Vijay Mallya held in UK in money laundering case, gets bail

Beleaguered liquor baron Vijay Mallya was arrested here on Tuesday in a money-laundering case filed by the Enforcement Directorate (ED), before being released on bail by the Westminster Magistrates’ Court.

 

The 61-year-old flamboyant businessman, already out on bail on an extradition warrant executed by the Metropolitan Police earlier this year, was released on the same bail conditions as before to appear for his trial on December 4.

 

Outside the court room, Mallya said he had “done nothing wrong” and described the allegations against him as “fabricated”.  “I deny all allegations that read more

Vijay Mallya diverted most of Rs 6,000-cr loan to shell firms in 7 nations

Strengthening the case for fugitive businessman Vijay Mallya‘s extradition from the United Kingdom, the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are reported to be preparing a charge sheet alleging the former liquor baron laundered a major chunk of the Rs 6,027-cr loan taken for the defunct Kingfisher Airlines.

Mallya, the 61-year-old chief of the erstwhile Kingfisher Airlines who owes over Rs 9,000 crore to IDBI Bank and various other Indian banks, had fled India to escape legal proceedings in connection with default on the loan repayment.

The money, borrowed from a consortium of banks led by State Bank of India, was allegedly diverted through shell firms in seven countries, including the United States (US), the UK, France and Ireland, The Times of India reported on Monday.

“Now, we have established links with shell companies and bank accounts in at least seven countries,” the English daily quoted an official as saying. The letters have been been sent to the US, UK, France and read more