Fugitive liquor baron Vijay Mallya used Kingfisher Airlines to launder Rs 9,990 crore, the second chargesheet filed by the Enforcement Directorate (ED) revealed.
The chargesheet claimed that Mallya entered into a criminal conspiracy, cheated the consortium of banks by way of over invoicing, misrepresentation in diverting the outward remittances, layering and integration through a complex web of financial transactions.
The ED filed a second chargesheet against Vijay Mallya, Kingfisher Airlines Ltd (KAL) and United Breweries (Holding) Ltd under the Prevention of Money Laundering Act (PMLA).
Vijay Mallya, CEO, Chairman and controller of KAL, knowingly and intentionally participated in criminal activities and acquired Rs 9,990.07 crore by conspiring to cheat the lender banks in the consortium of banks, in connivance with the other officials of KAL.
According to the chargesheet, Mallya has been accused of generating the proceeds of crime (PoC) of property involving in money laundering, and carried out criminal activities related to scheduled offences as defined under Section 2(1)(u) of the PMLA.
Indiatoday.in has reviewed the 5,300 page-long second chargesheet filed in the case. The chargesheet claims that Vijay Mallya used KAL as a means to launder money.
“KAL was the entity fully controlled by Vijay Mallya, which was used a vehicle to launder the proceeds of crime, so generated,” the chargesheet stated.
United Breweries Holdings Ltd (UBHL) has been charged for knowingly indulging itself in assisting in money laundering, as it had given corporate guarantees to the consortium of banks in case there is a default in repayment of loan amount by KAL.
21/06/18 Virendrasingh Ghunawat/India Today