ED, CBI Widens Probe On Vijay Mallya, 40 Firms Linked To The Liquor Baron Under Scanner

Neeraj Chauhan
Neeraj Chauhan
Updated on Apr 30, 2016, 16:29 IST-320 Shares
ED, CBI Widens Probe On Vijay Mallya, 40 Firms Linked To The Liquor Baron Under Scanner

Tightening the noose around Vijay Mallya, the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are looking at around 40 companies in which he is said to have a stake, directly or indirectly.

ED, CBI Widens Probe On Vijay Mallya, 40 Firms Linked To The Liquor Baron Under Scanner

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Most of these companies (TOI has the list) are based abroad, including in the Netherlands, the United Kingdom, South Africa, China and Nepal, and it is being suspected that the money allegedly embezzled by him from bank loans was routed to these companies. Mallya, the ED and the CBI have found, also owns a large number of immovable properties in many countries, which are being investigated.

"The worth of properties owned by him, including some palatial houses and his shares in the companies is being estimated," said a source. The ED alone is probing 25 companies where it is suspected that Mallya has either 100 per cent or part stake. "We also have information and details of his movable properties, including his yacht and vehicles in some of these countries. We need to question him about his investments/shareholding in many companies but since he has refused to join the probe, we are gathering evidence through different channels and taking assistance from agencies abroad," said an ED official.

ED, CBI Widens Probe On Vijay Mallya, 40 Firms Linked To The Liquor Baron Under Scanner

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At least six countries, sources said, were approached for information. Sources said the Financial Intelligence Unit, which looks into suspected investments by Indians, has gathered information about these companies and has shared it with CBI, ED and the income tax department.

Mallya fled to London in March, a move which has irked the government and investigation agencies. The government has since revoked his passport and has officially requested the UK to deport him to India. Both CBI and ED have registered separate cases of cheating and money laundering against Mallya in the Rs 900 crore loan taken by now defunct Kingfisher Airlines from IDBI Bank.

ED, CBI Widens Probe On Vijay Mallya, 40 Firms Linked To The Liquor Baron Under Scanner

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As part of its larger probe into non-performing assets of banks, the CBI is probing loans given to Kingfisher Airlines by other public sector banks including UCO Bank, Punjab National Bank, State Bank of India, Vijaya Bank, Bank of Baroda, Corporation Bank, Bank of India, United Bank of India, State Bank of Mysore and Indian Overseas Bank.