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Indain agencies in for long haul on Vijay Mallya

Tue, Apr 19, 2016, 03:38 PM
Indian security agencies and financial watchdogs are apparently not sure how to make the heavily indebted Vijay Mallya stand trial in the country. It has two options: to give a red corner notice through the CBI and the Interpol following it up. The line of action resulted in the arrest of gangster Chota Rajan in Indonesia before being brought back to India.

The other is to follow up the protocol as in the case of Lalit Modi, who was also facing money laundering charges, and who still evaded the Indian agencies.

The protocol in regard to Lalit Modi has been in the works since August last. the Interpol, which has to act in the matter, has only been examining the request despite a recent brainstorming session between the CBI and the Interpol. India seeks extradition of Lalit Modi, but she has not been successful so far.

Vijay Malla is also being investigated under the Money-Laundering Act for the Rs 950-crore loan he had taken for the King Fisher Arilines from the IDBI. Besides, he had been given Rs 9200 crore loans by a consortium of Indian banks, including SBI.

In this situation, the Enforcement Directorate had issued a non-bailable warrant against Mallya on the ground that he had not responded to its three summonses issued to him.

The security and financial agencies are in for a long haul, considering that Interpol uses its own brains rather than merirts of the case.

Significantly, while issuing the NBW, the Mumbai court rejected the KFA application to deny the ED claim of Rs 430 crore as being siphoned off from the Rs 950-crore IDBI loan. The money so siphoned was used to buy properties by Mallya abroad. The Ladyluck estate near London is where Mallya is comfortably ensconced.
Agency: Ap7am Desk

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