Following the spoor of Indian business tycoon Vijay Mallya’s colossal accumulation of unpaid debts, NewsX has unfolded a scenario where the businessman, accused of defaulting on loan and fleeing the country, might have employed a fraudulent use of a shell company to retain 13 valuable properties.
The USL Group, in which Vijay Mallya was a prominent shareholder, owned 13 prime properties all across India which was valued at Rs. 290 crores instead of its actual market value which was estimated to be around Rs. 1000 crores. A company named PE Data, which in 2011 had a valuation of Rs. 10 lakhs, mysteriously inherited Rs. 28 crores which was placed as an advance on the USL property solely for the purpose of laying first claim on the 13 prime properties.
Raising suspicions about this particular transaction between the USL Group and PE Data, later on when Diageo bought the USL Group under which the 13 properties were registered and where Mallya was a stakeholder, it terminated the deal with PE Data in February of this year. Diageo rendered null the agreement between USL and PE Data which had laid first claim to the 13 properties.
In a sting operation conducted by NewsX, Govind Pillai, one of the managing directors of the PE Data, claimed that PE Data was in the process of being shut down by the end of 2016. This statement could bring to light the financial tactics practiced by Vijay Mallya during a time when Kingfisher Airlines was facing severe financial crisis.
Pertaining to this controversial statement innocuously given by one of the managing directors, there are important questions regarding the financial whirlwind Vijay Mallya has put the whole country in:
– How did a firm like PE Data, which had a valuation of Rs. 10 lakhs, suddenly inherit Rs. 28 crores?
– Why was the USL Group willing to sell the 13 prime properties which were valued at Rs. 1000 crores for one-third of its value for Rs. 290 crores?
– Was PE Data deployed by Vijay Mallya as a ghost firm to purchase the properties below its market value?