ED-MALLYA 2 LAST

ED had recently filed a fresh PMLA case against Mallya ED had recently filed a fresh PMLA case against Mallyaand his associates after it booked him earlier under thecriminal law in a case of similar alleged bank loan default ofRs 900 crore against IDBI bank. The CBI also, early last month, filed this fresh caseunder IPC sections related to criminal conspiracy and cheatingagainst Mallya on the basis of a complaint received from SBIon behalf of the consortium of lenders for allegedly causing aloss of Rs 6,027 crore to them by not keeping repaymentcommitments of loan taken during 2005-10. By registering the fresh case, ED wants to strengthen itsprobe against the liquor baron and expedite a slew of actionsit has initiated against him, including getting issued aglobal arrest warrant by Interpol and invoking the India-UKMutual Legal Assistance Treaty (MLAT) to force the businessmanto return and join the investigation. Besides Mallya, his companies Kingfisher Airlines (KFA)and United Breweries Holdings Limited have also been named asaccused in the CBI FIR which is now part of the ED case. The agency wants Mallya to join the investigation inthese cases "in person" and has virtually exhausted alllegal remedies like seeking an Interpol arrest warrant andgetting his passport revoked. Mallya and others are alleged to have diverted a part ofthe loan to some of their offshore businesses as the EDalleged he "created a complex web of shell or investmentcompanies in the name of his family members and employees withdummy directors". An attachment order under PMLA is aimed to deprive theaccused from taking benefits of his or her ill-gotten wealthand it can be challenged before the Adjudicating Authority ofthe said Act within 180 days. PTI NESRT