Economy

Mallya laundered over Rs.1300 crores - ED

Mallya laundered over Rs.1300 crores - ED”

The apex court had summoned Mallya in the pleas by a consortium of banks led by State Bank of India for not repaying the loan he took from them.

The apex court's order had come on a plea by the consortium of banks, led by the State Bank of India (SBI), which had said that Mallya had allegedly transferred Dollars 40 million received from British firm Diageo to his children in "flagrant violation" of various judicial orders.

On Monday, A bench comprising of Justices A K Goel and U U Lalit had scheduled the case for hearing on July 14 and had sought the assistance of the Solicitor General, Ranjit Kumar in the case.

The apex court on May 9 had held Mallya guilty of contempt and misleading the court.

Mumbai: The Enforcement Directorate has said that liquor baron Vijay Mallya laundered over Rs 1,300 crore through 13 shell companies in US, Ireland, Mauritius and France.

The charge sheet which was filed on account of Rs.900 crore IDBI-KFA loan has also accused eight other people for their involvement in the case.

Mallya was charged under various sections of the Prevention of Money Laundering Act (PMLA) and the ED has filed it before a special anti-money laundering court.

The ED has also said that these shell companies had no actual activities and was fully controlled by Mallya with former employees of UB group being its directors.

Mallya, whose now-defunct Kingfisher Airlines allegedly owes more than Rs 9,000 crore to various banks, had fled India on March 2, 2016.

The agency said the only goal of these companies were to either obtain loan or launder money.

Citing Vijay Mallya's deal with Diageo Plc where he received $40 million as a "convoluted" method to receive the payments outside India, the ED said that it clearly shows that he never meant to repay the money to the banks.



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