The Mumbai court has issued a non-bailable warrant against businessman Vijay Mallya in connection with the IDBI Bank loan default case. The Central Bureau of Investigation (CBI) sought this warrant as part of its efforts to extradite Mallya from the United Kingdom. Mallya, who fled India in March 2016, has been accused of financial misconduct and defaulting on loans amounting to Rs 9,000 crore, primarily related to his defunct Kingfisher Airlines.
Details of the Case
- IDBI Bank Loan Default: The case involves allegations that undue favours were extended to Kingfisher Airlines in the sanctioning and disbursement of loans totaling Rs 1,300 crore. A significant portion of this loan was reportedly diverted by Mallya for personal expenses and other non-specified purposes.
- Legal Proceedings: This latest warrant comes after previous non-bailable warrants were issued against Mallya, who is also facing multiple charges, including money laundering and cheque bouncing. The special Prevention of Money Laundering Act (PMLA) court had issued a warrant based on the Enforcement Directorate’s findings that Mallya siphoned off substantial funds.
- CBI’s Efforts for Extradition: The CBI has been actively pursuing Mallya’s extradition, highlighting the importance of his return to India to face legal proceedings. The agency’s affidavit provided Mallya’s exact address in the UK, facilitating further diplomatic efforts to bring him back to India.
This court order reinforces the ongoing efforts by Indian authorities to hold Mallya accountable for his financial misconduct and recover the significant debts owed to various financial institutions.
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