NEW DELHI: Beleaguered liquor baron Vijay Mallya who is being investigated for fraud and money-laundering, appealed to various Indian banks to accept the full amount of the principal loan he owed various banks and slammed the Indian media for repeatedly calling him a defaulter.
In a series of tweets, the businessman asserted that the loan amount was used in recovering from the losses suffered by his now-defunct Kingfisher Airlines due to high prices of aviation turbine fuel (ATF). The 62-year-old former Kingfisher Airlines boss, who has been on bail on an extradition warrant since his arrest in April last year, is fighting extradition to India on charges of fraud and money laundering amounting to around Rs 9,000 crores.
Both the ED and the Central Bureau of Investigation (CBI) have filed cases for alleged loan default against him. Mallya’s lawyers have claimed the criminal charges against their client as “without substance and politically motivated”.
This article was first published on http://www.manuinfo.com.