At the Central Bureau of Investigation Headquarters, New Delhi. file | Photo Credit: PTI
A senior IDBI Bank official allegedly conspired businessman vijay mallya for sanctioning and disbursement of loans to the latter’s Kingfisher Airlines, the Central Bureau of Investigation (CBI) said in its supplementary chargesheet filed in a Mumbai court.
Vijay Mallya is an accused in the Rs 900 crore IDBI Bank-Kingfisher Airlines loan fraud case, which is being probed by the CBI. The central agency recently filed a supplementary charge sheet before a special CBI court in Mumbai.
According to the charge sheet, Buddhadeb Dasgupta, former general manager of IDBI Bank, abused his position in connivance with associates and Vijay Mallya in the matter of sanction and disbursement of short-term loan (STL) of ₹150 crore to Kingfisher Airlines in October 2009.
Along with the 11 accused named in the previous charge sheet, the CBI has named Dasgupta in the supplementary charge sheet filed recently. According to the CBI, STL was requested six months to fulfill certain important obligations to foreign vendors, including aircraft lessors and other service providers.
The said loan of ₹150 crore, as originally envisaged by Dasgupta (through a proposal circulated among the members of the Credit Committee), was to be adjusted/repaid from the total loan of ₹750 crore originally sought by the airlines.
However, post circulation, the resolution changed to show that as if the credit committee had treated it as a separate loan which, according to the CBI, could (or could not) be adjusted/recovered from the total loan may).
The chargesheet states that while IDBI Bank’s exposure was to be limited to a total amount of ₹750 crore, it increased to ₹900 crore in December 2009 because this STL was kept as a separate loan largely at the behest of Dasgupta. I went.
During the investigation, Letters Rogatory (LR) were sent to United Kingdom, Mauritius, USA and Switzerland as per the permission of the CBI court. Courts of one country take the help of courts of another country for administration of justice there through LR. The charge sheet also mentions the evidence collected during foreign investigations from these countries.
“Properties in the UK (Ladywalk for GBP 12-13 million or ₹80 crore in 2015-16) and France (Le Grand Jardin for EUR 35 million or about ₹250 crore in 2008) were acquired by Mallya, here Even Kingfisher Airlines was facing severe cash crunch (2008),” the chargesheet said.
“Mallya had substantial funds between 2008 and 2016-17, but none of it in the form of equity infusion to support the airlines or as personal guarantor for loans taken by KAL from IDBI and other banks in India. I was not brought in to honor my obligations. ,” it added.
Citing evidence collected through LR, the chargesheet states that between 2008 and 2012 huge sums of money were transferred to the Force India Formula 1 team.
The chargesheet further states that between 2007 and 2012-13, significant sums were paid towards the acquisition and repayment of loans for corporate jets used personally by Mallya.
The charge sheet states that these acts on the part of Mallya clearly show that he diverted funds for corporate jets, Force India Formula One racing team and other such extravagant expenditure and then on the loans taken by Kingfisher Airlines. Deliberately missed.
The above facts, according to the CBI, disclose the commission of offenses such as cheating and criminal conspiracy under Indian Penal Code and Prevention of Corruption Act provisions against Mallya, Dasgupta and other accused. Apart from the CBI, the Enforcement Directorate is also probing the money laundering case against Mallya.
On January 5, 2019, a special court in Mumbai declared Mallya a ‘fugitive’ under the Fugitive Economic Offenders Act. Under the provisions of the Act, once a person is declared a fugitive economic offender, the prosecuting agency has powers to confiscate his property.