India’s financial crimes agency filed charges of money-laundering Wednesday against Vijay Mallya, accusing the flamboyant tycoon of siphoning off money from a loan to his now-defunct airline.
The charges brought by the Enforcement Directorate against Mallya — once dubbed the ‘King of Good Times’ for his lavish lifestyle — relate to a loan extended to his grounded carrier Kingfisher Airlines.
The agency is investigating whether India’s IDBI bank gave the airline a loan despite knowing of its financial troubles, and whether cash was spirited away.
In a 57-page report the directorate alleged that Rs4 billion ($62 million, Dh227.7 million) from the loan deal had been illegally whisked abroad, the Press Trust of India reported. Officials from the bank and airline were also under scrutiny, PTI said.
A court issued an arrest warrant for Mallya after he fled India in March 2016 owing more than $1.3 billion to state-owned banks.
Indian investigators want the liquor baron brought home to face a series of charges related to his financial dealings, which are being investigated by several agencies.
Mallya, who co-owns Formula One team Force India, was arrested in London in April following an extradition request from India and granted bail.
The 61-year-old appeared before court in London again Tuesday where he maintained his innocence.
“I deny all allegations that have been made and I will continue to deny them,” Mallya said outside the court.
Mallya made Kingfisher a global brand, and was a director of Indian Premier League cricket team Royal Challengers Bangalore until stepping down last year.
He caused a stir last week when he attended India’s cricket match against South Africa in London, where Indian fans met him with shouts of “Chor, chor!” (Thief, thief!).
Mallya dropped off India’s most wealthy list in 2014, engulfed by the massive debts of his grounded carrier. He now lives in a sprawling $15 million mansion in England’s county of Hertfordshire.
Source : Gulf News
GMT 05:03 2018 Tuesday ,23 January
Sacked Catalan leader arrives in Denmark despite Spanish arrest threatGMT 17:40 2018 Monday ,22 January
Rapist, killer of 11-year-old Pakistani boy in Abu Dhabi appeals death sentenceGMT 04:07 2018 Monday ,22 January
Bahrain arrests 47, charges 290 in mass crackdownGMT 16:15 2018 Sunday ,21 January
Young man, woman exchange nude photos on WhatsApp in UAE, land in courtGMT 08:33 2018 Sunday ,21 January
Thai police arrest 'kingpin' in Asian wildlife traffickingGMT 17:49 2018 Saturday ,20 January
India's top court acquits Bollywood director of rapeGMT 03:13 2018 Saturday ,20 January
German IS rapper killed in airstrike in Syria: monitorGMT 05:46 2018 Friday ,19 January
Top India court lifts ban on release of Bollywood filmMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor