India’s Enforcement Directorate announced on Monday that, Special court issues arrest warrant against UB Group chairman and Force India F1 team boss Vijay Mallya in the IDBI loan fraud case, a development that may allow authorities to initiate steps to seek Interpol help to arrest the businessman who is currently abroad.
Mallya, who is expected to challenge the decision in a higher court, is accused of diverting INR 430 crore ($64 million) from the INR 900 crore ($135 million) his Kingfisher Airlines borrowed from the lender and using that to buy properties abroad. The company terms the allegation “false and incorrect”.
Enforcement Directorate, which investigates money-laundering cases and foreign exchange rule violations, will hand over the warrant to the ministry of external affairs, which in turn will send it to a local magistrate in the UK, said ED counsel Hiten Venegaonkar.
“Now, it will take maximum 15 to 20 days to get Mallya back to India,” Venegaonkar said.
Last week, the government suspended his passport on a request by the ED. The foreign ministry said on 15 April that Mallya had a week to explain why his passport shouldn’t be impounded or revoked, after suspending it for a month.
I am an international businessman. I travel to and from India frequently. I did not flee from India and neither am I an absconder. Rubbish.
— Vijay Mallya (@TheVijayMallya) March 10, 2016