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A special court in Mumbai has issued a non-bailable warrant against fugitive businessman Vijay Mallya. This non-bailable warrant is related to Vijay Mallya's non-payment of a loan of Rs 180 crore from Indian Overseas Bank. The court had issued a non-bailable warrant against Mallya on June 29, but the order became available on Monday.
Mumbai court issues non-bailable warrant
After hearing the arguments of the CBI and on the basis of Vijay Mallya's absconding, the court said that this case is suitable for issuing a non-bailable warrant against Mallya to ensure his presence in the court. During the hearing in the court, the CBI said that the investigation has revealed that Vijay Mallya, the promoter of bankrupt airlines Kingfisher, deliberately did not repay the loan of Rs 180 crore taken from the government bank. Vijay Mallya has already been declared a fugitive in the money laundering case being investigated by the ED. He is currently in London and the Government of India is trying to extradite him from the British government.
According to the chargesheet, Vijay Mallya had taken a loan of Rs 180 crore from IOB for the then operational Kingfisher Airlines between 2007 and 2012. The investigating agency says that in 2010, the Reserve Bank of India had directed SBI Bank to consider the proposal of Kingfisher Airlines for a one-time measure for the aviation sector. After this, a consortium of 18 banks, including Indian Overseas Bank, entered into an MDRA agreement with Kingfisher Airlines.
