Mallya charged with money laundering

Charges relate to a loan extended to his grounded carrier Kingfisher Airlines

India’s financial crimes agency filed charges of moneylaundering yesterday against Vijay Mallya, accusing the flamboyant tycoon of siphoning off money from a loan to his now-defunct airline.

The charges brought by the Enforcement Directorate against Mallya — once dubbed the ‘King of Good Times’ for his lavish lifestyle — relate to a loan extended to his grounded carrier Kingfisher Airlines.

The agency is investigating whether India’s IDBI bank gave the airline a loan despite knowing of its financial troubles, and whether cash was spirited away.

In a 57-page report the directorate alleged that Rs4 billion ($62 million, Dh227.7 million) from the loan deal had been illegally whisked abroad, the Press Trust of India reported. Officials from the bank and airline were also under scrutiny, PTI said.

A court issued an arrest warrant for Mallya after he fled India in March 2016 owing more than $1.3 billion to state-owned banks.

Indian investigators want the liquor baron brought home to face a series of charges related to his financial dealings, which are being investigated by several agencies.

Mallya, who co-owns Formula One team Force India, was arrested in London in April following an extradition request from India and granted bail.

The 61-year-old appeared before court in London again Tuesday where he maintained his innocence.

Mallya made Kingfisher a global brand, and was a director of Indian Premier League cricket team Royal Challengers Bangalore until stepping down last year.