UB Group Disclaim Diversion of 430 crores INR By Mallya

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Former liquor baron, Vijay Mallya has get into yet another trouble but with same standards. The UB Group Chairman has been accused of misusing 430 crores INR out of 900 crores INR funded by IDBI bank for his personal purposes and buying property outside the country. The higher authorities are denying the fact and assuring that whole amount of money was used for business propositions only.

On April 15, Enforcement Directorate suspended the diplomat passport of Mallya as well as asked for deportation of the business man. It has not been long when another case is being charged against him. Mallya who is right now-a-days in UK told government officials that he will attend the court sessions via video conferencing or email. He is facing a non-bailable warrant issued by ED.

When confirmed on the news, Mallya’s group stated that it is quite shocking to see the allegation charges as complete money 900 crores INR sanctioned by IDBI Bank has been used in legitimate business deals and not for any “personal purchases”.

The company is ready to clear all doubts regarding the transactions and usage of 430 crores INR. They also specified that a statement will be issued as of 31/3/2010 where all foreign exchange transactions was used for legitimate business purposes only. The amount of loan money granted by IDBI Bank of 900 crores INR was used in legal manner and henceforth diversion of 430 crores INR by Mallya is not at all acceptable. Also, a non-bailable warrant against the Chairman is just not justified.

Also Read: Trouble Mounts Over Mallya

Minister of External Affairs assured that Former liquor baron ought to be deported in any case through seeking help from UK government. As of now, a local court will hold a summon on Monday for issuing of non-bailable warrant in the case of 950 crores INR in money laundering and forgery case. Mallya, residing in Britain right now, as shown willingness to join the hearing via video conferencing. Still, UB Group is not ready to accept the claim against their Chairman for diversion of 430 crores INR for personal acquisitions in foreign land.

Rajya Sabha MP, Vijay Mallya, has been accused for money laundering and forgery of huge amount taken from various financial institutions for Kingfisher Airlines. MEA has suspended his passport on April 15, 2016 and asked for deportation as per criminal law.

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