MUMBAI: The Enforcement Directorate (ED) continues its crackdown on several high-profile names related to Indian cricket as absconding business tycoon, Vijay Mallya has been slapped with a second chargesheet by the law enforcement agency.
According to a Times of India report, Mallya has been accused of laundering INR 9,9.90 billion along with UB Holdings and the now-defunct Kingfisher Airlines, which he had sought as a loan fraudulently from the State Bank of India-led consortium of 17 banks.
Mallya, who is at present in the United Kingdom, is believed to have used his Formula 1 team, Force India and his former IPL team, Royal Challengers Bangalore (RCB) for this purpose.
The business tycoon siphoned off INR 2.55 billion of the bank money to the United Kingdom, since that is also the country where Force India has been officially registered as a private company. Once that was completed, it was transferred into the team’s account in the name of advertising and promotional expenditure.
The chargesheet also mentioned that in 2008, when Mallya began owning RCB, he had withdrawn INR 159 million of the loan from Kingfisher Airlines’ account, which was held with Deutsche Bank back then and transferred the money into the IPL franchise’s account.
