Mallya is charged with siphoning off a portion of money involving IDBI loan of Rs 950 crore, which he had borrowed for Kingfisher Airlines.

IDBI Loan Fraud Non-bailable arrest warrant issued against Mallya
news Loan Fraud Monday, April 18, 2016 - 16:58

A special Prevention of Money Laundering Act (PMLA) court on Monday issued a non-bailable arrest warrant (NBW) against Vijay Mallya in the IDBI loan fraud case.

The ED had alleged on Saturday before a special court that Vijay Mallya diverted Rs 430 crore for purchase of a property abroad, from the Rs 950 crore IDBI loan for his Kingfisher Airlines and had sought a NBW against the beleaguered businessman.

The order on the Enforcement Directorate's (ED) plea for a Non Bailable Warrant (NBW) in the money laundering case involving Mallya's alleged defrauding of the IDBI was reserved till April 18 by special Judge P R Bhavake who hears cases filed under the Prevention of Money Laundering Act (PMLA).

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.

You can read our earlier story here.

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