- The CBI stated in its third supplementary charge sheet filed in connection with the Kingfisher Airlines loan fraud case that Vijay Mallya had sufficient funds available to repay banks ) in August 2017.
- A Swiss bank estimated fugitive businessman Vijay Mallya’s net worth at Rs 7,500 crore (almost $1 billion) in August 2017.
- Vijay Mallya had created 44 corporations in the United Kingdom, using them to buy and invest in a number of properties across Europe.
- The charge sheet stated that the money received from Diageo was transferred to these Swiss bank accounts, and eventually to other bank accounts for the benefit of his children.
- Mallya invested 80 crores through this firm to buy a home in the UK and 250 crore to buy one in France.
Fugitive business tycoon Mallya fled India in March 2016, and although Indian authorities have been effective in their efforts to extradite him to India from the UK, he has requested refuge there. As a result, he cannot be deported until the government has had a chance to examine his request.
The Central Bureau of Investigation (CBI) stated in its third supplementary charge sheet filed in connection with the Kingfisher Airlines loan fraud case that a Swiss bank estimated fugitive businessman Vijay Mallya’s net worth at Rs 7,500 crore (almost $1 billion) in August 2017 — highlighting the fact that he had sufficient funds available to repay banks from whom his airline had borrowed money.
The central agency further asserted that the liquor baron created 44 corporations in the United Kingdom, using them to buy and invest in a number of properties across Europe, as reported .
The most recent charge sheet submitted by the CBI before the Mumbai special CBI court mostly included data that the agency had obtained from the UK, Mauritius, and Switzerland. The charge sheet made reference to a letter from a Swiss bank where Mallya maintained accounts, in which bank officials estimated Mallya’s net worth to be about $1 billion (around 7,500 crores in August 2017).
The agency asserts in the supplementary charge sheet that between 2008 and 2014, Mallya had access to sufficient funds. He made numerous commitments to lenders, particularly IDBI Bank, to increase shares in Kingfisher Airlines Ltd (KAL), but never followed through.
Instead, Kingfisher Airlines allegedly moved nearly US$500 million to its own accounts maintained in the UK under the pretext of covering office and operating costs between 2008 and 2012, according to the CBI’s charge sheet. The organisation asserted that the funds were misappropriated and went to Mallya’s racing team, Force India Formula 1 Team limited.
The charge sheet stated that the money received from Diageo was transferred to these Swiss bank accounts, and eventually to other bank accounts for the benefit of his children. The Swiss government has provided details of the bank accounts held by Mallya through a number of entities that were controlled by him.
As per the CBI, Mallya also set up Continental Administration Services in the British Virgin Islands, and this company was in charge of handling all the money that he had received from different sources and directing it to the family trust and accounts established for his children. Mallya invested 80 crores through this firm to buy a home in the UK and 250 crore to buy one in France.
