The Westminster Magistrates’ Court in London will on Thursday hear the extradition case of former Kingfisher Airlines owner Vijay Mallya. Mallya has been chargesheeted by the Enforcement Directorate (ED) in a Rs 900 crore IDBI-KFA bank loan case. This is the second hearing. On June 13, Chief Magistrate Emma Louise Arbuthnot granted Mallya bail until December 4 and scheduled the next hearing for July 6. In April, Mallya was arrested in Scotyand Yard on fraud allegations. He was relased after a few hours on conditional bail after paying 650,000 pounds.
Yesterday, a fresh non-bailable arrest warrant was issued against the liquor baron in connection with a money laundering case being probed by the ED for alleged bank loan fraud. Special ED counsel Hiten Venegoankar said, “The court has taken cognisance of the ED chargesheet filed on June 14, 2017 and issued a NBW against Mallya.”
The ED on June 14 submitted a prosecution complaint in a Mumbai court over an alleged loan default of Rs 900 crore by the now-defunct airline. The complaint accused the airline and Mallya of having routed overseas over Rs 417 crore of Rs 900 crore it secured as loan for aircraft rental leasing and operational expenses.
The complaint claimed that, “there may be similar over-invoicing in case of lease aircraft of other specifications. Investigation for the same is in progress. Further, the directors/owners of the company (Mauritius firms) being ex-employees of UB Group raises suspicion of siphoning/diversion of funds. Copies of the lease rental agreements were not provided nor any supporting documents to show that the transactions were genuine and bonafide,” the complaint claimed.”
With PTI inputs