PMLA Court issues NBW against Vijay Mallya

05 July, Mumbai

A special Prevention of Money Laundering Act (PMLA) Court Wednesday issued a Non-Bailable warrant against absconding business tycoon Vijay Mallya, as it took cognizance of the complaint filed by the Enforcement Directorate (ED).

Earlier, ED had filed the first chargesheet against the liquor baron and others in the IDBI-KFA bank loan money laundering case. In March 2016, ED had also a filed a complaint under the Prevention of Money Laundering Act (PMLA).

According to the reports, IDBI had given a short loan of Rs 10-crore to Mallya in October 2009 and the bank then allotted Rs 750-crore to the Kingfisher Airlines for the second time. Out of this, Rs 200-crore was in the form of a bridge loan.

The airlines owes a massive amount of over 9,000-crore to 17 banks, including SBI, IDBI Bank, Punjab National Bank, Bank of India, Bank of Baroda, United Bank of India, Central Bank, UCO Bank, Corporation Bank, Indian Overseas Bank, Federal Bank, Punjab and Sind Bank, Axis Bank and among others.

Earlier, a London court had granted bail to Mallya and after coming out of the court, an embattled Mallya said “You can keep dreaming about the billion pounds, but there’s no proof.”

“Do you have the facts? You cannot prove anything without facts,” he added.The 61-year-old Mallya who is also the now-defunct Kingfisher Airlines chief fled from India on March 2 last year, has been living in Britain, mostly, since then.

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