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Fri, Nov 16, 2018 | Last Updated 9:24 pm IST

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Vijay Mallya used RCB team for 'Money Laundering' purposes

Vijay Mallya used RCB team for 'Money Laundering' purposes
Vijay Mallya used RCB team for 'Money Laundering' purposes
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The Enforcement Directorate has filed a new charge sheet against Vijay Mallya as he had diverted the loan funds to his F1 and T20 IPL Team. The Liquor Baron has diverted more than Rs.3700 Crores of Bank Loan funds to his F1 Motorsport firm and T20 IPL Team Royal Challengers Bangalore.

Vijay Mallya used RCB team for

The ED also filed a charge sheet and he is likely to be declared as a fugitive under the new Indian law. This charge sheet was filed based on a complaint they have received from the State Bank of India as Vijay Mallya caused them a loss of Rs.6027 Crores by not repaying them.

Vijay Mallya used RCB team for

He took the loans during the period 2005-10. The Enforcement Directorate also claimed that Vijay Mallya was involved in Money Laundering through his sports-based franchises. Apart from these, he also projected his brand value of Airlines to high price as a collateral despite the Airline is suffering from deficiencies.

Vijay Mallya used RCB team for 'Money Laundering' purposes
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