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Vijay Mallya Accused Of Conspiracy, Cheating In Rs. 900 Crore Loan Default Case

NDTV logo NDTV 24-01-2017

NEW DELHI: A charge-sheet has been filed against tycoon Vijay Mallya in the Rs. 900 crore loan default case by the Central Bureau of Investigation, which is investigating the matter. The loan was given by the IDBI bank in 2009-10, bending the rules of the Reserve Bank, the agency said in the chargesheet. A huge chunk of money was sanctioned in a single day. Rs. 250 crore, meant to buy aircraft parts, were diverted outside the country. A former chairman of IDBI Bank and 8 others have also been named in the case.

Mr Mallya has been accused of conspiracy and cheating. Wanted in a series of loan default cases, the tycoon, who skipped the country, has also been named as an absconder in the 1000-page charge-sheet, which was filed at a court in Mumbai today.

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The loan was given to Mr Mallya's now defunct Kingfisher Airlines by the IDBI bank in 2009-10 bending the rules of the Reserve Bank, the agency said in the chargesheet.

The money was given in two tranches. One loan was passed on a Sunday, keeping the bank open specially for the purpose, agency said.

Of the money, Rs. 250 crore, meant to buy aircraft parts, was diverted outside the country, the agency said. Most of it ended up in the UK, where Mr Mallya is currently residing. The Enforcement Department, which is investigating the charges of money laundering, has attached property worth Rs. 1,411 crore belonging to Mr Mallya and his United Breweries.

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Former chairman of IDBI Bank Yogesh Aggarwal and 7 others, who were arrested on Monday, have also been named in the case.

The others include a former senior official of the Kingfisher Airlines and several officials of the IDBI Bank. Although there is a non-bailable warrant against him and his passport has been revoked, Mr Mallya has not been questioned even once.

ALSO READ: Vijay Mallya case: CBI arrests former IDBI Bank chairman Yogesh Aggarwal, 7 others

Mr Mallya's Kingfisher Airlines owes Rs. 9,091 crore to a consortium of 17 banks, which have moved the Supreme Court to recover the loans. Though they said they were willing to negotiate, they alleged that Mr Mallya has not been totally forthcoming about his assets.

ALSO WATCH (PHOTOS): Liquor baron Vijay Mallya’s life in pictures

Liquor baron Vijay Mallya’s life in pictures: Vijay Mallya, the owner of Kingfisher is facing legal action for allegedly defaulting on loans of Rs 9,000. Mallya, who is also a member of Rajya Sabha, has been asked by the Supreme Court to appear before it on March 30. (Express archive) Liquor baron Vijay Mallya’s life in pictures

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