Enforcement Directorate is tightening its noose on Vijay Mallya.
In his many encounters with authorities, Vijay Mallya has come through unscathed on most occasions. However, the law finally seems to be catching up with the embattled liquor baron, with the Enforcement Directorate planning to declare him an absconding offender in a money laundering case and secure a Red Corner Notice against him.
Mallya fled to the UK seven months ago, after his defunct Kingfisher Airlines defaulted on a ₹6,027 crore bank loan and the lenders moved the Supreme Court for seizure of his passport. He is also accused of diverting a loan worth ₹900 crore from IDBI Bank, sought for reviving his airline, to a Formula 1 race team he owned.
THE WEEK is in possession of documents that say Mallya, by virtue of being Kingfisher chairman, took the final decision to remit a major portion of the loan money to “outside India”, and he generated proceeds and laundered large chunks of funds. The ED probe is focused on how he harnessed several paper companies to divert funds.
A fast track court in Mumbai on September 22 sent A. Raghunathan, former chief financial of Kingfisher Airlines, to jail for 18 months in a cheque bounce case filed by GMR Hyderabad International Airport Ltd. Raghunathan and UB Group CFO Ravi Nedungadi had appeared before the ED a few months ago.
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