New trouble for former liquor mogul Vijay Mallya

A Mumbai CBI court has issued a non-bailable warrant for Vijay Mallya. For more information, continue reading...
New trouble for former liquor mogul Vijay Mallya

The danger of 'absconding' businessman Vijay Mallya increases. A CBI court in Mumbai has issued a non-bailable warrant against him. The warrant was issued in case of a default of Rs 180 crore of Indian Overseas Bank. Following his involvement in financial fraud in India, Mallya fled the nation. His name has been implicated in several cases since then.

But so far, no Indian investigative agency has come close to Vijay. The CBI also claimed that Mallya took the loan with the intention of cheating and did not repay the loan. The warrant was related to a fraud case that the CBI had filed, in which it was claimed that loans taken out from IOB between 2007 and 2012 by the now-defunct Kingfisher Airlines were misused.

The court, while hearing the CBI, said it would not be of much use to call him. It is to be noted that he has already been declared an absconder in a financial fraud case. He is in London. His son recently got married there. Mallya is said to be in debt to a group of banks headed by the State Bank of India for more than Rs 9,000 crore from his now-defunct airline, Kingfisher Airlines.

On the other hand, according to the agreement between India and the UK, one country will share investigative information with the other if an investigation is conducted against the accused of economic offenses. Earlier, India had tried to extradite Mallya, but due to legal complications, India has not yet succeeded.

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