FIR filed against Vijay Mallya in cheque bounce case
India | October 05, 2022 13:07 ISTDelhi International Airport had accused Mallya in cheque bounce. This case was being heard before the court.
Delhi International Airport had accused Mallya in cheque bounce. This case was being heard before the court.
Vijay Mallya is an accused in a bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines and is presently in the United Kingdom.
Boris Johnson also said that the British government does not welcome people who want to use the British legal system to evade the law here in India.
A bench comprising justices UU Lalit, S Ravindra Bhat and PS Narasimha on Mar 8 posted the contempt case for hearing at 2:00 pm on Thursday after senior advocate and amicus curiae Jaideep Gupta sought adjournment on grounds that he would be busy arguing another case.
Solicitor General Tushar Mehta representing the Centre, submitted before a bench headed by Justice A.M. Khanwilkar that the total proceeds of crimes in the Prevention of Money Laundering Act (PMLA) cases pending before the top court amounts to Rs 67,000 crore.
Delivering his judgment virtually for the Chancery Division of the High Court, Deputy Master Matthew Marsh concluded there were no grounds for him to grant further time for the Mallya family to repay a GBP 20.4-million loan to UBS – the claimant in the case.
The apex court had earlier dismissed Vijay Mallya's plea seeking review of its 2017 verdict which held him guilty of contempt for transferring USD 40 million to his children in violations of the court orders.
Param Bir Singh's mysterious disappearance bears uncanny similarities to Vijay Mallya, Nirav Modi, Mehul Choksi - who all managed to flee India dodging top agencies like the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) and the Police.
The Enforcement Directorate claimed that the banks and the government exchequer have realised 58 per cent out of the total fraud perpetrated in two of the country's biggest criminal bank loan heist cases till date.
According to the agency, the latest sale proceeds take the total value of recovery to Rs 9,041.5 crore, or 40 per cent of the over Rs 22,000 crore allegedly defrauded by the trio.
Investigation has also proved, says the ED, that these three accused persons used dummy entities controlled by them for rotation and siphoning off the funds provided by the banks.
"ED not only attached/ seized assets worth of Rs 18,170.02 crore (80.45 percent of total loss to banks) in case of Vijay Mallya, Nirav Modi and Mehul Choksi under the PMLA but also transferred a part of attached/ seized assets of Rs 9,371.17 Crore to the PSBs and Central Government," the ED said in a tweet.
ED has attached assets worth of Rs 18,170.02 crore in case of Vijay Mallya, Nirav Modi and Mehul Choksi under the PMLA. The agency has also transferred a part of attached assets to the PSBs and Centre.
Addressing the session on challenges and measures to fight corruption', Singh said India has made it clear that the world is presently combatting another serious emerging challenge of fugitive economic offenders.
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines.
Mehul Choksi, the fugitive Indian diamond businessman wanted in the Rs 13,500 crore Punjab National Bank loan fraud should be deported to India, the Dominican government told a country's court on Wednesday. The matter has been adjourned till Thursday, June 3.
Vijay Mallya on Wednesday lost an appeal to gain further access to court-held funds to cover his costs for legal proceedings in India, as a High Court judge in London concluded that the 65-year-old businessman had failed to provide sufficient evidence in support of the over 750,000 pounds being sought.
A consortium of Indian banks led by the State Bank of India (SBI) on Tuesday moved a step closer in their attempt to recover debt from loans paid out to Vijay Mallya’s now-defunct Kingfisher Airlines after the High Court in London upheld an application to amend their bankruptcy petition, in favour of waiving their security over the embattled businessman’s assets in India.
India has been pressing the United Kingdom to extradite Mallya and Modi to face trial in India for their alleged involvement in cases relating to financial fraud.
Finance Minister Nirmala Sitharaman on Thursday said that fugitive businessmen Vijaya Mallya, Nirav Modi and Mehul Choksi are "coming back" to India" to face the law. The government is persuing extradition of Mallya and Modi from the UK while Choksi is believed to be in Antigua.
Top News
Latest News
