The fugitive businessman Vijay Mallya is not getting a moment to rest as the escapee is in news time and again for his illegitimate actions and misdeeds.
The servers of United Spirits Limited were assessed to reveal the indecorous transactions performed by former IPL team owner, the Royal Challengers Bangalore.
As per sources, it is not hard to believe that the public funds were diverted to Mallya’s non-aviation venture. This is not only what sources suggest but also the company emails indicate the same.
India’s largest bank SBI agreed to sanction a loan amount of Rs 500 crore under the credit facility offered to the Kingfisher Airlines, which was in jeopardy as it had booked losses of about Rs 1200 crore. Vijay Mallya furnished his resignation from the position of chairman and non-executive director of Royal Challengers Sports Private Limited (RCSPL) last February.
Worth a whopping amount, RCB was the most expensive IPL franchise in its inaugural edition. An ornamental sum of Rs 476 crore was spent by the absconder in the year 2008, the commencement year of IPL.
The private email conversations between Mallya and his CFO, A. Raghunathan are indicative of Mallya’s strong intention to direct bank loans amount towards the IPL project.
A total of 77 cheques were issued towards multiple vendors by the Kingfisher Airlines. However, it is known that SBI only withheld only cheque amounting Rs 15.9 cr but cleared 76 other cheques.
The Kingfisher Airlines has a current account at Deutsche Bank, in which UCO deposited a sum of Rs 16 crore on May 7, 2009. Consequently, Deutsche Bank transferred Rs 15.9 crore into Royal Challengers Bangalore’s SBI account on May 10 2009.
Despite consistent reminders from SBI to avert from using the loan amount for funding Mallya’s IPL dream, however, the company seemed to have lent no ear.
Well, what remains to be seen is whether or not Mallya admits his misdeeds and surrender to the Indian cops.
Source: indiatoday.in
