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Enforcement Directorate Initiate Case against Mallya, Others

... Editorial Team

The Enforcement Directorate (ED) has charged Vijay Mallya with  laundering money under Sections 3 and 4 of the Prevention of Money Laundering Act . The case filed also charges A Raghunathan, chief financial officer of Kingfisher Airlines, and four unnamed executives of IDBI Bank. 

The ED’s charges relate to the IDBI Bank’s sanction of Rs 900 crore to the defunct Kingfisher Airlines, overlooking an internal report.The ED report says that the Kigfisher Airlines was not eligible for the loan sanctioned by IDBI Bank and also that the loan was not used by the airline for the purpose it was taken.