ED files chargesheet against Mallya under PMLA

Fastrack

Fastrack

He is wanted in India to face charges of money laundering and bank demands that he pay back more than a billion dollars in loans to his now-defunct airline.

Mumbai: India's only anti-money laundering agency Enforcement Directorate has filed a chargesheet against liquor baron Vijay Mallya in a Rs 900 loans default case concerning IDBI Bank. He also added, "I have not eluded any court..."

"The fact the country of India and me are not the best partners is something that has been going on for a few years now", said Mallya.

The ED said its "money trail analysis revealed that out of the total loan of Rs 860.92 crore, sanctioned and disbursed by IDBI, Rs 423 crore has been remitted out of India. I have enough evidence to prove my case", Mallya said after coming out of the Court.

Mr. Mallya, 61, is wanted by Indian law enforcement agencies for defaulting on several bank loans amounting to almost ₹9,000 crore.

Mallya had his diplomatic passport revoked last April, with a warrant issued for his arrest, and he has since been residing in the UK.

Mallya fled to the United Kingdom after he defaulted on Rs 6,027 crore in bank loans and the lenders, a consortium of Indian banks, moved the Supreme Court for seizure of his passport.

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The development comes a day after a London Court granted Mallya, 61, bail in an extradition case and posted the matter for hearing on July 6. The arrest had been in connection to the extradition hearings, and even then Mallya had taken a dig at Indian news outlets for apparently celebrating the fact that he was in the police net.

When asked about the estimated £1 billion he allegedly owes the consortium of banks, Mallya retorted: "You can keep dreaming about £1 billion".

Vijay Mallya tweeted that, "Intense hate campaign by Indian media against me knows no bounds". A joint CBI-ED team went to London last month with documents to bolster the Crown's case.

An Indian tycoon facing extradition to India appeared at a preliminary hearing in a British court Tuesday.

Mallya, who now lives in a sprawling $15 million (13 million euro) mansion in England's county of Hertfordshire, has denied absconding and has criticised the media for what he has called a "witch hunt".

However, Wednesday's development follows Mallya's denial of all allegations in a London court on Tuesday where he claimed he was "innocent".

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