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ED might summon USL officials to probe fresh fund-diversion charges

The ED is currently investigating the transfer of funds from USL to its subsidiary based in the British Virgin Islands

Vijay Mallya, Westminster Magistrates Court , London, extradition hearing
The main reason for the complex holding structure created by Vijay Mallya was to divert funds through USL, and three subsidiaries in the UK.

The Enforcement Directorate (ED), which is investigating cases of alleged fund diversion by United Spirits (USL) between 2007 and 2014, would soon seek all documents related to the Paradise Papers, and might even summon company officials to probe fresh charges, agency sources said.    According to the new leak of financial documents by the International Consortium of Investigative Journalists (ICIJ) and The Indian Express, USL had used offshore subsidiaries to divert about Rs 9,700 crore to tax havens.   After the leak was made public, the central government ...