CBI COURT ISSUES NON-BAILABLE WARRANT AGAINST VIJAY MALLYA IN RS 180 CRORE LOAN DEFAULT CASE
In a significant development, a special court in Mumbai has recently issued a non-bailable warrant (NBW) against a runaway businessman, Vijay Mallya, in a case involving a loan default of Rs 180 crore linked to Indian Overseas Bank (IOB).
The NBW was sanctioned against Mallya on June 29 by Special CBI court judge SP Naik Nimbalkar, with a detailed order disclosed on Monday.
Citing various other NBWs issued against Mallya and considering his status as a "fugitive," the court emphasised the necessity of an open-ended NBW to ensure his presence.
The Central Bureau of Investigation (CBI), which is investigating the case, alleges that Mallya, the former promoter of the now-defunct Kingfisher Airlines, intentionally defaulted on payments, causing a wrongful loss of over Rs 180 crore to the government-run bank.
Currently residing in London, Mallya faces extradition requests from the Indian government. The NBW issued pertains to a cheating case registered by the CBI, accusing Mallya of diverting loans obtained by Kingfisher Airlines from IOB between 2007 and 2012.
The chargesheet filed by the CBI mentions that these credit facilities were provided to the airline under a restructuring agreement sanctioned by a consortium of 18 banks.
The allegations in the case include false promises and diversion of loans for unauthorised purposes, resulting in a substantial financial loss. The chargesheet claims that Mallya deliberately defaulted on repayment obligations, leading to a wrongful loss of Rs 180.21 crore. Additionally, the CBI alleges an additional Rs 38.30 crore loss due to the conversion of loans into shares.
Upon considering the details in the chargesheet, the CBI court issued summons against Mallya and five other individuals involved in the case. The probe agency pushed for the issuance of the NBW against Mallya, citing his fugitive status and ongoing efforts to evade legal proceedings in India.
Given Mallya's repeated absence and status as a fugitive economic offender, the court deemed it appropriate to issue an open-ended NBW to ensure his attendance in court proceedings. This development follows Mallya's departure from India in March 2016 amidst allegations of loan defaults and money laundering charges.
2024-07-02T06:14:47Z dg43tfdfdgfd