March 7, 2016
The Enforcement Directorate (ED) has registered a case under the Prevention of Money Laundering Act (PMLA) against Vijay Mallya and top executives of long-defunct Kingfisher airlines in a bank fraud case. The ED has named 7 persons, including Mallya, in the money laundering case. The ED case is based on a CBI case registered against Mallya and others in a bank fraud case.
Recently, the country’s largest lender, State Bank of India, has approached the Debt Recovery Tribunal (DRT) seeking arrest of Vijay Mallya in a bid to recover loans to Kingfisher Airlines, which was promoted by the liquor baron.