ED TO APPROACH SIX COUNTRIES FOR DETAILS ON MALLYA’S ASSETS
MUMBAI: The Enforcement Directorate (ED) will now approach six countries — United Arab Emirates (UAE), United States of America (USA), France, Singapore, Ireland and Mauritius, for details on Vijay Mallya’s properties, bank accounts and shell companies.
The Special court for Prevention of Money Laundering Act (PMLA) has allowed ED’s plea to send Letter Rogatory (LR- Letter of Request) to authorities in the respective six countries – UAE, USA, France, Ireland, Singapore and Mauritius for details sought by the agency.
The central agency is investigating the allegation of money laundering against Mallya also booked for defaulting loans taken from various banks on the name of M/s Kingfisher Airlines. The agency has claimed that the loan money was laundered by Mallya for his personal consumption and he appraised several properties out of India.
The central agencies – CBI and ED who has been probing the case has alleged that Kingfisher Airlines was incurring losses from its inception and the net losses of the company were ₹687 crore for the year ended March 2008 and ₹2,168 crore for the year ended March 2009.
By 2009, Kingfisher had already availed loans aggregating to ₹4,998.50 crores from various banks under multiple banking Arrangement and was in further need of loan of ₹2,500 crore, out of which ₹2,000 crore were sanctioned by the consortium of the banks.
The agency in six different applications has pleaded the proceeds of crime, that is the laundered money was diverted by Mallya into various accounts and also invested in several properties out of India.
The agency alleged that Mallya owns several properties in UAE and USA, while has also incorporated several companies in USA, where the funds also have been suspected to have been diverted. While the agency has sought bank account details and details of the companies with which Mallya had transaction in other four countries.
ED had filed its first complaint (chargesheet) before the special PMLA court last month on June 14 against Mallya and officers of Kingfisher Airlines.
The agency has given a detailed trail of money laundered by Mallya and other office bearers.