan had been given, ED counsel Hiten Venegaonkar told the court.

The 60-year-old industrialist, who is in UK, has skipped three summons issued by the agency. He had also sought time till May to depose before the officials.

On April 9, in reply to the last summons, Mallya had informed the Investigating Officer (IO) of the case here that he will be unable to depose personally as scheduled citing the ongoing legal proceedings going in the Supreme Court over settlement of loans.

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