Mallya loan case: Money diverted illegally to offshore accounts?

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New Delhi, Jan 25: On Tuesday, the Central Bureau of Investigation filed a charge sheet accusing liquor baron Vijay Mallya of conspiracy and cheating in the Rs 900 crore IDBI Bank loan case. The case does not restrict itself to the diversion of the loan amount, but also the sanction of the credit too.

Vijay Mallya

[Also Read: Rs 900 crore IDBI bank loan case: Mallya charged with cheating, conspiracy]

There are allegations that rules were bent to sanction the loan to Kingfisher Airlines. The loan was granted despite KFA having negative ratings and a credit previously granted to the now defunct company, the CBI said in the charge sheet.

Money trail

The total loan amount was around Rs 900 crore. First a short term loan of Rs 150 crore was granted to KFA in 2009. The group of companies repaid Rs 100 crore. The second loan was of Rs 750 crore. Out of this, Rs 81 crore was given back by KFA to the Airport Authority of India, Rs 10 crore to oil companies and Rs 17 crore to catering.

The CBI also states that Rs 50 crore went towards income tax payments, Rs 55 crore to settle the documentary bill discounted by the Bank of Baroda and Rs 86 crore to Axis Bank for local payments.

Further it was found that Rs 21 crore was towards interest payments for earlier loans and Rs 290 crore for foreign remittances. An amount of Rs 3.45 crore was paid into a bank account of KFA in London.

The CBI says Rs 422 crore had gone to offshore accounts. This was mainly for leasing companies. What the CBI is trying to find out if these leasing companies were genuine in nature. We are ascertaining all the information, CBI officials said. The CBI added that an amount of Rs 262 crore was diverted by the company for personal use.

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