Friday, October 06, 2017

UK agency says Mallya bought his London mansion 'Lady Walk' using Indian taxpayers' money

The luxurious London residence of Vijay Mallya was bought using Indian taxpayers' money, claims a British agency. Serious Fraud Office (SFO) has found that the mansion called ‘Lady Walk’ was bought by Mallya using money that was routed through his companies in the UK.

As per a report by India Today, the investigation by the agency has revealed that Mallya bought the mansion for Rs 39.7 crore using Kingfisher Airlines' HSBC account in London. The money, as per reports, was paid to the British company Continental Administrative Services which had “ownership interests” in the Hertfordshire mansion that earlier belonged to F1 racer Lewis Hamilton.

The SFO also stated that close to Rs 242 crore was routed from the Axis Bank account of Kingfisher to its London-based accounts. As per the agency, loans disbursed by various Indian banks to Mallya were also diverted using this Axis Bank account.
As per the reports, the SFO is sharing the details with Central Bureau of Investigation(CBI) that has been in pursuit of the absconding liquor baron.
05/10/17 Moneycontrol.com

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