Tuesday, July 23, 2024

NBW Against Vijay Mallya By CBI Court In 180 Crore Loan Default Case – N.F Times


New Delhi: A special court in Mumbai has issued a non-bailable warrant (NBW) against a fugitive businessman Vijay Mallya in a Rs 180-crore loan default case linked to Indian Overseas Bank (IOB).

The NBW was issued on June 29 by special CBI court judge SP Naik Nimbalkar and a detailed order was made available on Monday.

Citing other non-bailable warrants issued against the 68-year-old businessman after considering CBI submission, and his status as a “fugitive”, the court noted, “this is a fit case to issue an open-ended NBW against him to secure his presence”.

The CBI, probing the case, has claimed the promoter of the now defunct Kingfisher Airlines caused a wrongful loss of more than Rs 180 crore to the government-run bank by “wilfully” defaulting in payments.

The liquor tycoon, who has already been declared a fugitive economic offender in a money laundering case probed by the Enforcement Directorate(ED), currently resides in London and the Indian government is seeking his extradition.

The warrant was related to a cheating case registered by the CBI for the alleged diversion of loans availed by the then-operational Kingfisher Airlines from IOB between 2007 and 2012.

As per a chargesheet filed in the case in the court recently by the central agency, these credit facilities were issued to the grounded private carrier by the bank under an agreement.


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