• search
For Quick Alerts
For Daily Alerts

Unearthing the Vijay Mallya conspiracy: What India told the UK

By Vicky

India has told the UK that liquor baron Vijay Mallya had connived with a bank official and bagged a loan of Rs 900 crore. He convinced the banks that he was taking a loan for the operations of Kingfisher Airlines but laundered the money, the Crown Prosecution Service was told by a team of the CBI and ED.

Unearthing the Vijay Mallya conspiracy: What India told the UK

The CBI-ED team is in the UK to brief the CPS ahead of the extradition hearing slated for May 17. The CPS has been seeking strong grounds from India to be put forth before the court so that Mallya's extradition could be sought.

The Indian team in its briefing has said that Mallya had taken a loan from the banks, but laundered the money and this formed a major criminal conspiracy. Further they were also told that Mallya connived with Yogesh Aggarwal the then chairman of the IDBI Bank which extended a loan of Rs 900 crore.

Further the CPS was also told that the total outstanding loan amount stood at Rs 9,000 crore. He diverted the money to shell companies both in India and abroad. Further the Indian team explained that the CPS could rely on the statements given by various persons including bank officials. Further the CPS was also told that Mallya's intent became clear when he escaped to the UK just when criminal proceedings had begun against him.

The CBI-ED team also spoke about the recent Supreme Court verdict which initiated contempt against Mallya for non-appearance. Several chances were given to him to appear before the court and also repay the amount, but he failed to do so, thus earning the Supreme Court's ire, the Indian team also told the CPS which would press for Mallya's extradition to India.

OneIndia News

For Daily Alerts
Get Instant News Updates
Notification Settings X
Time Settings
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more