Thursday, June 15, 2017

Vijay Mallya, Kingfisher Airlines indulged in money laundering, criminal activities, says ED

Liquor baron Vijay Mallya was an active participant in money laundering and his Kingfisher Airlines pvt Ltd had indulged in criminal activities, the Enforcement Directorate has informed a special anti money laundering court in Mumbai. The ED has said this in its 57-page charge sheet or prosecution complaint in connection with Rs 900 crore IDBI-KFA bank loan case probe. The 61 year old was also blamed for routing overseas over Rs 417 crore of Rs 900 crore loan it got for aircraft rental leasing and operational expenses, according to Indian Express report.
The ED has named a total of nine accused, including Mallya, Kingfisher Airlines (KFA), United Breweries (Holding) Limited and senior employees and executives of the now-defunct airline and the IDBI (Industrial Development Bank of India) bank, in the charge sheet. The agency has called Mallya the prime mover of the entire plot. It has also mentioned the role of other officials and executives of KFA and IDBI bank in this deal and has explained how the alleged fraud of bank loan in this case was done, with the help of flow charts and diagrams, according to agency report.
The complaint also pressed for charges under sections 3 and 4 of the Prevention of Money Laundering Act (PMLA) against Mallya, Kingfisher Airlines, United Breweries Holdings Ltd and six others.
15/06/17 Financial Express

0 Comments: