King of good times is finally declared an absconder, and the trail of big money he has borrowed from the market continues to wreck his reputation of a clean businessman. In a latest development, investigating agencies have found four new bank accounts in the name of Vijay Mallya suggesting his venture into new business abroad. All the bank accounts have been opened in France. The news adds to the most recent allegation by a consortium of banks that told the Supreme Court about Mallya deliberately kept away from disclosing his full assets.
What is Mallya up to now?
Mallya is currently an absconder but continues to flourish as a businessman, ever since he escaped to London early this year. As the Indian banks continue to hunt for his return and pay up INR 9,000 crore worth of debt, the “willful defaulter” seems to be enjoying his flight of luxury away from his Indian launchpad.
The four bank accounts of absconding Mallya discovered in France actually belong to the founding members of the new company. His daughters have been named as the founding members of the company. The leads suggest that the accounts are operational since October 2015, and will come under the scanner of the banks.
What is the company called?
The reports suggest that the company owned by Mallya has been registered as SCI 32 Avenue Foch with operations beginning as early as July 2015. The investigation team pointed out the minute details about the company, even releasing the registration number as 813497989.
As the banks continue to be in a hot pursuit of Mallya, he has coolly nested his base in London, in a private property adjacent to the Madam Tussad.
Cases filed against Mallya so far
The Enforcement Directorate (ED) had registered a second round of cheating case against Vijay Mallya. It booked Mallya and his associates for money laundering in addition to loan default up to INR 6027 Crore. The ED had registered a case against Mallyaas Rs 900-crore IDBI defaulter earlier. The recent booking comes in the wake of the consortium of banks led by the State Bank of India moving to the Supreme Court and filing a criminal case under the Prevention of Money Laundering Act (PMLA).
In addition to Mallya, Live Hindi News reports reveal that his associates from the Kingfisher Airlines and United Breweries Holdings Limited have also been named as accused in the FIR.
What Mallya said last?
According to political news in Hindi, Mallya blatantly rejected any move to get close to the Indian court. He had challenged the Indian government against revoking his passport or arrest him if they had any intentions of recovering money from him. His last words were, “We wish to settle, but on reasonable terms”.
How much has been recovered?
As Mallya continues to skip the proceedings and summons from the court, ED has already attached Mallya’s property worth INR 1411 Crore few months ago. As the agencies report that Mallya’s evading tactics are pushing legal limits beyond course, the banks are still exploring international collaboration to catch Mallya naked and exhausted.
What is Mallya up to now?
Mallya is currently an absconder but continues to flourish as a businessman, ever since he escaped to London early this year. As the Indian banks continue to hunt for his return and pay up INR 9,000 crore worth of debt, the “willful defaulter” seems to be enjoying his flight of luxury away from his Indian launchpad.
The four bank accounts of absconding Mallya discovered in France actually belong to the founding members of the new company. His daughters have been named as the founding members of the company. The leads suggest that the accounts are operational since October 2015, and will come under the scanner of the banks.
What is the company called?
The reports suggest that the company owned by Mallya has been registered as SCI 32 Avenue Foch with operations beginning as early as July 2015. The investigation team pointed out the minute details about the company, even releasing the registration number as 813497989.
As the banks continue to be in a hot pursuit of Mallya, he has coolly nested his base in London, in a private property adjacent to the Madam Tussad.
Cases filed against Mallya so far
The Enforcement Directorate (ED) had registered a second round of cheating case against Vijay Mallya. It booked Mallya and his associates for money laundering in addition to loan default up to INR 6027 Crore. The ED had registered a case against Mallyaas Rs 900-crore IDBI defaulter earlier. The recent booking comes in the wake of the consortium of banks led by the State Bank of India moving to the Supreme Court and filing a criminal case under the Prevention of Money Laundering Act (PMLA).
In addition to Mallya, Live Hindi News reports reveal that his associates from the Kingfisher Airlines and United Breweries Holdings Limited have also been named as accused in the FIR.
What Mallya said last?
According to political news in Hindi, Mallya blatantly rejected any move to get close to the Indian court. He had challenged the Indian government against revoking his passport or arrest him if they had any intentions of recovering money from him. His last words were, “We wish to settle, but on reasonable terms”.
How much has been recovered?
As Mallya continues to skip the proceedings and summons from the court, ED has already attached Mallya’s property worth INR 1411 Crore few months ago. As the agencies report that Mallya’s evading tactics are pushing legal limits beyond course, the banks are still exploring international collaboration to catch Mallya naked and exhausted.
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