Vijay Mallya bought properties worth Rs 330 cr in England, France: CBI

Beleaguered businessman Vijay Mallya bought properties worth Rs 330 crore in England and France during 201516 even as his Kingfisher Airlines was facing a cash crunch at that time and banks had not recovered the loans defaulted by the liquor baron the CBI has claimed in its supplementary chargesheet filed in a court in MumbaiMallya is an accused in the alleged over Rs 900 crore IDBI BankKingfisher Airlines loan fraud case being probed by the Central Bureau of Investigation CBIThe central agency recently filed a supplementary chargesheet before a special CBI courtAlong with all the 11 accused named in the earlier chargesheets the probe agency has added the name of Buddhadev Dasgupta former general manager of IDBI Bank in its latest supplementary chargesheetThe probe agency alleged that by abusing his official position Dasgupta conspired with the officers of IDBI Bank and Vijay Mallya in the matter of sanction and disbursement of the shortterm loan STL of Rs 150 crore in October 2009The said loan of Rs 150 crore as envisaged originally by Dasgupta by proposal circulated among credit committee members was to be adjustedrepaid from the aggregate loan of Rs 750 crore originally sought by the airlinesAlso Read Supreme Court dismisses Vijay Mallyas plea against bid to declare him fugitive economic offenderHowever after circulation there was change in the proposal to show as if the credit committee had treated this as a separate loan which may or may not be adjustedrecovered from the aggregate loanThe chargesheet said the exposure of IDBI Bank was to be restricted to the aggregate amount of Rs 750 crore but it became Rs 900 crore in December 2009 because the STL of Rs 150 crore was kept as a separate loan largely at the behest of DasguptaDuring the course of investigation letters rogatory LRs had been sent to the United Kingdom Mauritius the USA and Switzerland as per the permission of the CBI courtCourts of one country seek the assistance of the courts in another for the administration of justice there through letters rogatoryThe chargesheet mentioned the evidence collected during foreign investigation from these countriesThe properties in the UK Ladywalk in 201516 for GBP 1213 million or Rs 80 crore and France Le Grand Jardin in 2008 for Euro 35 million or Rs 250 crore approximately were acquired by Mallya even as Kingfisher Airlines was facing severe a cash crunch 2008 and the lenders were yet to recover the loans defaulted upon by Mallya and the Airlines 201516 it saidThe chargesheet claimed that Mallya had adequate funds at his disposal between 2008 and 201617 but none of it was brought to support the airlines as equity infusion or to honour his obligations as a personal guarantor for the loans availed by KAL from IDBI and other banks in IndiaThe chargesheet citing the evidence collected through LRs said that sizable amounts were transferred to Force India Formula 1 Team between 2008 and 2012 it saidThe chargesheet further said that significant amounts were diverted from 2007 to 201213 and used to make payments towards acquisition and repayment of loan for the corporate jet used personally by MallyaBesides the CBI the Enforcement Directorate ED is also probing a money laundering case against MallyaOn January 5 2019 a special court in Mumbai had declared Mallya a fugitiveUnder the provisions of the Fugitive Economic Offenders Act once a person is declared a fugitive economic offender the prosecuting agency has the powers to confiscate his propertyThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever