Mumbai June 14 (IANS) The Enforcement Directorate (ED) on Wednesday filed a charge sheet in a Special Court here against absconding liquor baron Vijay Mallya and others in a Rs 900-crore IDBI Bank loan default case involving the now-defunct Kingfisher Airlines.
The development comes a day after a London Court granted Mallya 61 bail in an extradition case and posted the matter for hearing on July 6.
The 57-page charge sheet details the manner in which the loan was approved and subsequently diverted for money-laundering in violation of norms.
In March 2016 the ED had registered a complaint under the Prevention of Money Laundering Act (PMLA) against KFA in the IDBI bank loan case.
According to the ED in October 2009 IDBI granted a short-term loan of Rs 150 crore to KFA followed by another loan of Rs 750 crore including a bridge-loan of Rs 200 crore without adequate collateral and in violation of norms and procedures.
The charge sheet is expected to strengthen the Indian government s extradition case against Mallya in the UK.
Mallya s company owes around Rs 9 000 crore to a consortium of 17 Indian banks. The loan default cases are being probed by the ED and the Central Bureau of Investigation.
Declared an absconder by a Mumbai Special Court Mallya left the country in March 2016 and has been since living in the UK in self-imposed exile.
--IANS
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ED files charge sheet in IDBI-KFA loan default case
