Live
- G20 Leaders Will Talk About Climate, Taxes, and Trump's Return in Brazil
- COP29: CDRI announces $8 million funding for 12 projects to address climate crisis
- Anti-Telgu remarks: Actor Kasthuri Shankar moves court for bail
- Samsung AR Smart Glasses Set to Launch in 2025, Featuring Ray-Ban Meta-Like Design
- Kerala Industries Minister confident that new policy will boost plantation sector
- Madras HC plans inter-departmental monitoring committee to combat drug use in TN
- Bihar: Spotted deer dies due to heart attack in Banka district
- Mushtaq Ali T20: Shami to spearhead Bengal bowling attack, Gharami named captain
- Kharge's clarion call to oust Maharashtra's BJP-backed MahaYuti
- Why Ukraine’s Use of US Missiles Against Russia Could Lead to World War 3
United Breweries denies Vijay Mallya diverted loan to buy property abroad
Embattled liquor baron Vijay Mallya\'s UB Group \"strenuously denied\" the allegation by the Enforcement Directorate that he siphoned off nearly Rs 430 crore from the loan extended to Kingfisher Airlines by IDBI bank for acquiring property abroad. Rejecting the charge that he diverted Rs 430 crore for purchase of an overseas property from the Rs 950 crore IDBI loan to his now defunct Kingfisher Airl
Embattled liquor baron Vijay Mallya's UB Group "strenuously denied" the allegation by the Enforcement Directorate that he siphoned off nearly Rs 430 crore from the loan extended to Kingfisher Airlines by IDBI bank for acquiring property abroad. Rejecting the charge that he diverted Rs 430 crore for purchase of an overseas property from the Rs 950 crore IDBI loan to his now defunct Kingfisher Airlines, the group said he would provide full details of foreign exchange remittances in the next few days.
"In order to explain foreign exchange remittances all of which have been fully accounted for, we will provide full details in the next few days," United Breweries Group said in a statement. It said the audited accounts of Kingfisher Airlines show that the money was borrowed for legitimate business purpose and that the allegation was "shocking". "The allegation made by the Enforcement Directorate before the PMLA Court that they have stumbled upon evidence that Rs 430 crores was transferred overseas for property acquisition is strenuously denied," it said.
The statement said, "The audited accounts of Kingfisher Airlines including for the year ended 31.3.2010 show all foreign exchange transactions which includes funds borrowed from IDBI Bank were used for legitimate business purposes only." Multiple investigations have been going on since July 2015 and this allegation has never been made, the statement said.
"We are shocked at the allegation made by the Enforcement Department before the PMLA Court for the very first time," it said, adding that "the basis of seeking a Non Bailable Warrant against our Chairman is erroneous and unjustified".
A special Prevention of Money Laundering Act (PMLA) court has reserved its order till April 18 on the plea of the central agency, which probes financial crimes, for a NBW against the beleaguered businessman. Mr Mallya, now in Britain, is charged with siphoning off a portion of money involving IDBI loan of Rs 950 crore, which he had borrowed for Kingfisher Airlines.
On April 15, the Ministry of External Affairs had suspended the diplomatic passport of Mr Mallya, a Rajya Sabha member.
