Millennium Post

CBI moving to seek Mallya’s extradition from UK after getting non-bailable warrant

The CBI is moving to seek the extradition of liquor baron Vijay Mallya from the United Kingdom after securing non-bailable warrant against him from a Mumbai court.

A request for extradition will soon be forwarded to designated authorities in the UK through diplomatic channels, CBI sources said today.

The investigative agency secured a non-bailable warrant against Mallya following it with an extradition request from the Special Court to competent authorities in the United Kingdom, the sources said.

The sources said that the agency is also examining the role of top bankers of IDBI which had extended over Rs 900 crore loan to now defunct Kingfisher Airlines in 2008-09.

They claimed that CBI has got sufficient evidence against Mallya and despite notices he has not joined the investigations following which the agency secured a non- bailable warrant against him from Special CBI Court in Mumbai.

Mallya had left the country in March despite look out circulars from CBI. He was not stopped by the Bureau of Immigration because of change in the nature of Look Out Circular issued by the agency.

The agency had registered a case against Vijay Mallya, Kingfisher Airlines and other unknown officers of IDBI Bank for allegedly showing undue favours to Kingfisher Airlines, now defunct, to sanction loans aggregating Rs 900 crore in Oct 2008-09.

The sources said the loans were extended despite weak financials of the company, negative reports, low credibility, and in deviation from corporate land policy of the bank.

It is alleged that significant portions of the loans were utilised by KFA to service existing debt to other banks, lenders or to settle outstanding documentary bills.

The FIR alleged that large sums were remitted out of India as rentals or payment of spare parts, they said.

It alleged documents show there was a criminal conspiracy between Mallya and top officials of IDBI Bank wherein the bankers abused their position and disbursed loans amounting to Rs 900 crore even as Mallya and subordinates provided false information to banks to get loans sanctioned.
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