Vijay Mallya-controlled Firms Carried Out Transactions with Liberia-Based Company Named in Panama Papers

India.com News Desk
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Vijay Mallya-controlled Firms Carried Out Transactions with Liberia-Based Company Named in Panama Papers

Mallya is accused of money laundering by the Enforcement Directorate (ED). He has been proclaimed as an absconder.

New Delhi, Oct 16:  Two firms controlled by liquor baron Vijay Mallya, which had stakes in Kingfisher Airlines, had financial transactions with a company named in the Panama Papers, a probe by the Serious Fraud Investigation Office (SFIO) revealed. The company Mallya’s firms had business with was registered in Liberia.

Indian Express accessed a report by the SFIO said Mauritius-based  IQ Bridge Limited and its Indian subsidiary held 15 lakh and 52 lakh equity shares respectively in Kingfisher Airlines before its merger with Deccan Aviation. In 2007-09, Mallya had transferred 89 out of 99 shares in IQ Bridge, Mauritius, to Lombard Wall Corporate Services.

Mallya is accused of money laundering by the Enforcement Directorate (ED). He has been proclaimed as an absconder. He had defaulted on loans worth Rs 6,000 crore from a number of banks. The investigative agencies had said that Mallya had diverted most of the funds to an offshore account, a charge Mallya denied.

“As matters are sub judice, I cannot comment in detail, but I reject all these wild, baseless and deliberately fabricated allegations,” Mallya told ET in an email.

Mallya had escaped the country last year and is living in London. The agencies are fighting a complex court battle to have him extradited from the country.