India relies on ‘3 chapters of dishonesty’ while trying to extradite Mallya
There were three chapters of dishonesty that was unveiled by the prosecution which is seeking the extradition of former liquor baron Vijay Mallya.
The trial in the case will take place over the course of the next 8 days. The prosecution told the Westminster Court that Mallya had fraudulently obtained loans from Indian banks.
Mark Summers, appearing for the Crown Prosecution Service on India's behalf, told magistrate Emma Arbuthnot that Mallya's companies used a number of these loans for "unintended" purposes. Separate loans of Rs 150 crore and Rs 750 crore taken from IDBI Bank, besides funds acquired from the State Bank of India, were specifically mentioned.
The three chapters of dishonesty were presented before the court while quoting from a large number of bank documents, statements of witnesses and emails.
These chapters, according to him, were the many misrepresentations made to secure financial assistance; the unintended ways in which the funds were used; and what Mallya and his firms did when the loans were recalled.
Further, the prosecution accused Mallya of 'squirreling away' funds while using various tactics to prevent banks from retrieving their money. Further, he was also accused of playing round robin by trying to pay off loans from one bank with those obtained from another.