More trouble for Vijay Mallya, now a money laundering rap
Bengaluru: Vijay Mallya, famous for his colourful lifestyle is in deep waters for quite some time due to financial bungling and bank debts. Adding to his woes, the Enforcement Directorate has registered a money laundering case against him. On the other hand, Debt Recovery Tribunal has ordered that Vijay Mallya can not withdraw Rs 515 millon arising from the sale of United Beverage Ltd; flagship company of Mallya's business empire. On Monday,Mallya had said that he is making efforts to reach a one-time settlement with banks to whom he owes large amount of money.
- The ED to grill Malllya soon.
- Kingfisher Airlines owes over Rs1600 million to State Bank of India.
- DRT has seized Mallya's passport and filed a case for his arrest .
- Consortium of government banks have urged the supreme court to impose restriction on Mallaya from leaving India.
- A cased under Prevention of Money Laundering Act (PMLA) is also slapped against Mallya.
The Story So Far
- Mallya's company took loan of Rs 7800 million from 17 banks.
- Only the SBI owes Rs.1600 million to Mallya.
- SBI declared Mallya as a wilful defaulter .
- Mallya appealed against SBI in Delhi High Court.
- Court refused to take notice of Mallya's appeal.