Non-Bailable Warrant Against Vijay Mallya in Rs 180 Crore Loan Default Case

New Delhi: Fresh trouble knocks at the door of fugitive businessman Vijay Mallya as a special CBI Court in Mumbai has issued a non-bailable warrant against him in the Rs 180 crore loan default case. Issued on June 29, the non-bailable warrant (NBW) is concerning the case of non-payment of loans, linked to Indian Overseas Bank (IOB).  The Central Bureau of Investigation-court judge SP Naik Nimbalkar has issued the warrant and a detailed order regarding the same was made available on Monday, July 1, 2024.

In its warrant, CBI said that Mallya had not paid the loan to IOB 'willfully' and thus caused a wrongful loss of Rs 180 crore. The court's observation in the case was, "The present case is of multiple loans amounting to nearly Rs180 crores given by Indian overseas Bank between 2007-2012 to Vijay Mallya and his company. There are a total of 10 accused in this case including Vijay Mallya and the FIR was registered in this case in August 2016." 

The court  further said, "All accused have been issued summons to appear, but for Vijay Mallya, the special CBI court has issued a non-bailable warrant also."

The CBI warrant alleged that there has been misappropriation of loans taken by the now non-functional Kingfisher Airlines between the years 2007-12. The chargesheet said that the loans had been granted to Vijay Mallya and his company under a particular agreement however Mallya had the intention to cheat and was dishonest.

He did not repay the loans causing the bank, a loss of Rs 141.91 crore and an additional loss of Rs 38.30 crore caused due to the conversion of loans into shares. According to the CBI plea, Vijay Mallya is a 'fugitive and absconder' who continues to 'subvert the process of law in India.'

Currently living in London, Mallya has already been declared a 'fugitive' economic offender in a money laundering case which is being investigated by the Enforcement Directorate (ED), in January 2019. Amid accusations of money laundering and non-payment of loans, Mallya left India in March 2016.

The businessman was recently in the news for the extremely lavish wedding he hosted for his son Siddharth Mallya and his fiancé Jasmine, in his $14 million mansion in Hertfordshire, United Kingdom. The intimate wedding included a Christian and Hindu ceremony and the festivities were attended by Lalit Modi and Chris Gayle among others.

(Inputs from PTI)