ED expedites Vijay Mallya’s loan case:orders fresh FIR

The Enforcement Directorate (ED) on Friday ordered the Central Bureau of Investigation (CBI) to file a fresh FIR case against the absconder liquor king Vijay Mallya.

ED has hastens the movements in Rs. 6,027 crore loan case. The assets worth of 6000 CR which Vijay Mallya own are being identified. These assets will soon be seized to clear the loan case.

Recently CBI took over the probe which is said be one of the biggest case under Prevention of Money Laundering Act.

Kingfisher Airlines owned by Vijay Mallya has taken loans from 17 banks including the top most players State Bank of India, IDBI Bank and Punjab National Bank. The loan amounting to about 6900 Crores is having irregularities in repayments. Mallya flew to London in the month of March, after which the banks had to reach Supreme Court to recover the debts.

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The fresh Fir copy may help to breakthrough 1600 CR loan taken from state bank group. A special court has recently declared Vijay Mallya an absconder and issued a non-bailable warrant against him.

Cases against Mallya have been booked under Section 420 of the Indian Penal Code (IPC) after IDBI and SBI filed separate complaints. ED and Serious Fraud Investigation Office (SFIO) are probing Vijay Mallya case along with other agencies.

The loan amounts in other banks that the Vijay Mallya owned groups could not repay include Punjab National Bank and IDBI Bank (Rs 800 crore each), Bank of India (Rs 650 crore), Bank of Baroda (Rs 550 crore), Central Bank of India (Rs 410 crore).