Fugitive businessman Vijay Mallya is now facing fresh legal action by the Central Bureau of Investigation (CBI)
A special CBI court has issued a non-bailable warrant against him in a ₹180-crore loan default case involving Indian Overseas Bank (IOB). The warrant was issued on June 29 by special CBI court judge SP Naik Nimbalkar, with a detailed order released on Monday.
Loan Default Allegations
The CBI has accused the former Kingfisher Airlines promoter of causing a wrongful loss of ₹180 crore to the government-run bank by willfully defaulting on the loan repayment.
Fugitive Status and Extradition Efforts
Currently residing in London, Mallya has been declared a fugitive economic offender in a separate money laundering case investigated by the Enforcement Directorate (ED). The Indian government is actively pursuing his extradition.
Court’s Rationale
Citing Mallya’s fugitive status and previous non-bailable warrants issued against him, the court remarked, “this is a fit case to issue an open-ended NBW against him to secure his presence.”
Cheating Case Details
The warrant is related to a cheating case concerning loans obtained by Kingfisher Airlines between 2007 and 2012. According to the chargesheet, the loans were granted based on a fraudulent agreement. It claims Mallya had dishonest intentions and deliberately defaulted on repayment, resulting in a wrongful loss of ₹141.91 crore. An additional loss of ₹38.30 crore was incurred due to the conversion of loans into shares.
CBI’s Plea and Court’s Observation
The CBI’s plea described Vijay Mallya as “a fugitive and an absconder” residing in England and evading legal proceedings in India. The court, considering the CBI’s submission, noted Mallya’s absconding status and the pending non-bailable warrants in other cases. It concluded that issuing a summons would be ineffective.
(With inputs from PTI)
Share your news, articles, deals, columns, or press releases with us! Click the link to submit and join our platform today.
