You are here: Home » Current Affairs » News » National
Shift in the axis of communication
News Digest: CEA's departure, Yoga day, what led PNB fraud and more
Business Standard

Special Court orders Mallya's arrest in Rs 60 bn money-laundering case

Special Judge M S Azmi of anti-money laundering court issued a non-bailable warrant for Mallya's arrest, taking cognisance of a fresh chargesheet filed against him and others by the ED

Topics
Pmla  |  Kingfisher Airlines  |  United Breweries

Press Trust of India  |  Mumbai 



vijay mallya
Vijay Mallya

A special court here on Wednesday ordered the arrest of fugitive liquor baron for his alleged involvement in a case of money laundering and cheating a consortium of banks of over Rs 60 billion.

Special Judge M S Azmi of anti-money laundering court issued a non-bailable warrant for Mallya's arrest, taking cognisance of a fresh chargesheet filed against him and others by the (ED).

The court also issued summons to Mallya's firms, (KFA) and Holdings Limited (UBHL), before adjourning the hearing in the case to July 30.

The agency has filed the chargesheet, also known as prosecution complaint, under the Prevention of Money Laundering Act, naming Mallya, his firms KFA and UBHL besides others.

The ED had last year filed its first charge sheet against Mallya, now in London, in the alleged Rs 9 billion IDBI Bank- loan fraud case.

The fresh chargesheet revolves around the complaint received from State Bank of India (SBI) on behalf of the consortium of banks for causing loss of Rs 60.27 billion to them by not keeping repayment commitments of the loans taken during 2005-10.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)


Subscribe to Business Standard Premium

Exclusive Stories, Curated Newsletters, 26 years of Archives, E-paper, and more!

Insightful news, sharp views, newsletters, e-paper, and more! Unlock incisive commentary only on Business Standard.

Download the Business Standard App for latest Business News and Market News .

First Published: Thu, June 21 2018. 02:14 IST

RECOMMENDED FOR YOU

.