Kingfisher Airlines Moves Court, Terms ED Charges False


Mumbai: Kingfisher Airlines on Monday moved special court in Mumbai in the IDBI loan money laundering case. Terming the Enforcement Directorate (ED) allegations as baseless, the company said Vijay Mallya has not siphoned off Rs 430 crore from IDBI loan to buy property overseas.

Rejecting the charge that Mallya diverted Rs 430 crore for purchase of an overseas property from the Rs 950 crore IDBI loan to his now defunct Kingfisher Airlines, the company said he would provide full details of foreign exchange remittances in the next few days.

The ED made the money-laundering allegation against UB Group before a court and has sought a non-bailable warrant against Mallya.

“The audited accounts of Kingfisher Airlines including for the year ended (March 2010) show all foreign exchange transactions which includes funds borrowed from IDBI Bank used for legitimate business purposes only,” the company spokesman said.

The government last Friday suspended the diplomatic passport of Mallya and said the passport would be revoked if he did not respond within a week