May 27, 2018, 10:58 pm IST
News Updates


Date with Mallya

Date with Mallya

 Jun 15, 2017

The day after he was spotted at the Champions Trophy match when India was playing in London, the Enforcement Directorate moved a prosecution complaint in a Mumbai court against the fugitive tycoon, Vjjaya Mallya, for money laundering. This also happened to be the day after a court in London granted him bail till December 4 on his extortion case hearing.

Mallya is alleged to have defaulted on repayment of a Rs.900-crore loan that had been taken by his now-defunct Kingfisher Airlines.

He has also been accused of diverting part of the loan from the IDBI bank for aircraft rentals and operational purposes. The Kingfisher Airlines owes over Rs. 9000 crore to over 15 lenders that include leading banks like IDBI, the Indian Overseas Bank, the SBI, the Bank of Baroda and others.

Mallya claimed that he had ‘enough evidence’ to prove his innocence and, outside the court, taunted the authorities that ‘you can keep dreaming about a billion pounds,’ while emerging from the Westminster Magistrate’s court.

More News

Pick of the Day

About us

In the surfeit of information that inundates us relentlessly, now (24 x 7 so to speak), it is difficult to separate the chaff from the grain. With so much chaff getting into the public domain, the real news happening on the ground becomes hard to make out. We are embarking on this portal in an effort to clarify things and provide focus on the real d ...

Read more


Enter email address to subscribe the newsletter

Copyright © 2017 PENNEWS. All Rights Reserved | Designed by : Tedsys