ED notice for money laundering and ban on withdrawal of money, double whammy for Vijay Mallya

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Billionaire liquor baron Vijay Mallya faced double jolts on Monday after the central government’s enforcement directorate served him notice in money laundering case.

The news was soon followed by another unfavourable development as the Debt Recovery Tribunal in Bengaluru barred him from withdrawing any money from his severance pay worth $ 75 million that he’s expected to receive from Diageo.

Also Read | Trouble brews for Vijay Mallya as lenders, Kingfisher employees step up pressure

“Mallya and others will soon be questioned. The agency has collected relevant documents from concerned authorities and the bank in question,” ED sources in Mumbai were quoted by the PTI.

The ED, according to the news agency, has pressed charges under various sections of the Prevention of Money Laundering Act against Mallya and others named in the CBI complaint.

Also Read | Vijay Mallya breaks silence, says ‘pained as being painted as an absconder’

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