Vijay Mallya has properties, bank accounts, shell companies in six countries, ED seeks its details

The agency alleged that Mallya owns several properties in the UAE and the US and has also incorporated several companies in the US, where the funds also have been suspected to have been diverted.

The Enforcement Directorate (ED) will now approach six countries — the United Arab Emirates (UAE), the US, France, Singapore, Ireland and Mauritius — for details on former liquor baron Vijay Mallya’s properties, bank accounts and shell companies.

Vijay Mallya leaves after an extradition hearing at the Westminster Magistrates Court in London on June 13, 2017. (REUTERS Photo)

The special court for Prevention of Money Laundering Act (PMLA) allowed the ED’s plea to send Letters Rogatory (letters of request) to authorities in the six countries.

The central agency is investigating the allegation of money laundering against Mallya also booked for defaulting loans taken from various banks in the name of his company Kingfisher Airlines. The agency claimed the loan money was laundered by Mallya for his personal consumption and he appraised several properties out of India.

The central agencies — CBI and ED — which have been probing the case alleged Kingfisher Airlines was incurring losses from its inception and the net losses of the company were Rs 687 crore in March 2008 and Rs 2,168 crore in March 2009.

By 2009, Kingfisher had already availed loans aggregating to Rs 4,998.50 crore from various banks under multiple banking arrangements and was in further need of a loan of Rs 2,500 crore, of which Rs 2,000 crore was sanctioned by a consortium of banks.

The agency in six different applications pleaded the laundered money was diverted by Mallya into various accounts and also invested in several properties out of India.

The agency alleged that Mallya owns several properties in the UAE and the US and has also incorporated several companies in the US, where the funds also have been suspected to have been diverted.

The agency has sought bank account details and details of the companies with which Mallya exchanged transactions in other four countries.

The ED had filed its first complaint (charge sheet) before the special PMLA court last month on June 14 against Mallya and officers of Kingfisher Airlines. The agency has given a detailed trail of money laundered by Mallya and other office bearers.