The Central Bureau of Investigation (CBI) on Saturday registered a fresh case against liquor baron Vijay Mallya under Section 420 of the Indian Penal Code (IPC) in connection with State Bank of India loan default case.
Section 420 of the IPC deals with cheating and dishonestly inducing delivery of property. The maximum punishment which can be awarded is imprisonment for a term of seven year and fine.
Mallya flew to London on March 2 just days before a consortium of lenders knocked on the doors of the Supreme Court to recover the debt.
The one-time owner of Kingfisher Airlines owes 17 banks, including the State Bank of India, over Rs. 9,000 crores with interest.
One time Member of Parliament, Mallya is under investigation by various agencies, including the Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO), which probes white collar crimes.
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