A day after a london Court granted him bail in an extradition case, the Enforcement Directorate (ED) filed a charge-sheet against fugitive businessman Vijay Mallya in the Rs 900-crore IDBI Bank- Kingfisher Airline loan default and money laundering case in a special court here on Wednesday.
Among other things, a 57-page charges-sheet filed by ED before the special court provides details about the manner in which the loan was approved and how subsequently Mallya’s now-defunct airline allegedly diverted laundered money sanctioned to it, violating the provisions of Money laundering Act (PMlA).
In a separate case relating to the default in the re-payment of loan to the IDBI Bank, the CBI had on January 24 this year filed a 1,000 page charge-sheet against Vijay Mallya and 10 others in the Rs 900 crore Industrial Development Bank of India (IDBI) loan repayment default case in a special court here and arrested nine officials, including ex-IDBI Bank chairman Yogesh Agarwal.
Apart from IDBI’s five top officials Yogesh Aggarwal, BK Batra, OV Bundellu, SKV Srinivasan and RS Sridha, four others who were charge-sheeted then by the CBI comprised A Raghunathan, former CFO of Kingfisher Airlines, three more former executives Shailesh Borke, AC Shah and Amit Nadkarni
Mallya is facing the investigations by the ED and CBI for defaulting on repayment of loans of Rs 900 crore taken from IDBI and also defaulting on payments to the tune of Rs 8,191 crore that he and his companies owe to various Indian banks.
The CBI had in its first look-out notice issued against Mallya on October 16, 2015 requested the immigration authorities to detain him if he was found to be leaving the country. And in its revised look-out notice, the CBI had merely requested the Bureau of Immigration (BoI) to only inform it about his departure and travel plans.
However, Mallya quietly left the country on March 2 last year, amid reports about his airline having defaulted on repayment of nearly Rs 9,000 crore to the banks.
He has been evading summons by courts ever since he clandestinely left the country on March 2, 2016 for the United Kingdom, where he is currently based.
On its part, the ED — which has not yet succeeded in forcing Mallya to appear before different courts in connection with the money laundering case — has so far attached properties worth over Rs 9,000 crore belonging to the businessman under the PMlA.