ED moves PMLA court to declare Mallya 'proclaimed offender'

A Special Prevention of Money Laundering Act (PMLA) court on Friday concluded its hearing in a case pertaining to liquor baron Vijay Mallya, in which the Enforcement Directorate had urged the court to declare the absconding tycoon a 'proclaimed offender'.

The court is set to pronounce its verdict on June 13.

The Enforcement Directorate, which has been probing Mallya, had also issued a non-bailable warrant against him.

The agency alleges that out of the Rs. 900 crores loan taken from IDBI bank in 2009, Rs. 430 crores had allegedly been dispatched illegally outside the country.

Both the Enforcement Directorate and the Central Bureau of Investigation are probing Mallya for the Rs. 9,000 crores loan scam.

Mallya had taken this amount as loan from several banks in order to pay dues of his now defunct Kingfisher Airlines.

Despite Mallya's visa getting cancelled by the Indian government recently, the liquor baron has managed to stay on in the United Kingdom.

Minister of State for Finance, Jayant Sinha had on Thursday said the government is working on the extradition of liquor baron Vijay Mallya from Britain.