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Loan-ranger Mallya Parked Money Abroad

The ED sent notices to 17 banks asking them to submit documents related to alleged money laundering by liquor baron Vijay Mallya.

Published: 15th March 2016 06:01 AM  |   Last Updated: 15th March 2016 06:33 AM   |  A+A-

NEW DELHI: The Enforcement Directorate (ED) on Monday sent notices to 17 banks asking them to submit documents related to alleged money laundering by liquor baron Vijay Mallya. Meanwhile, the Ethics Committee of the Rajya Sabha decided to proceed “according to rules” following a complaint to drop him from the panel since he was a wilful defaulter.

Loan.jpgAccording to rules of the Ethics Committee, when a member indulges in unethical behaviour or contravenes rules, the committee may recommend censure, reprimand or suspend the member for a specific period. The committee took cognizance of Mallya’s case after it was referred to it by RS chairperson Hamid Ansari.

Mallya, who allegedly took loans worth `900 crore, left the country on March 2. The ED has sought details of the loans given to defunct Kingfisher Airlines, operated by Mallya, allegedly in collusion with bank officials. The agency also found that part of the loan was siphoned off to foreign countries for remittances. The agency is trying to find out how much loan money taken from the 17 banks has been parked abroad.



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