19:01 (IST)
Indian investigative agencies had delayed evidence against Mallya
According to IANSt, a British court had observed in June that Indian investigation agencies had delayed evidence against Mallya in its request to extradite the former liquor baron.
18:55 (IST)
Supplementary evidence filed in IDBI case | CNBC-TV18
#CNBCTV18Exclusive | ED sources say supplementary ER in filed in the Rs 900 cr IDBI case for money laundering#VijayMallyapic.twitter.com/0oyq0BJMGO
— CNBC-TV18 (@CNBCTV18Live) October 3, 2017
18:53 (IST)
Mallya had diverted money to US, Uk, France and Ireland | News18
According to News18, "the CBI and ED had recently uncovered that Mallya had diverted a major chunk of the Rs 6,027 crore loan, taken from a consortium of 17 banks led by SBI to several countries including US, UK, France, and Ireland". Mallya owes a total of Rs 9,000 crore (including interest) to the 17 Indian banks, and the two probing "agencies are now planning to file charge sheets and present it as evidence in the Westminster Magistrates' Court to expedite his extradition".
18:49 (IST)
Vijay Mallya's arrest was pursuant to the Extradition request made by Govt of India: Sources | ANI
Vijay Mallya's arrest was pursuant to the Extradition request made by Govt of India based on money laundering charges against him: Sources
— ANI (@ANI) October 3, 2017
18:33 (IST)
ED has evidence on dual criminality against Vijay Mallya | CNBC-TV18
#CNBCTV18Exclusive | ED's Lawyer against #VijayMallya says have evidence on dual criminality against #VijayMallya@ShereenBhan
— CNBC-TV18 (@CNBCTV18Live) October 3, 2017
18:31 (IST)
What is ED's case against Vijay Mallya all about?
The ED case is about Rs 900 crore that IDBI Bank Pvt Ltd had loaned to Vijay Mallya. According to reports, the ED had filed a charge sheet in India which named IDBI Bank officials as well as Vijay Mallya over suspected diversion of a Rs 900 crore loan given to Kingfisher Airlines.
The ED claims that it has concrete evidence to prove dual criminality and money laundering from Vijay Mallya's part, which it has submitted to the authorities in London. Mallya's arrest was a procedural arrest as part of the new case.
According to Mint, the "ED’s case is that Rs417.29 crore of the IDBI loan had been remitted abroad and shown to be payments towards aircraft leases, rental and maintenance, servicing of aircraft parts and so on".
The Rs 900 crore loan is part of the total Rs 9,000 crore that Mallya owes to 17 banks in India. The money was lent by banks to Mallya’s now defunct airline, Kingfisher Airlines, on the personal guarantee of the billionaire.
CNN-News18 said that the work in front of UK's Crown Prosecution Service, which is fighting the case for India, to highlight that Vijay Mallya is wanted in India in a court in India, that there are non-bailable warrants against him.
18:09 (IST)
Vijay Mallya will present himself before the court at 6.30 pm | CNN-News18
#BREAKING -- #VijayMallya will present himself before the court at 6:30 PM IST
— News18 (@CNNnews18) October 3, 2017
LIVE: https://t.co/OkDY7KuI3lpic.twitter.com/nWQEV6Ycce
18:08 (IST)
ED had submitted fresh evidence in IDBI case
Vijay Mallya's arrest was part of a second money laundering case that the Enforcement Directorate filed in a London court. The latest arrest is part of the evidence suggested by Indian central probe agency, ED, in a money laundering case involving the IDBI bank.
The ED has already filed a charge sheet against him and others in a Mumbai court.
Mallya's trial, in that case, is scheduled for two weeks, starting 4 December. India's case is being argued by UK's Crown Prosecution Service.
17:59 (IST)
Vijay Mallya's arrest was not on out of the ordinary
Earlier, Vijay Mallya's lawyers had said that an arrest in a case like this is not out of the ordinary. Hearing on the bail took place at a Westminster court in London.
17:56 (IST)
Vijay Mallya’s arrest is just a procedural matter, evidence submitted in IDBI offence: H Venegaonkar, ED Lawyer
#BREAKING -- #VijayMallya’s arrest is just a procedural matter. We have submitted evidence in IDBI offence: H Venegaonkar, ED Lawyer pic.twitter.com/J6HzmaNrQc
— News18 (@CNNnews18) October 3, 2017
17:53 (IST)
Vijay Mallya granted bail after brief arrest | CNN-News18
#BREAKING -- #VijayMallya arrested and bailed for the second time
— News18 (@CNNnews18) October 3, 2017
LIVE: https://t.co/OkDY7KuI3lpic.twitter.com/CCKuag2RwO
17:44 (IST)
'Taking my passport won't help them get their money back,' Mallya had said
In one his rare interactions with media after he left India to the UK, liquor baron Vijay Mallya had repeatedly shown his defiance and blamed the Indian government, security agencies, and bankers for wrongly targeting him.
“By taking my passport and arresting me, they aren’t getting any money,” Mallya said in one of his interviews.
Read more here.
17:38 (IST)
The Hindu's London correspondent had indicated about possible arrest
Am hearing #mallya due to be re arrested today relating to money laundering charges
— Vidya Ram (@Vidya_Ram) October 3, 2017
17:31 (IST)
Mallya was arrested in April as well, but was given bail in three hours
Mallya was arrested earlier this year in April, but the liquor baron had managed to secure a bail within three hours. Soon after a Westminster Court had granted him bail and the liquor King didn't waste any time to tweet out his victorious statement: "Usual Indian media hype. Extradition hearing in Court started today as expected," Mallya had said in his tweet.
Read more details here.
17:27 (IST)
Vijay Mallya arrested in London | Doordarshan
Wanted millionaire Vijay Mallya has been arrested in relation to the ongoing money laundering case, Doordarshan News said in a tweet on Tuesday.
According to reports, the Enforcement Directorate had filed a fresh affidavit with a London court submitting fresh evidence on the different loans that Mallya had taken from various courts in India, and how the funds were diverted.
"The CBI case and the ED case is now going to be clubbed," CNN-News18 said.
Liquor baron Vijay Mallya has been arrested in London in the ongoing extradition proceedings in a court, according to a report in Doordarshan.
The arrest comes after the Enforcement Directorate submitted an affidavit in the ongoing money laundering case being heard in the court.
In a bid to strengthen the evidence to extradite the business man, the Central Bureau of Investigation and the Enforcement Directorate had recently prepared a charge sheet alleging he laundered a major chunk of the Rs 6,000 crore bank loans taken for Kingfisher Airlines.
A file photo of Vijay Mallya. PTI
A report in The Times of India said recently that the money was diverted through shell companies in seven countries, including the US, the UK, France and Ireland.
"Letters rogatory have already been sent to the US, the UK, France and Ireland and we will get complete details soon," an official has been quoted as saying in the report. The official has claimed that the agencies have been able to establish the links between the shell companies and bank accounts in the seven countries.
Explaining the systematic way in which Mallya duped the banks, the official said he used to pay back some part of the loan to the banks to gain their confidence to get more funds from them.
The latest evidence will be submitted before the London court where the final extradition hearing will take place in December. At present, in front of the UK court, the agencies have presented the charge s in the nearly Rs 900 crore IDBI Bank loan default case.
Earlier, in a charge sheet filed in June, the ED had alleged that Mallya had laundered amount worth Rs 1,300 crore through 13 shell companies, which he has denied. Mallya has maintained that he has not done anything wrong and huge dues to the banks have been due to the failure of the business.
The ED had also said that these shell companies had no actual activities and was fully contrlolled by Mallya with former employees of UB group being its directors.
The agency had said the only purpose of these companies were to either obtain loan or launder money and that he has huge property in the US in the name of his daughters - Leana and Tanya.
Mallya has been in self-imposed exile in the UK since March 2016. He was arrested by Scotland Yard on an extradition warrant on 18 April and is currently out on bail.
The Indian investigative agencies are seeking to extradite Mallya for allegedly defaulting on several bank loans amounting to nearly Rs 9,000 crore. This includes loan taken from IDBI Bank for Kingfisher Airlines.
The total loan sanctioned and disbursed by the IDBI Bank to KFA was Rs 860.92 crore. The ED has alleged that its “money trail analysis revealed that out of the total loan of Rs 860.92 crore, sanctioned and disbursed by IDBI, Rs 423 crore has been remitted out of India.
The said payments were shown to be made towards aircraft rental leasing and maintenance, servicing and spare parts.“
The ED had in an earlier charge sheet filed in the IDBI-KFA case said Mallya floated 20 shell companies, directors of which were either his personal staff or those who retired.
(With inputs from PTI)
Published Date: Oct 03, 2017 06:36 pm | Updated Date: Oct 03, 2017 07:46 pm
