Vijay Mallya's UB group:Mallya didn't misuse loan to buy property overseas

Apr 18 2016 01:34 PM
Vijay Mallya's UB group:Mallya didn't misuse loan to buy property overseas

Vijay Mallya,the liquor fame,who charged in case of not refunding loans,whose passport has been suspended, currently has denied charges that he siphoned nearly half of 900 crore loan to Kingfisher Airlines,to purchase property or homes abroad.

Mallya, went to London in starting March, has so far denied to present himself in Mumbai for  investigation in connection with a loan given to him in 2009 by state-run IDBI.

The Enforcement Directorate, booms an arrest warrant for Mr.Mallya, who spent 430 crores of his IDBI loan illicitly on buying an overseas property.
His United Breweries Group said, “the Enforcement Directorate has its facts wrong, and that the money spent abroad was for legitimate business purposes, and that it will provide full details in the coming days”

UB group spokesmen said ,"The audited accounts of Kingfisher Airlines including for the year ended (March 2010) show all foreign exchange transactions which includes funds borrowed from IDBI Bank used for legitimate business purposes only,"

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