Court reserves order on ED plea for NBW against Mallya
Vijay Mallya diverted Rs 430 crore for purchase of a property abroad from the Rs 950 crore IDBI loan for his Kingfisher Airlines, the ED alleged today before a special court which reserved its order till April 18 on the agency’s plea for a NBW against the beleaguered businessman.
The order on the Enforcement Directorate’s (ED) plea for a Non Bailable Warrant(NBW) in the money laundering case involving Mallya’s alleged defrauding of the IDBI was reserved by special Judge P R Bhavake who hears cases filed under the Prevention of Money Laundering Act(PMLA).
Mallya, now in Britain, is charged with siphoning off a portion of money involving IDBI loan of Rs 950 crore, which he had borrowed for Kingfisher Airlines.
“We have stumbled upon the money trail and found that of the money he borrowed (Rs 950 crore), a portion (Rs 430 crore) had been used to buy a property outside India. He wants to avoid probe and therefore Non Bailable Warrant may be issued to compel his presence by bringing him from UK,” ED Counsel Hiten Venegaonkar said.