APN News

  • Friday, January, 2022| Today's Market | Current Time: 12:49:35
  • Chargesheet fled against Mallya in IDBI loan default case

    Published on June 15, 2017

    Mumbai: Enforcement Directorate has filed its first chargesheet against Vijay Mallya and others in the IDBI Bank loan default case. mallyaThe 57-page chargesheet along with voluminous annexures was filed before a special court in Mumbai on Wednesday. This comes a day after a London court granted him bail in the extradition case and scheduled his next hearing on 6th of July.

    Mallya has been charged under various sections of the Prevention of Money Laundering Act – PMLA and the ED has stated in detail how funds of over 400 crore rupees were moved abroad in alleged violation of rules. The chargesheet also explains the role played by Kingfisher Airlines’ executives and officials working for IDBI Bank to get the loan approved.

    Last year, Enforcement Directorate had registered a criminal case against Vijay Mallya under PMLA and has attached assets worth over Rs 9,600 crore till now. According to ED’s investigation; Kingfisher Airlines and IDBI Bank officials criminally conspired to obtain funds to the tune of 860.92 crore rupees despite weak financials.

    It states that almost 807 crore rupees of this principal amount still remains unpaid; adding that about 423 crore rupees has been remitted out of India as false payments made towards aircraft rental leasing and maintenance, servicing and spare parts.