Mumbai : Liquor baron Vijay Mallya used Kingfisher Airlines (KAL) to launder as much as Rs 9,990 crore, the Enforcement Directorate’s (ED) latest charge sheet against the embattled tycoon has claimed. Mallya, who is the founder, CEO and Chairman of Kingfisher Airlines, is facing extradition charges.
In its prosecution complaint, the ED has named Vijay Mallya as the prime accused in the case, with KAL and United Breweries being parties to the crime. The agency has constituted charges against them under sections of the Prevention of Money Laundering Act (PMLA), 2002.
In the charge sheet, Mallya has been accused of generating the proceeds of crime (PoC), laundering same, and then concealing and using it. The money laundering law defines PoC as any property obtained directly or indirectly via a criminal activity.
“Mallya is the prime mover of the entire plot who, through his controlled mechanism of KAL entered into a criminal conspiracy, cheated the lender banks of the consortium of banks by dishonestly inducing them to sanction and disburse loans without offering any valuable collateral when KAL had very poor financial credibility, ED said.
