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Vijay Mallya begs to Indian Banks to take their money back

Liquor baron Vijay Malaya, who has been absconding since long, has once again asked Indian banks to take back 100 percent of the principal amount owed to them at the end of his three-day British High Court appeal on Thursday against an extradition order to India.

 

The 64-year-old former Kingfisher Airlines boss, wanted in India on charges of fraud and money laundering amounting to an alleged Rs 9,000 crores in unpaid bank loans, said the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are fighting over the same assets and not treating him reasonably in the process.

 

“I request the banks with folded hands, take 100 per cent of your principal back, immediately,” he said outside the Royal Courts of Justice in London.

 

 “I am saying, please banks take your money. The ED is saying no, we have a claim over these assets. So, the ED on the one side and the banks on the other are fighting over the same assets,” he added.

 

Asked about heading back to India, he noted: “I should be where my family is, where my interests are.

 

Lord Justice Stephen Irwin and Justice Elisabeth Laing, the two-member bench presiding over the appeal, concluded hearing the arguments in the case and said they will be handing down their verdict at a later date after considering the oral as well as written submissions in the “very dense” case over the next few weeks.

 

 “We submit that he lied to get the loans, and then did something with the money he wasn’t supposed to and then refused to give back the money. All this could be perceived by a jury as patently dishonest conduct,” said Summers.

 

At the end of a year-long extradition trial at Westminster Magistrates’ Court in London in December 2018, Judge Arbuthnot had found “clear evidence of dispersal and misapplication of the loan funds” and accepted a prima facie case of fraud and conspiracy to launder money against Mallya, as presented by the CPS on behalf of the Indian government.

 

Mallya remains on bail since his arrest on an extradition warrant in April 2017 involving a bond worth 650,000 pounds and other restrictions on his travel while he contests that ruling.