Vijay Mallya diverted most of Rs 6,000-cr loan to shell firms in 7 nations

Former Indian politician and billionaire businessman Vijay Mallya arrives for his extradition hearing at Westminster Magistrates Court in London

CBI, ED preparing chargesheet to strengthen extradition case; Mallya alleged to have systematically duped banks by repaying some loan and borrowing more after gaining their confidence


Strengthening the case for fugitive businessman Vijay Mallya's extradition from the United Kingdom, the Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) are reported to be preparing a charge sheet alleging the former liquor baron laundered a major chunk of the Rs 6,027-cr loan taken for the defunct Kingfisher Airlines.

Mallya, the 61-year-old chief of the erstwhile Kingfisher Airlines who owes over Rs 9,000 crore to IDBI Bank and various other Indian banks, had fled India to escape legal proceedings in connection with default on the loan repayment.

The money, borrowed from a consortium of banks led by State Bank of India, was allegedly diverted through shell firms in seven countries, including the United States (US), the UK, France and Ireland, The Times of India reported on Monday.


“Now, we have established links with shell companies and bank accounts in at least seven countries,” the English daily quoted an official as saying. The letters have been been sent to the US, UK, France and Ireland and the officials would get more details soon.

The official said Mallya systematically duped banks by repaying some amount of the loan and borrowing more funds after gaining their confidence.
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