IDBI money laundering case: ED files first charge sheet against Vijay Mallya, others

Back in March 2016, the ED had filed a case under the Prevention of Money Laundering Act (PMLA) against Mallya for allegedly sending abroad a sum of Rs. 900 crore from his company.

By: Express Web Desk | New Delhi | Updated: June 14, 2017 7:49 pm
Bijay mallya, Mallya loan default case, Mallya money laundering, Vijay mallya IDBI case, Vijay Mallya.

The Enforcement Directorate on Wednesday filed its first charge sheet against embattled liquor baron Vijay Mallya and others in the IDBI-KFA bank loan money laundering case. Back in March 2016, the ED had filed a case under the Prevention of Money Laundering Act (PMLA) against Mallya for allegedly sending abroad a sum of Rs. 900 crore from his company.

As reported by the Indian Express earlier today, out of the total amount of Rs 900 crore, sources said, IDBI granted a short term loan of Rs 150 crore to the airlines in October 2009. In the second tranche, they said, the bank loaned Rs 750 crore to Kingfisher, of which Rs 200 crore was in the form of a bridge loan and the rest for other purposes.

Kingfisher owes over Rs 9,000 crore to a consortium of 17 banks, including the SBI, IDBI Bank, Punjab National Bank, Bank of India, Bank of Baroda, United Bank of India, Central Bank, UCO Bank, Corporation Bank, Indian Overseas Bank, Federal Bank, Punjab and Sind Bank, and Axis Bank among others. The ED and Central Bureau of Investigation are currently probing the loan default case by Kingfisher Airlines.

Quoting sources, Indian Express reported today the probe has revealed that Mallya allegedly colluded with IDBI Bank officials to secure loans without giving any valuable collateral.

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  1. A
    ashok s
    Jun 14, 2017 at 9:22 pm
    I asked VM ' kya apke pass sukh chain hain ' He replied ' silver chain hain '
    Reply
  2. A
    ashok s
    Jun 14, 2017 at 9:21 pm
    My money rs 226 strucked with McDonald , they say system error it will take a months to refund
    Reply
  3. T
    TIHAEwale
    Jun 14, 2017 at 5:08 pm
    arrest the dubious bankers and dismiss them if not done already, let courts in India take their eternal time to reinstate if prosecution fails to provide evidence of wrong doing
    Reply