PMLA Court to Hear ED Plea on Vijay Mallya

A special Prevention of Money Laundering Act (PMLA) court in Mumbai on Monday (April 18) is set to hear Enforcement Directorate’s (ED) plea seeking arrest warrant of wilful defaulter Vijay Mallya in connection with money laundering case. UB Group which was formerly owned by the liquor baron has denied the allegations of the ED. In a statement, the UB Group has denied the charge that Mallya siphoned off nearly Rs 430 crore from the loan extended to Kingfisher Airlines by IDBI Bank. 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 Mallya, a Rajya Sabha MP.
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