Enforcement Director counsel Hiten Venegaonkar told CNN-News18 that the bail to Vijay Mallya was a procedural matter and that he would be released soon. Venegaonkar said the fresh affidavit filed by the agency was only related to the IDBI offence, and said it contained concrete evidence against Mallya.
Mallya has repeatedly refused to appear before courts and investigators in India since he secretly fled to Britain in March, 2016, after defaulting on loan payments to state-owned banks and allegedly misusing the funds.
The CBI and ED had recently uncovered that Mallya had diverted a major chunk of Rs 6,027 crore loan, taken from a consortium of 17 banks led by SBI, to several countries including US, UK, France and Ireland. The two agencies are now planning to file chargesheets and present it as evidence in the Westminster Magistrates' Court to expedite his extradition.
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Here is a look at the timeline of events in the Mallya's loan default case.
According to sources, the cases filed by the Central Bureau of Investigation and the Enforcement Directorate are likely to be clubbed in the London court. His financial dealings are being investigated separately by the two agencies. More than half a dozen court warrants have already been issued against his name, and he owes banks at least Rs 9,000 crore.
Mallya’s Bank Story
2006: KFA approaches for a loan to IDBI Bank, bank’s committee declined the proposal.
2007: Kingfisher Airlines decides to purchase debt-ridden Air Deccan.
2008: Kingfisher Airlines debt touches Rs 934 crore due to spike in oil prices.
2009: IDBI changes its mind and decides to provide a loan of Rs 900 crore to the airlines.
2011: 11 bank accounts were suspended by service tax department for non-payment of Rs 70 crore.
2012: Mallya gives guarantees of Rs 5,904 crore for carrier’s loan.
2014: United India Bank recognises UBHL, guarantor of Kingfisher Airlines as wilful defaulter.
2015: SBI led bank consortium takes possession of Kingfisher House in Vile Parle.
2016: SBI led consortium moved debt recovery tribunal (DRT) to attach Vijay Mallya’s passport.
2016: Vijay Mallya in discussion with banks to settle debt.
2016: On March 9, Mallya leaves India.
Mallya went to Britain in March 2016 after being pursued in courts by banks seeking to recover about Rs 9,000 crore owed by his Kingfisher Airline. Despite multiple injunctions, he has failed to appear before investigators at the Enforcement Directorate in connection with a probe under the Prevention of Money Laundering Act (PMLA).
Embattled businessman and loan defaulter Vijay Mallya, who fled to London in 2016, has been arrested by the Scotland Yard.
File photo of liquor baron Vijay Mallya. (Reuters)
Here are the highlights.
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