Serious Fraud Investigation Office probing Kingfisher Airlines

| Tuesday, May 10, 2016 - 20:43
First Published |
Kingfisher Airlines under scan of SFIO, SFIO, kingfisher, kingfisher airlines, vijay mallya, defaulter,

Kingfisher Airlines under scan of SFIO

New Delhi: The Serious Fraud Investigation Office (SFIO) is investigating the defunct Kingfisher Airlines for allegedly committing financial irregularities, parliament was told on Tuesday.
"SFIO is currently investigating Kingfisher Airlines. Since investigation is in progress, no comments are offered at this stage," Corporate Affairs Minister Arun Jaitley told the Rajya Sabha in a written reply.
Defaulting businessman Vijay Mallya's Kingfisher Airlines was grounded in 2012 owing to massive debt and major operational issues.
As on March 31, 2014, Mallya owes a consortium of 17-banks led by the State Bank of India Rs.6.963 crore plus interest which has piled up till date.
In March, the banks had attempted to auction the 17,000 sq. feet Kingfisher House in Mumbai with a reserve price of Rs.150 crores, and later it tried to sell off the company's vehicles, office assets, aircoditioners, trolleys, tractors, etc. to recover some part of the huge outstanding.
While the Enforcement Directorate has registered a money-laundering case against Mallya and others, capital markets regulator SEBI is also probing his various group companies.

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