The UB Group on Sunday denied the enforcement directorate’s (EDs) allegations that it had transferred money abroad to acquire properties. “The allegation made by the Enforcement Directorate before the PMLA Court that they have stumbled upon evidence that Rs 430 crore was transferred overseas for property acquisition is strenuously denied,” said the official spokesman of The UB Group. “The audited accounts of Kingfisher Airlines including for the year ended March 31, 2010, show all foreign exchange transactions which includes funds borrowed from IDBI Bank used for legitimate business purposes only. We are shocked at the allegation made by the ED before the PMLA Court for the very first time,” the statement said. Watch Video: What Does Issuing Of Non-Bailable Warrant Against Vijay Mallya Mean? ED has moved a special court to obtain a non-bailable warrant against Mallya. The court will pronouce the order in the case on April 18. The ED had in the court alleged that Mallya diverted Rs 430 crore for purchase of a property abroad from the Rs 950 crore IDBI loan for his Kingfisher Airlines. [related-post] “Multiple investigations have been on since July 2015 and this allegation has never been made. In order to explain foreign exchange remittances all of which have been fully accounted for, we will provide full details in the next few days. Suffice it to say that the basis of seeking a non bailable warrant against our chairman is erroneous and unjustified,” said the UB Group spokesman. The Ministry of External Affairs had on April 15 suspended the diplomatic passport of Mallya, in connection with a money laundering probe in the IDBI loan ‘fraud’ case. The ED had on April 13 sought revocation of Mallya’s diplomatic passport. This after Mallya failed to appear before the probe agency on April 9 , despite being summoned three times by the ED under PMLA.
