Vijay Mallya cheated banks to the tune of Rs 9,990.07-crore in the second case probed by ED, while in the first case, it is probing a loan fraud of Rs 900-crore
Vijay Mallya
In a significant development, the enforcement directorate (ED) on Friday moved an application before court to declare liquor baron Vijay Mallya a fugitive, under the Fugitive Economic Offender's Ordinance, that gives the agency the power to confiscate all assets of an absconding loan defaulter. A senior official of the ED confirmed that they had moved an application seeking to declare Mallya a fugitive. Sources said the ED has estimated that Mallya has assets worth around Rs 12,500-crore. Assets worth over Rs 4,000-crore belonging to Mallya and his companies have been seized by the agency so far.
Mallya cheated banks to the tune of Rs 9,990.07-crore in the second case probed by ED, while in the first case, it is probing a loan fraud of Rs 900-crore. The agency has already submitted two charge sheets against the liquor baron in the prevention of money laundering court. As per ED's complaint, several companies under his UB group did not do any actual activity or have an independent source of income, and Mallya controlled them through his office. As per the ED charge sheet, Mallya and officials of Kingfisher Airline Limited plotted to enhance the value of brand KAL, even though it suffered from deficiencies.
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