New case against Vijay Mallya

Juliette O'Neill
By Juliette O'Neill August 24, 2016 13:59

New case against Vijay Mallya

Vijay Mallya, the former chief of Kingfisher Airlines, has been named in a new case brought by the Indian Enforcement Directorate (ED) that will investigate whether he and the airline laundered money taken as loans. This new investigation is in addition to the ongoing Rs.900 crore IDBI Bank loan default case already.

The new case is based on a complaint filed by a State Bank of India-led (SBI-led) consortium with the Central Bureau of Investigation (CBI), where he is alleged to have sought to recast his loan repayments without disclosing all pertinent information. SBI says that Kingfisher Airlines owes the consortium Rs.9,000 crore.

Juliette O'Neill
By Juliette O'Neill August 24, 2016 13:59