In a major setback for liquor baron Vijay Mallya, an appeal against his extradition request has been rejected by London High Court. The London High Court found Mallya the accused on three counts. He has been accused of cheating Indian banks and then fleeing the country.
The Central Bureau of Investigation (CBI) and the Enforcement Directorate (ED) have been pursuing the extradition of Mallya since 2016 through a legal battle in UK courts. Earlier, his appeal in a lower court and another appeal before the London High Court were rejected.
According to the court order, the London High Court found Mallya accused of offences committed between September 1, 2009, and January 24, 2017. Vijay Mallya conspired together with A Ragunathan, S Borkar, A Nadkami, A Shah, Y Agarwal, B Batra, O Bundellu, S Srinivasan, R Sridhar and others to defraud such corporations, companies, partnerships, firms and persons as might deposit funds with the IDBI Bank (“the Bank”) by dishonestly causing and permitting the bank to sanction and disburse loans to Kingfisher Airlines, said the court order.
In addition, the London High Court said Mallya defrauded, “in the order of (a) INR 1500 million on October 7, 2009, (b) INR 2000 Million on November 4, 2009, and (c) INR 7500 million on November 27, 2009, with the intention not to repay the said loans as agreed and required.”
The court also observed that Mallya further supplied false information to the bank with respect to Kingfisher’s profitability.
According to the court order, “You (Vijay Mallya) between September 1, 2009, and January 24, 2017, dishonestly made representations to the Bank which were, and which you knew were or might be, untrue or misleading, namely: a) Supplying false information to the Bank in respect of Kingfisher’s profitability, b) Supplying false information to the Bank in respect of the value and/or availability of securities to be relied upon by the Bank.”
Mallya has also been accused of intending to make a gain for himself that resulted in a loss for the bank.
He is out in bail since April 17 and on a bond of £650,000. Indian investigative agencies—CBI and ED— are hopeful that Vijay Mallya would be extradited to India from London within the next few weeks.