ED files charge sheet against Mallya, others in KFA-IDBI PMLA case

Agencies
June 14, 2017

Lucknow, Jun 14: The Enforcement Directorate (ED) on Wednesday filed a charge sheet against absconding liquor baron Vijay Mallya and others in connection with the Rs 900-crore money laundering case in the IDBI Bank-Kingfisher Airlines loan case.

mallya copy

The development comes a day after the now London-based 61-year-old Mallya, before Westminister Magistrate Court, claimed that he had “enough evidence” to defend himself in the extradition case brought by the Indian government. “Keep dreaming about billions of pounds,” he even taunted outside the courtroom.

The Indian government is seeking his extradition from United Kingdom in loan default to the tune of Rs 9,000 crore involving several banks in connection with the money that he reportedly raised for the now defunct Kingfisher Airlines (KFA). In India, he is being probed by the ED and the CBI on charges of violation the Prevention of Money Laundering Act (PMLA).

However, on Wednesday, when the ED filed the charge sheet, it comes as a jolt to him.

The 57-page charge sheet with voluminous annexures has provided details of the manner in which the loan was approved and subsequently diverted for money-laundering purposes violating norms.

According to the ED, in October 2009, the IDBI had granted a short-term loan of Rs.150 crore to the KFA, followed by another loan of Rs.750 crore, including a bridge loan of Rs.200 crore, without adequate collateral and flouting norms and procedures.

The charge sheet also mentioned the role of KFA and IDBI executives who were probed by the ED and they had criminally conspired to obtain funds to the tune of Rs 860.92 crore despite weak financials, negative net-worth, non-compliance of corporate credit policy of new client, non-quality collateral security and low credit rating of the borrower. Out of which Rs 807.82 crore of principal amount remains unpaid, according to the investigations.

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News Network
May 22,2020

New Delhi, May 22: Reserve Bank Governor Shaktikanta Das on Friday extended the moratorium on payment of loans by another three months till August to provide much-needed relief to borrowers whose income has been hit due to the coronavirus crisis.

In March, the central bank had allowed a three-month moratorium on payment of all term loans due between March 1, 2020, and May 31, 2020.

Accordingly, the repayment schedule and all subsequent due dates, as also the tenor for such loans, were shifted across the board by three months.

As a result of this moratorium, individuals’ EMI repayments of loans taken were not deducted from their bank accounts, providing much-needed liquidity.

The EMI payments will restart only once the moratorium time period expires on August 31.

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News Network
January 29,2020

Aurangabad, Jan 29: Accusing Prime Minister Narendra Modi and Union Home Minister Amit Shah of creating a conflict between Hindu and Muslim communities in the country, former JNU student leader Kanhaiya Kumar has said the Citizenship (Amendment) Act (CAA) was adding fuel to the fire.

He was speaking at a rally held on Tuesday at Pathri in Parbhani district of Maharashtra against the CAA and the National Register of Citizens (NRC). It was organised by NCP MLC Abdullah Durrani.

"Modi and Shah used to create conflicts between Hindus and Muslims during the Gujarat elections. Now they are adopting the same strategy in the country," Kumar alleged.

Citizens should keep the religious conflicts aside and question the present government about unemployment and the poor state of the economy, he said.

"Through the CAA, the government is adding fuel to the fire, which is already raging in the country," he alleged.

When anyone questions the government about the problems existing in the country, it in turn asks him about his citizenship, the former JNUSU leader alleged.

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Agencies
May 10,2020

New Delhi, May 10: Congress leader Rahul Gandhi on Saturday demanded that Prime Minister Narendra Modi ensured audit of donations made to the PM-CARES Fund, and to share the details and the money spent with the people.

"The PM-CARES Fund has received huge contributions from PSUs and major public utilities like the Railways. It's important that the Prime Minister ensure the fund is audited and that the record of money received and spent is available to the public," he tweeted.

The #PmCares fund has received huge contributions from PSUs & major public utilities like the Railways.

It’s important that PM ensures the fund is audited & that the record of money received and spent is available to the public.

— Rahul Gandhi (@RahulGandhi) May 9, 2020
His remarks came amid reports that the central government is accumulating a huge sum of money in the Prime Minister's Citizen Assistance and Relief in Emergency Situations Fund set up as a corpus to fight novel coronavirus and that the amount spent will not be audited by the Comptroller and Auditor General.

The CAG office had clarified that since the fund is based on donations, it has no right to audit a charitable organisation.

On Friday, Rahul Gandhi told the media that the PM-CARES Fund should be audited and people of the country should know about the donors and the donations made.

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