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ED charge-sheet says Vijay Mallya used RCB and Force India to launder money
The latest charge-sheet indicated that Mallya-controlled Kingfisher Airlines took a loan of Rs 6,027 crore from the consortium on personal guarantee of Mallya, corporate guarantee of UB Holdings and an inflated brand guarantee of Kingfisher Airlines.
Updated : Jun 19, 2018, 12:09 PM IST
 "Vijay Mallya")
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The Enforcement Directorate (ED) has submitted a second charge-sheet in a special court against businessman Vijay Mallya, UB Holding and the now-defunct Kingfisher Airlines along with others charging them of laundering Rs 9,990 crore which they had fraudulently availed as loan from the SBI-led consortium of 17 banks.
The charge-sheet claims that Mallya used his Force India Formula 1 team and IPL team Royal Challengers Bangalore for money laundering. A year ago, the ED had filed the first charge-sheet against him and eight others for defrauding IDBI Bank of Rs 900 crore and laundering it.
The latest charge-sheet indicated that Mallya-controlled Kingfisher Airlines took a loan of Rs 6,027 crore from the consortium on personal guarantee of Mallya, corporate guarantee of UB Holdings and an inflated brand guarantee of Kingfisher Airlines.
The charge sheet cited four instances wherein the loan amount to Kingfishers Airlines by a consortium of backs were diverted. The loan ostensibly taken for operational expenses of Kingfisher Airlines was used for other purposes, including procuring a chartered aircraft for Mallya’s personal use.
The charge-sheet claims that Mallya laundered the loan money with the help of shell companies with dummy directors who were fronts for Mallya. He also allegedly procured properties in the name of these companies and routed the money abroad through over-invoicing of lease rent for aircraft which he procured from a Mauritius-based company for Kingfisher Airlines.
The CEO Of the Mauritius company, Veling Narian Ltd, Hitesh Patel is a former Kingfisher Airlines employee. The charge-sheet started that Kingfisher took flights on lease from different companies and the rent paid to Veling was higher than that paid to other companies of similar aircrafts.
Mallya also diverted part of the bank money (Rs 255 crore) to UK and from there it was transferred to the account of his Formula 1 team as advertising and promotional expenditure. The charge-sheet further stated that in 2008, Mallya siphoned off Rs 15.9 crore of the loan money from the airline’s account with Deutsche Bank and moved the money into IPL team RCB’s account.
