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Enforcement Directorate issues fresh summons to Mallya to appear on April 2

According to ED sources, the agency has expanded the scope of its investigation to include all the 17 banks that have lent to the airlines.

By: Express News Service | Mumbai | Updated: March 19, 2016 2:05 am
Vijay Mallya, Vijay Mallya case, Vijay Mallya controversy, Vijay Mallya UK, Vijay Mallya loans, Vijay Mallya money laundering case, vijay mallya Kingfisher, Kingfisher loans, Kingfisher airlines, Vijay Mallya news, business news, india news Official sources said the agency accepted his plea and gave Vijay Mallya the new date of April 2 to “join investigations in person.”

The enforcement Directorate (ED) has issued fresh summons to Vijay Mallya, chairman of the now-defunct Kingfisher Airlines, asking him to appear before the agency on April 2, in connection with a money laundering case.

Mallya had on Thursday has asked for time till “early April” to appear before the ED. The agency, that is investigating Mallya under the strict Prevention of Money Laundering Act (PMLA) had earlier directed Mallya to appear in person before it on March 18.

According to ED sources, the agency has expanded the scope of its investigation to include all the 17 banks that have lent to the airlines. The ED is also planning to seek the Securities and Exchange Board of India (Sebi) report on the issue of alleged round tripping of shares of United Spirits Ltd in 2007. Sebi is investigating allegation of round tripping in six accounts that belong to Mallya.

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“The ED will seek help from the RBI and Sebi to ensure that Mallya’s firms do not create third party rights (on assets),” said a senior official. The official added that the agency is co-ordinating with the CBI on Kingfisher case on a daily basis.

Mallya has come under the scanner of multiple investigating agencies such as the CBI, SFIO and ED. His company Kingfisher Airlines has defaulted on bank loans of over Rs 7,000 crore.

The ED has already grilled Ravi Nedungadi, former president and CFO at UB Group and A Raghunathan, former CFO of Kingfisher Airlines in the alleged default of over Rs 900 crore loan from IDBI Bank. On Thursday both Nedungadi and Raghunathan were questioned once again by ED.

Apart from Mallya, the ED had also issued summons to over half a dozen officials of IDBI Bank and KFA under provisions of the Prevention of Money Laundering Act (PMLA) wherein all the individuals have been asked to submit details about their personal finances and I-T returns of last five years.

The ED has also written to 17 banks and a clutch of probe agencies for details on loans defaulted and transactions done by Mallya’s companies. It has also sent official requests seeking details of the probe conducted by the income tax and service tax departments and the SFIO against the airline in the past.

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  1. T
    TIHAEwale
    Mar 18, 2016 at 10:23 am
    April 1 would have been an ideal date
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    1. S
      Sandeep Kumar
      Mar 18, 2016 at 10:15 am
      BSNL has reported a net loss of Rs 8,234 crore for 2014-15 against a loss of Rs 7,020 crore in 2013-14. This 8,234 crore comes from taxpayers money. Who is responsible?
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      1. S
        Sandeep Kumar
        Mar 18, 2016 at 10:15 am
        test
        (0)(0)
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        1. S
          s s nair
          Mar 18, 2016 at 2:20 pm
          Go on issuing every day so that your masters will be pleased. But there will be no result.
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          1. V
            v b
            Mar 18, 2016 at 9:42 am
            I wonder why the date for personal interrogation with Vijay Mallya should have been rescheduled just because he asked for it. ED could have done the interrogation over a Conference Telephone Call or through Skype on the 18th itself or a day or two later. In these days of modern Technology travelling over long distance for the person to be interrogation to present himself physically should not be considered necessary, let alone unavoidable.
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