Saturday, February 27, 2016

Vijay Mallya diverted Rs 4,000 crore to tax havens

Was Vijay Mallya, who on Thursday announced his exit from the Diageo-controlled United Spirits Ltf (USL) board with a sweat deal and decided to settle in the UK, trying to escape India's investigating agencies?

Mallya is already under the scanner of investigating agencies for defaulting loans from a consortium of banks, led by the State Bank of India (SBI).

Based on the findings of SBI's forensic audit of the Rs7,000-crore loan, the finance ministry said that last year, Kingfisher Airlines (KFA) diverted a part of the loan.
Sources say that a major chunk of the loans, to the tune of Rs 4,000 crore, extended to KFA by public sector banks, which are now under CBI probe, were suspected to have been diverted to tax havens such as Cayman Island and Mauritius.

It has also come to light that the Enforcement Directorate (ED) had launched a preliminary enquiry against the 'king of good times' under the anti-money laundering laws to ensure that he does not escape to friendly countries, just like former commissioner of Indian Premier League (IPL) Lalit Modi, whose deportation from the UK is long awaited after a series of red-corner notices.
27/02/16 Shrimi Choudhary/Daily News & Analysis
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