Business Companies 15 Apr 2016 Loan fraud case: ED ...

Loan fraud case: ED seeks non-bailable warrant against Mallya

PTI
Published Apr 15, 2016, 6:20 pm IST
Updated Apr 15, 2016, 8:32 pm IST
Ministry of External affairs on Friday suspended Mallya’s passport for ‘wilful non-compliance’ of legal process.
Vijay Mallya's Kingfisher Airlines has defaulted on loans of over Rs 9,400 crores
 Vijay Mallya's Kingfisher Airlines has defaulted on loans of over Rs 9,400 crores

Mumbai: In more trouble for beleaguered businessman Vijay Mallya, the Enforcement Directorate on Friday moved the special PMLA court here seeking non-bailable warrant against him in connection with a money laundering probe in the over Rs 900 crore IDBI loan fraud case.

"We have moved the court seeking NBW against him and the hearing is likely to take place tomorrow," said an ED official.

 

Government on Friday suspended the passport of Mallya, whose Kingfisher Airlines has defaulted on loans of over Rs 9,400 crores and who has been defying Enforcement Directorate summons, and even threatened to revoke it.

Also Read: MEA revokes Mallya's passport for 'wilful non-compliance' to legal process

The 60-year-old industrialist, who has been in Britain for over a month, had skipped three summonses 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.

 

The agency had issued fresh summons in the first week of April to Mallya asking him to appear on April 9 after he sought two extensions from the earlier dates of March 18 and April 2 citing official reasons. The officials said that while seeking extension Mallya had informed the ED that cases related to bank loans were currently sub-judice in the Supreme Court and he was trying to settle these loans with the help of his legal and corporate team and, hence, would require some more time.

Mallya was first summoned by the agency to "appear in person" at its office in Mumbai on March 18 but he sought more time citing his prior engagements, following which the agency asked him to depose on April 2.

 

Mallya was also directed by the Supreme Court to disclose all assets owned by him and his family in India and abroad by April 21. The liquor baron is reported to be in the UK after he left India on March 2. The ED has registered a money laundering case against Mallya and others based on an FIR registered last year by the CBI.

The agency is also investigating financial structure of the now defunct Kingfisher Airlines and looking into any payment of kickbacks to secure loans.

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Location: India, Delhi, New Delhi




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