Connect with us

2017 F1

Force India F1 team named in Mallya money laundering

Published

on

Vijay Mallya is accused of laundering money related to his F1 team Force India.

On Tuesday, the former Indian billionaire was arrested in the UK and later released on $80,000 bail.

“He will return to court on November 20,” the financial news agency Bloomberg reported, that – The new charge is essentially showing where the money went to, for example, it is alleged that some of the funds ended up with the Force India racing team”.

A prosecution statement said some of Mallya’s allegedly laundered money in the case “ended up with the Force India racing team”.

Outside court, he did not deny the charges.

“You heard it all (in court),” said Mallya.

“Many allegations are extraordinary and you will hear it in the next hearing, no doubt. Whatever I will say I will say in court and do not have to repeat to the media.”

More from Bloomberg: Embattled liquor baron Vijay Mallya has been arrested in London in connection with the Enforcement Directorate’s money laundering probe into the Rs 900-crore IDBI Bank-Kingfisher Airlines bank loan case.

He will be produced at the Westminster Magistrates’ Court at 2 pm (London time) today, the U.K.’s Crown Prosecution Service told BloombergQuint. He’s likely to get bail, they added.

Mallya is undergoing trial and is currently out on bail in another case in which he was arrested in April following the Indian government’s extradition request.

He has been staying in London for over a year now after leaving India on March 2 last year, in the middle of attempts by a group of banks to recover more than Rs 9,000 crore loaned to him for his now collapsed Kingfisher Airlines.

India had made an extradition request in February to Britain to send back the businessman to face trial.

Loading...

Comments

Latest F1 News

Latest F1 News

2019 F11 month ago

Hamilton and Mercedes clearly coming under pressure – J Verstappen

Max Verstappen’s father thinks the on-form Red Bull driver has rattled reigning five time world champion and 2019 championship leader...

2019 F11 month ago

20hp engine boost for Ferrari after summer break

Toto Wolff is forecasting a “very strong” performance by Ferrari after the summer break. Marca sports newspaper reports that the...

2019 F11 month ago

I’m not ready for Formula E – Hulkenberg

Nico Hulkenberg says he is “not ready” to contemplate a switch to Formula E. It is strongly rumoured that if...

2019 F11 month ago

BREAKING: Albon to replace Gasly from Belgian GP

Toro Rosso’s speedy Alexander Albon will replace Pierre Gasly at Red Bull from the next race in Belgium, the F1...

2019 F11 month ago

Alonso says it is not true liking Vettel

Fernando Alonso says it is not true that he doesn’t like Sebastian Vettel. In Hungary, amid rumours the retired double...

2019 F11 month ago

F1 teams balk at expensive new regulations

F1 teams are pushing back on proposed new regulations — for reasons of cost. One idea that could be scrapped...

2019 F11 month ago

McLaren targets Sainz to beat Gasly in 2019

McLaren is targeting a coveted sixth place in the 2019 drivers’ world championship with Carlos Sainz. With Mercedes, Ferrari and...

2019 F11 month ago

F1 broadcaster fails to show Sainz in Hungary

Carlos Sainz was “the invisible man” during the recent Hungarian GP. In fact, well-known Spanish journalist Antonio Lobato claims that...

2019 F11 month ago

Marko confirms Verstappen staying at Red Bull-Honda for F1 2020

Red Bull motorsport head Dr Helmut Marko has confirmed that Max Verstappen is definitely staying at Red Bull-Honda in 2020....

2019 F11 month ago

Me and Russel are eating two different dishes – Kubica

Robert Kubica is yet to benefit from what seems to have been a clear step forward for Williams and George...

Most Popular

ThisisF1.com is not affiliated with Formula 1, Formula One Management, Formula One Administration, Formula One Licensing BV, Formula One World Championship Ltd or any other organization or entity associated with the official Formula One governing organizations or their shareholders. Copyrighted material used under Fair Use/Fair Comment.

References
We could use the following leading F1 news sources for stories: SkyF1, BBC F1, Autosport, ESPN F1, FIA Media Center, MotorSport, JamesAllen and others leading authors blog.

All Rights Reserved © 2017 Prime Sport Media