‘Mallya diverted most of Rs 6,000-crore loan to shell companies’

Former Indian politician and billionaire businessman Vijay Mallya, centre, arrives for his extradition hearing arrives at Westminster Magistrates Court in London, Tuesday, June 13, 2017. Mallya was arrested in London in April on behalf of authorities in India, where he is wanted on charges of money laundering and bank demands that he pay back more than a billion dollars in loans extended to his now-defunct airline. (AP Photo/Matt Dunham)

Former Indian politician and billionaire businessman Vijay Mallya, centre, arrives for his extradition hearing arrives at Westminster Magistrates Court in London, Tuesday, June 13, 2017. Mallya was arrested in London in April on behalf of authorities in India, where he is wanted on charges of money laundering and bank demands that he pay back more than a billion dollars in loans extended to his now-defunct airline. (AP Photo/Matt Dunham)

NEW DELHI: In another potential setback for Vijay Mallya, the CBI and Enforcement Directorate are preparing to chargesheet the controversial tycoon for allegedly diverting a large chunk of funds from the Rs 6,027-crore loan he took for his now-defunct KingfisherAirlines from a consortium of banks led by State Bank of India.

The money was allegedly diverted to shell companies in seven countries, including the US, UK, France and Ireland, official sources said.

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Credit: timesofindia.indiatimes.com