ED files fresh case against Mallya

ED files fresh case against Mallya

ED files fresh case against Mallya

Ten days after the CBI registered a fresh case, the Enforcement Directorate on Tuesday registered a money laundering case against former MP Vijay Mallya.

The case has been filed against Mallya for defaulting on Rs 6,027 crore loan given to him by a consortium of banks.

The ED was earlier investigating a case involving the loan he took from IDBI Bank, after the CBI had registered a case.

Officials said they had collected details from the CBI on its second FIR to file a fresh money laundering case against him.

The CBI on August 13 filed the FIR under sections of criminal conspiracy and cheating for not honouring his commitment to repay a Rs 6,027 crore loan Mallya-owned Kingfisher Airlines took during 2005-10 from a consortium of banks.

The complaint was filed by the State Bank of India on behalf of the consortium.
This was the second case filed by the CBI after registering an FIR on the default of loan given by the IDBI Bank.

Kingfisher Airlines and United Breweries Holdings Limited have also been named as accused in the FIR.

State Bank of India and others had advanced credit facilities to Kingfisher Airlines between 2005 and 2010. However, Kingfisher Airlines had failed to honour the commitments in 2009-10.

According to the FIR, Kingfisher Airlines did not keep its account with the consortium and it became a Non-Performing Asset (NPA), the FIR said.
 

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