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ED files 57 page chargesheet against Mallya

Mumbai: The Enforcement Directorate (ED) has filed a 57 page chargesheet against Vijay Mallya and accomplices in a Rs. 900 Cr money laundering case. The ED invoked sections of the Prevention of Money laundering Act in its appeal before a special court in Mumbai.

The chargesheet details the alleged modus-operandi of Mallya in laundering nearly Rs. 400 Cr through his overseas accounts. The Reserve Bank of India has mandated stricter laws in laundering cases and the ED has further detailed how IDBI bank officials and key associates from Kingfisher Airlines (KFA) played a role in the disbursal of loans.

The ED's initial probe suggests that IDBI bank that lent Rs. 860.92 cr to the beleaguered KFA had apparently shown negative financials and did not comply with a credit policy during the disbursal process. The ED' report in fact states that KFA "criminally conspired to obtain funds".

The sheet also details the money trail analysis by sleuths that found Rs. 423 Cr to have remitted from India. KFA on its behalf insisted that the payments were made for aircraft rentals, maintenance, spare parts and servicing.

The ED, until 2016 persisted with a criminal case against the liquor baron and had so far attached assets worth Rs. 9,600 cr. By pressing sections of money laundering, law-makers are hopeful of bolstering India's attempt in cornering Mallya and secure his extradition from London.

Mallya, who had appeared before a special court in London previously this week, had taunted Indian officials by saying, "you can keep dreaming about a billion pounds".