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Washing up Vijay Mallya laundered Rs 130167 crore says Enforcement Directorate

first_img Are bad times awaiting the “King of good times”? Fugitive liquor baron Vijay Mallya laundered Rs 1,301.67 crore though various shell companies in India and abroad, according to a complaint by the Enforcement Directorate (ED) before the special court for Prevention of Money Laundering Act (PMLA), a report in the Hindustan Times (HT) on Thursday said.The agency suspects that Mallya has around 13 such shell companies in the United States, Ireland, Mauritius and France. In its complaint, ED said that the only purpose of these companies under Mallya’s control was to either obtain loans or launder money, the report said, quoting the ED complaint.The central agency had last month filed a chargesheet against Mallya and nine others, including top officials of IDBI bank, from where Mallya had obtained a loan of Rs 950 crore. Taking cognisance of the complaint of the central agency, the PMLA court issued arrest warrants against all the accused, the report said.In its complaint, the ED listed various shell companies including M/s PE Data Centre Resources Private Limited, M/s Pharma Trading Limited, M/s Kingfisher Finvest Limited, Devi Investment Private Limited, M/s Mallya Investment Private Limited, and M/s Gem Investment.The agency claimed these shell companies had no actual activities and their directors were ex-employees of Mallya’s United Breweries group, the HT report said. The agency further claimed that some of the companies had not even hired employees and only these directors were on the payroll. The agency alleged that these companies were directly under Mallya’s control.The agency alleged that one of the shell companies – PE data Centre Resources Private Limited — had obtained a loan of Rs 100 crore and funds were transferred to the account of Kingfisher Airlines. COMING UP FOR AIR: Vijay Mallya, who is hiding out in a London mansion away from the clutches of the law, took time to resurface at cricketer Virat Kohli’s recent charity event.YouTube/ScreenshotThe agency claimed that Mallya had parked around half of the loan amount obtained from IDBI bank outside India in shell companies he had set up. “Out of Rs 900 crore, Rs 417.29 crore has been remitted out of India for payments shown to be made towards aircraft rental lease, maintenance, services and several such purposes. However, no documents were submitted to support such transaction. Thus, it appears to be laundering,” the HT report quoted the complaint as saying.The report said that the ED examined the lease rates and amount paid towards maintenance and other services by other airlines and by Kingfisher and found discrepancies in what Mallya’s firm had done. In this context, the HT report said that the agency cited payments made to two Mauritius-based firms, Veling Narain Ltd and Veling Sacheedanand Ltd, towards lease and maintenance of aircraft and pointed out that these were nothing but shell companies with former UB group employees as directors.The agency said it had so far managed to attach immovable property worth Rs 807.82 crore owned by Mallya. The agency claimed that Mallya has huge amounts of property in the US in the name of his daughters Leana and Tanya, HT said.The agency further alleged in its complaint that Mallya had a total of 291.31 acres in several villages in Karnataka, including Bilgeri, Coorg, Madekeri, and Kumboor. However, when the situation started getting worse, the agency claimed that Mallya managed to dispose of 264.80 acres in January 2016. The agency claimed that the transactions were done in a rush.The HT report added that the central agency is continuing its probe into the property and accounts held by Mallya outside India. IBTimes VideoRelated VideosMore videos Play VideoPlayMute0:00/0:00Loaded: 0%0:00Progress: 0%Stream TypeLIVE0:00?Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedSubtitlessubtitles settings, opens subtitles settings dialogsubtitles off, selectedAudio TrackFullscreenThis is a modal window.The media could not be loaded, either because the server or network failed or because the format is not supported.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window. COPY LINKAD Loading …center_img Closelast_img read more