Days after registering a case, the Enforcement Directorate (ED) has issued summons to over half a dozen officials of the IDBI bank and Vijay Mallya-owned Kingfisher Airlines in connection with its money laundering probe in the alleged default of over Rs900 crore loan from IDBI bank.
The Mumbai office of the agency has issued the summons under the provisions of the Prevention of Money laundering Act (PMlA) and all the individuals have been asked to submit details about their personal finances and Income Tax Returns (ITRs) of last five years to the investigators.
Those summoned include former Chairman and Managing Director of IDBI Yogesh Agarwal, the Chief Financial Officer of the now defunct Kingfisher Airlines A Raghunathan and other senior executive members and officials of both the organisations.
“The summons require them to join investigations in the next few days. The agency will record their statements,” agency sources said.
The officials indicated that the agency will question some important functionaries of the bank and the airlines before they decide on issuing summons to the main player and liquor baron Vijay Mallya in the case.
The ED recently registered a money laundering case against Mallya and others based on a CBI FIR registered last year.
The agency is also investigating the overall financial structure of Kingfisher airlines and money suspected to have been laundered by misusing the loan amount. The agency is looking into the “proceeds of crime” that would have been generated using the slush funds of the alleged loan fraud. It is also probing if some of this amount was sent abroad illegally and if prima facie material is found, a case under the Foreign Exchange Management Act (FEMA) will also be filed separately, the sources said.