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Vijay Mallya extradition: Loan defaulter laundered Rs 6000 crore via shell firms; CBI, ED to submit fresh chargesheet in UK court
The CBI and Enforcement Directorate had been preparing a chargesheet against him that could strengthen the India's case in the UK court.
Updated : Sep 25, 2017, 10:40 AM IST
 "Vijay Mallya")
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The CBI and Enforcement Directorate could be a step closer to make Vijay Mallya's extradition a success. The two organisations had been preparing a chargesheet against him that could strengthen the India's case in the UK court.
According to the report published in the Times of India, the loan defaulter allegedly diverted a large chunk of funds from the Rs 6,027-crore loan he took for his now- defunct Kingfisher Airlines from a consortium of banks led by State Bank of India.
The money was then diverted to shell companies in seven countries, including the US, UK, France and Ireland, the report stated, citing the sources.
"We received information that Mallya, using his company and associates, laundered a major chunk of this Rs 6,027 crore loan to several countries. Now, we have established links with shell companies and bank accounts in at least seven countries. Letters rogatory have already been sent to the US, the UK, France and Ireland and we will get complete details soon," the official source told the newspaper.
The CBI and ED plan to share the fresh chargesheets with the UK prosecutors before December, when the final extradition hearing will begin, the report said.
Last month, trouble escalated a notch higher for Mallya when Stock Holding Corporation of India Ltd (SHCIL) had transferred the title and rights of shares worth Rs 100 crore of United Breweries Ltd (UBL) by Vijay Mallya, to the Government, reported the Indian Express.
The move came as a part of the process of confiscating the assets of Vijay Mallya.
Earlier, the ED had written to SHCIL asking it to transfer the title and rights of un-pledged shares of UBL, United Spirits Ltd (USL) and McDowell Holdings Ltd worth close to Rs 4,000 crore, held by Mallya and his associate firms.
In August, United Breweries Ltd (UBL) said its Chairman Vijay Mallya has ceased to be director of the company following market regulator Sebi's order against him.
