(MENAFN- Live Mint) A special court in Mumbai has issued a non-bailable warrant against fugitive businessman Vijay Mallya in a ₹180-crore loan default case linked to Indian Overseas bank (IOB), PTI reported.
The non-bailable warrant against Vijay Mallya was issued on June 29 by Judge SP Naik Nimbalkar of the special CBI court, with a detailed order released on Monday.
“The present case is of multiple loans amounting to nearly Rs180 crores given by Indian overseas Bank between 2007-2012 to Vijay Mallya and his company. There are a total of 10 accused in this case including Vijay Mallya and the FIR was registered in this case in August 2016,” the court observed.
Also Read | Fugitive Vijay Mallya seen at son Sidhartha's luxury wedding in UK
“All accused have been issued summons to appear, but for Vijay Mallya, the special CBI court has issued a non-bailable warrant also,” the court said.
The CBI, investigating the case, has alleged that the promoter of the now-defunct Kingfisher Airlines deliberately defaulted on payments, resulting in a wrongful loss of over ₹180 crore to the government-run bank.
The troubled liquor baron, already declared a fugitive economic offender in a money laundering case investigated by the Enforcement Directorate (ED), currently lives in London, with the Indian government actively pursuing his extradition.
The warrant pertained to a fraud case filed by the CBI, alleging the misappropriation of loans obtained by the now-defunct Kingfisher Airlines from IOB between 2007 and 2012.
Also Read | How Vijay Mallya bought Anil Kumble for RCB, 'Nobody is touching him'
According to a recent chargesheet filed in court by the central agency, the bank extended these loans to the defunct airline under a specific agreement.
The Reserve Bank of India (RBI) instructed the State Bank of India (SBI) in August 2010 to review a proposal from Kingfisher Airlines Ltd (KAL) to restructure its current facilities. As per the investigating agency's document, this directive included relaxing guidelines for the aviation sector.
In January 2019, a special court under the Prevention of Money Laundering Act (PMLA) declared the former Rajya Sabha MP a Fugitive Economic Offender. Mallya, facing accusations of loan defaults and money laundering, departed India in March 2016.
(With inputs from agencies)
MENAFN02072024007365015876ID1108396686
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.