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EXPLOSIVE | Vijay Mallya Laundered Money To IPL, F1 Team

Written By Shatabdi Chowdhury | Mumbai | Published:

Hack:

  • A day before final hearing in the UK Court against Vijay Mallya, Republic TV has accessed the liquor baron's mails to KFA employees
  • The never seen before mail trail proves that Mallya was seeking money laundering and that he used the loan money to fund IPL and F1 teams

A day before final hearing in the UK Court against Vijay Mallya, Republic TV has accessed the liquor baron's mails to KFA employees. The never seen before mail trail proves that Mallya was seeking money laundering and that he used the loan money to fund IPL and F1 teams. Republic TV has also learnt that based on these mails, the CBI and the ED have told the UK court that money has been laundered to Formula 1 team and the mail trails prove the same. The mails prove that Kingfisher Airlines was using the sponsorship that they gave to F1 in United Kingdom as a facade.

In 2009, Kingfisher gave sponsorship to Formula One and these mails show that the sponsorship was inflated and that bank-money was used to squander away the taxpayers’ money.

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The mails show that money was being transferred from Axis bank in India to HSBC bank in the UK. The mail says that the money was being transferred for ‘operational expenses’ for KFA’s work in the London office to Kingfisher Airlines. However, the amount was actual transferred to the F1.

One of the mails shows the date of transaction from Axis Bank India as December 21, 2009 and the amount received by the HSBC bank as USD 200,000. However, the next column of the mail shows the same amount being remitted to the F1 team. Furthermore, it was not a one off affair as money was remitted to the F1 in 2010, 2011 and also 2012. None of these amounts were transferred to Kingfisher airlines for operational work as the money was only transferred to Formula 1.

The second mail, dated February 23, 2012, is from Lakshmikanthan TV to Vijay Mallya. The subject of the mail describes it as a ‘confidential’ one and details as to how transactions have to be done for Formula 1. The second mail reaffirms the point that inflated sum of money was used for money laundering.

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The another set of mails, accessed by Republic TV, proves that taxpayers’ money was used to fund Royal Challengers Bangalore (RCB), the IPL team bought by Vijay Mallya. The mail also confirms the people from the top brass of KFA tried to put pressure on the State Bank of India.

In one of the mails, the former CFO of KFA A Raghunathan writes “One of their officers made a snide remark that why is the KFA sponsoring IPL, when the airline is incurring huge losses. Vijay Mallya replies back to the mail saying “urgently send me a list of the payments made out to the SBI facility and how you propose to utilise the balance”. I have noticed based on the messages received, you are not sticking to the plan. In any case, I told you to disbursement was to be approved to me.”

“PAM spoke to me about an unbanked cheque which was causing audit problems but this cannot affect the cashflow’,” he says further in the mail.

The mail trails prove that Mallya not only used Formula 1 to dupe public bank money, but also tried to use the payments made by the SBI to get IPL money. And, the IPL money which was credited for loan funds was forcefully used by others for other purposes, with Mallya having the full knowledge of it.

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