Crucial facts in Vijay Mallya's case

| Wednesday, May 11, 2016 - 15:57
First Published |
Vijay Mallya default: Britain shuts the door, snubs India

Vijay Mallya default: Britain shuts the door, snubs India

New Delhi: In order to bring back embattled tycoon Vijay Mallya, India will now have to initiate extradition process after a chargesheet is filed. With the Modi-government revoking passport of the liquor-baron and the Supreme Court stepping up pressure on Mallya, the whole episode has gained tremendous political attention.
The UK authorities on Wednesday declined India's request to deport the disgraced liquid baron. Now, the challenge before the government is to make a watertight case against Mallya to nail him in the court of law for an extradition. 
Mallya left the country on March 2, shortly before non-bailable arrest warrants were issued against him by separate courts.  Let's take a look at some of the crucial facts in this case:
1) Vijay Mallya has reportedly transmitted around Rs 3,251.85 crores from 2005-2014 to the Kigfisher Airlines Ltd through 62 companies. Though some of these companies work for the infrastructure development, much of the fund came from Mallya’s own companies.
2) In the month of July 29, 2015 when the CBI filed a case of suspected fraud against Mallya, sleuths were confident of getting support from top bankers. Bankers consistently refused to carry out forensic audit of Mallya’s account which is commissioned to an outside agency.
3) In a helicopter purchase from the United States, the CBI requested cooperation of the Federal Bureau of Investigation (FBI) to trace the money trail. The FBI conducted its own investigation and gave a clean chit to Mallya. At the end of it, the agency could not find anything dubious in the deal.
4) Is the Enforcement Directorate’s (ED) argument that it has found a huge sum of money salted away abroad from the Rs 900 crore IDBI loan, strong enough to stand in the court of law? 
5) Till March 2, 2016, when Mallya flew abroad, the CBI had been deliberately keeping the case low-profile. Mallya was returning to India frequently and appearing before the agency to assist in the investigation. The case is learnt to have become high-profile when a top official of the PMO started getting routine briefings from chiefs of the CBI and ED regularly and gave directions to launch a vigorous campaign. 
The question that need to be looked into is: Did the government act in haste by revoking Mallya’s passport even before gathering foolproof evidence in this case? It remains to be seen how the case evolves from here.

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