India Abroad

ED Files Fresh Charge-Sheet Against Liquor Baron Mallya In IDBI- Kingfisher Loan Case

| June 19 , 2018 , 12:39 IST

The Enforcement Directorate on Monday filed a fresh charge sheet against absconder and former liquor baron Vijay Mallya and two companies linked to him.

ED has filed the charge sheet, also known as prosecution complaint, before a special court in Mumbai under the provisions of the Prevention of Money Laundering Act (PMLA). The agency named Mallya, Kingfisher Airlines, UBHL (United Breweries Holdings Ltd.) and others in the long charge sheet.

According to media reports, the nodal agency would immediately seek permission from a court to seize assets worth more than Rs 9,000 crore of Mallya and his firms under the recently proclaimed Fugitive Economic Offenders Ordinance.

The first charge-sheet against Mallya was filed last year in the 900 Crore loan case given by IDBI bank to Mallya’s Kingfisher Airlines.ED has attached assets worth Rs 9,890 crore in IDBI- Kingfisher loan case.

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

The Enforcement Directorate has based its investigation in this instance after taking cognizance of a Central Bureau of Investigation (CBI) FIR.