‘Mallya diverted most of Rs 6,000-crore loan to shell companies’

| TNN, Times of India, September 25, 2017
In another potential setback for Vijay Mallya, the CBI and Enforcement Directorate are preparing to chargesheet the controversial tycoon for allegedly diverting a large chunk of funds from the Rs 6,027-crore loan he took for his now- defunct Kingfisher Airlines+ from a consortium of banks led by State Bank of India.
The money was allegedly diverted to shell companies in seven countries, including the US, UK, France and Ireland, official sources said.
CBI and ED sources claimed the evidence would strengthen their case for Mallya's extradition from the UK.
An official refused to divulge the exact amount laundered by Mallya from the Rs 6,027 crore loan money+ but said "it's huge". Mallya, who could not be contacted for his response, has previously denied charges of wrongdoing.



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