Vijay Mallya’s Firm says He did not use the loan amount for illegitimate purpose


Mumbai: A new turn in the case of liquor baron- Vijay Mallya whose passport has been suspended by the authorities, on the request of the Enforcement Directorate- ED, now Mallya refuted allegations that he siphoned about half of the Nine hundred crores of rupees loan to his Kingfisher Airlines, for purchasing the properties in foreign countries.

About sixty- years- old businessman- Mallya is facing allegations and cases against his non- payment of the loan amounts to the Indian banks. While the case before ED is to investigate the charges of fraud levelled against Mallya by the IDBI bank, and while so, the Enforcement Directorate had issued notices for three times to the businessman, but Mallya for all these times managed to escape the consequences. Finally, on the request of the Enforcement Directorate, Mallya’s passport is suspended.

Mallya who fled away to London in the month of March this year, has not arrived to India for attending the proceedings. Moreover, the ED has also asked the Court based at Mumbai to allow an arrest warrant against the businessman- Mallya, and also sought to maintain that he has spent about 430 crores of the his IDBI loan amount illegally for purchasing an ‘overseas property’.

However, the United Breweries Group from the side of Mallya found stated before the Court that the ED is having its facts wrong, and the said money was not spend on any illegal purpose, but for the legal business purposes. Moreover, the said group also claimed that it can provide full details in this connection in the coming days.

It is notable that the said Vijay Mallya, who is also a Rajya Sabha member was having a ‘diplomatic passport’ which is now suspended in the last week’s action. However, the suspension period in only for a ‘month’. Thus, it can be safely said that this time Mallya could be brought into the nation, after long wait by the authorities.

Vijay Mallya, though not arriving the country, but he earlier sought to respond the media that he is having respect towards the nation’s law, as he is also a member of cabinet.

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