Were Banks Under ‘Political Pressure’ to Link to Mallya?
Former chief financial officers of the UB Group – Ravi Nedungadi and A Raghunathan – were on Tuesday interrogated by the Central Bureau of Investigation, in connection with alleged loan fraud and diversion of money. Their replies are now being analysed by the agency.
The agency’s focus, according to sources, is on understanding the role of the two CFOs and if they colluded with Mallya in getting banks to disburse the money. Sources add they were asked about political functionaries who Mallya may have been in touch with around the time the loans were disbursed. The CBI is looking to ascertain if banks were under “political pressure” to disburse loans. (The Times of India)
Trust Set up by Mallya’s Father Alleged Link to Money-laundering Scam
A key link has emerged in the alleged money-laundering scam by Vijay Mallya – an offshore trust based in tax haven Isle of Man set up by his father, Vittal Mallya, in 1982.
Enforcement Directorate (ED) officials said the Golden Eagle Trust may be one of the main recipients of money taken out of India and used in deals in the West, mainly the US and UK, and also in Panama, Monte Carlo and Liechtenstein. (The Economic Times)
ED Gets Replies From Half-a-Dozen Banks
ED has got probe reports from half-a-dozen banks, out of the total 17, in connection with its money laundering investigation in the IDBI Bank loan default case against Mallya and others.
Officials said the reports have been sent by at least six banks after agency investigators had sought their cooperation in sharing the details of loans extended by them to Mallya for business activities. “The reports are being studied,” they said. (The Financial Express)
Mallya Files Police Complaint Against The Sunday Guardian
Vijay Mallya has filed a complaint with the Cyber Police Station in Mumbai against what he calls a fake interview with him by The Sunday Guardian newspaper.
“I have not given any e-mail or any other interview to anyone, including the Sunday Guardian. The e-mail account that has been attributed to me does not belong to me. Every comment, therefore, is fabricated. I have filed a complaint with the Cyber Police Station in Mumbai,” Mallya said, but did not specify on whether the complaint has been lodged against the newspaper. (Business Standard)
Kingfisher Owes 40 Percent of Airline Dues to Airport Authority
Long-grounded Kingfisher Airlines, now inoperational, accounts for over 40 percent of the total amount that all domestic airlines collectively owe to the state-run Airports Authority of India.
According to details provided by the Civil Aviation Minister, the total dues of the Airports Authority is Rs 710.14 crore. Of that, Rs 294.57 crore is owed by Kingfisher. Next on the list is IndiGo with Rs 71.81 crore, GoAir (Rs 64.09 crore) and SpiceJet (Rs 63.28 crore).
In the case of Kingfisher, the amount due also includes interest of Rs 121.88 crore. A recovery suit has been filed in the court for the whole amount, the minister said. (Business Standard)
Rs 10 Lakh Bounty on Mallya in Allahabad
Congress workers in Allahabad have announced a Rs 10 lakh bounty on liquor baron and Rajya Sabha member Vijay Mallya after allegations surfaced about his leaving the country despite huge debts last week.
Carrying placards, posters and banners, the Allahabad district unit workers of the Congress on Monday strutted around Subhash roundabout and other places in the Sangam city, portraying the UB Group chairman as a bandit with an award on his head. (Business Standard)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)