More trouble for Vijay Mallya.
Looks like Vijay Mallya is getting into more trouble with each passing day. A special PMLA Court on Monday issued a non-bailable warrant against Vijay Mallya.
The court had rejected applications moved by the Kingfisher Airlines that termed ED's claim that the company had diverted Rs 430 crore of IDBI loan as false.
The KFA had moved an application in the special PMLA court terming as "false and incorrect" Enforcement Directorate's charges against its owner Vijay Mallya that he had siphoned off Rs 430 crore of the IDBI loan and used this money to acquire property abroad.
"This fact may have a bearing in the mind of the court so we wanted to correct it and place it before the court. ED's charges are false and incorrect," said advocate Pranav Badeka of the now defunct Kingfisher Airlines (KFA).
ED on Saturday, during arguments, had told the court that out of the Rs 950 crore which Mallya's company had borrowed from IDBI for using it in the Kingfisher Airlines, Rs 430 crore was diverted and spent on purchase of property abroad.
Thus, the bank's money was used for some purpose other than the one for which the loan had been given, ED counsel Hiten Venegaonkar told the court.
The 60-year-old industrialist, who is in UK, has skipped three summons issued by the agency. He had also sought time till May to depose before the officials.
Mallya was first summoned by the agency to "appear in person" at its office in Mumbai on March 18 but he sought more time citing his prior engagements, following which the agency asked him to depose on April 2.
He was also directed by the Supreme Court to disclose all assets owned by him and his family in India and abroad by April 21.
The liquor baron, who is facing legal proceedings for alleged default of loans worth over Rs 9,000 crore from various banks, is reported to be in the UK after he left India on March 2. Government on Friday suspended Mallya's passport.
ED has registered a money laundering case against Mallya and others based on an FIR registered last year by the CBI.
The agency is also investigating financial structure of the now defunct Kingfisher Airlines and looking into any payment of kickbacks to secure loans.
(With inputs from PTI)
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 "More trouble for Vijay Mallya.")
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