Vijay Mallya moved Rs 6000 crore loan to shell companies

Vijay Mallya moved Rs 6000 crore loan to shell companies”

Sources with the ED office confirmed that out of Rs 6027 crores of bank loan taken from 17 banks, Mallya has allegedly laundered " Vijay Mallya, of around Rs 3000 crore, outside India". The official further said that the agencies have established links with shell companies and bank accounts in at least seven countries including US, UK, France and Ireland.

A leading daily reported that the money was diverted through shell companies in seven countries, including the U.S., the UK, France and Ireland.

"The amount was about one-fourth but it is early to say".

"We received information that Mallya, using his company and associates, laundered a major chunk of this Rs 6,027 crore loan to several countries".

Vijay Mallya left for London in March 2016 as banks closed in on him to recover more than Rs9,000 crore owed to them by the defunct Kingfisher Airlines.

The Enforcement Directorate (ED) and the CBI have made a major breakthrough in strengthening their case against fugitive liquor baron and chairman of UB Group, Vijay Mallya.

India and the United Kingdom have an Extradition Treaty, signed in 1992, but so far only one extradition has taken place under the arrangement Samirbhai Vinubhai Patel, who was sent back to India last October to face trial in connection with his involvement in the post-Godhra riots of 2002.

While State Bank of India (SBI) had a maximum exposure of Rs 1,600 crore, other public-sector banks that gave loans to Kingfisher are Punjab National Bank with an exposure of Rs 800 crore, Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore), Central Bank of India (Rs 410 crore), UCO Bank (Rs 320 crore), Corporation Bank (Rs 310 crore), State Bank of Mysore (Rs 150 crore), Indian Overseas Bank (Rs 140 crore).

The Indian government had in February 2017, handed over to British authorities a formal request for Mallya's extradition, saying it had a legitimate case against him on charges of financial irregularities and loan default.

The 61-year-old tycoon is sought by Indian authorities for allegedly defaulting on several bank loans amounting to almost Rs 9,000 crores.

"This matter is sub-judice; hence, we can not comment on the same", a spokesperson for Mallya's United Breweries Holdings Ltd said.

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