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Friday, June 22, 2018

Enforcement Directorate (ED) moves special court to declare Vijay Mallya as fugitive offender Friday June 22,2018

The Enforcement Directorate (ED)on Friday June 22,2018  moved special court to declare fugitive liquor baron Vijay Mallya fugitive offender and confiscate his assets worth Rs 12,500 crore under new legislation.

A Mumbai special court on Thursday June 21,2018 ordered arrest of Mallya for his alleged involvement in a case of money laundering and cheating a consortium of banks of over Rs 6,000 crore.

The court also issued summons to Mallya's firms, Kingfisher Airlines (KFA) and United Breweries Holdings Limited (UBHL), before adjourning the hearing in the case to July 30,2018

The agency has filed the charge sheet, also known as prosecution complaint, under the Prevention of Money Laundering Act, naming Mallya, his firms KFA and UBHL besides others.

The ED had last year filed its first charge sheet against Mallya, now in London, in the alleged Rs 900-crore IDBI Bank-Kingfisher Airlines loan fraud case.

The fresh charge sheet revolves around the complaint received from State Bank of India (SBI) on behalf of the consortium of banks for causing loss of Rs 6,027 crore to them by not keeping repayment commitments of the loans taken during 2005-10.

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