The Secret Transactions Of Vijay Mallya Of Kingfisher Airlines Are Being Traced

The ex-chairman of United Spirits and son of Vittal Mallya, Vijay Mallya was in news for all his fraud with Indian banks.

Mallya who is sheltered in the United Kingdom is in debt of 950 crores IDBI bank loan to his airlines Kingfisher.

He is also alleged of funding more than 3200 crores internationally and illegally.  The enforcement directors tracking transactions made by Mallya explained the moment of a major portion of loan given to his airlines went outside the country.

Kingfisher Airlines remitted 3280 crores out of the country and declared it to be the payment made for maintenance and leasing of the aircraft.

When traced these amounts were the loans taken from different financial institutions and banks which were moved overseas.

“Despite repeated reminders, the company (KFA), has failed to submit supporting doc u ments such as lease agreements to show that the payments were bonafide.

It is clear that the bank loan obtained, have been siphoned off abroad under the ruse of lease payments, in a calculated pre-designed manner,” according to the source.