According to the most recent supplementary chargesheet filed by the CBI, fugitive businessman Vijay Mallya got $40 million from Diageo PLC in 2016 and transferred the money to several different businesses, including his children’s accounts and the Force India Formula 1 Team Ltd.
Mallya acquired $40 million from Diageo PLC in February 2016 and transferred it to the accounts of his children, according to the chargesheet. Amounts were also sent to organisations like the Continental Administration Service and Force India Formula 1 Team Ltd.
The chargesheet further states that the businessman had the resources to compensate the banks but chose to spend them on 330 crore rupees worth of real estate in England and France between 2015 and 2016.
“The properties in the UK (Ladywalk in 2015-16 for GBP 12-13 million or Rs 80 crore) and France (‘Le Grand Jardin’ in 2008 for Euro 35 million or Rs 250 crore approximately) were acquired by Mallya even as Kingfisher Airlines was facing severe a cash crunch (2008) and the lenders were yet to recover the loans defaulted upon by Mallya and the Airlines (2015-16),” it said.
History of the case
Mallya was allegedly in charge of adequate funds between 2008 and 2016–17, but none of them were used to assist airlines as equity infusions or to fulfil his commitments as a personal guarantee for the debts KAL took out from IDBI and other Indian banks.
Mallya is one of the accused in the CBI’s investigation into an alleged over Rs 900 crore loan fraud involving IDBI Bank and Kingfisher Airlines.
In 2016, the liquor baron left India. A new supplemental chargesheet was recently submitted by the national government before a Mumbai special CBI court. In its most recent additional chargesheet, the investigation agency has added Buddhadev Dasgupta, a former general manager of IDBI Bank, in addition to the 11 other accused people identified in the preceding chargesheets.
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