భారతదేశంలో అతిపెద్ద బ్యాంకు మోసం: Vijay Mallya
Vijay Mallya, an Indian businessman and former Member of Parliament, is embroiled in one of India’s most significant financial fraud cases. Accused of willful default on loans exceeding ₹9,000 crores, Mallya’s case has set legal precedents concerning banking fraud, money laundering, and extradition law. The case has traversed multiple legal forums, including the Supreme Court of India and the UK judicial system, raising critical legal questions about the enforcement of financial laws and international extradition treaties. This article examines the legal intricacies of the case, including the statutory violations, court proceedings, and implications for Indian financial law.
The Proof
The legal controversy surrounding Vijay Mallya stems from his control over Kingfisher Airlines, which ceased operations in 2012 due to financial distress. Between 2004 and 2012, Mallya secured loans from various Indian banks, including the State Bank of India (SBI), Punjab National Bank (PNB), and IDBI Bank. The funds were purportedly meant for operational expenses; however, investigative agencies allege that a substantial portion was siphoned off to offshore accounts.
The primary legal violations in this case include:
Willful Default (RBI Guidelines, 2014): Mallya was declared a “willful defaulter” by multiple banks for failing to repay loans despite having the capacity to do so.
Money Laundering (Prevention of Money Laundering Act, 2002): The Enforcement Directorate (ED) alleges that loan funds were diverted to shell companies and foreign accounts.
Criminal Conspiracy and Cheating (Sections 120B and 420 of the IPC): The Central Bureau of Investigation (CBI) has charged Mallya with criminal conspiracy and fraud, arguing that he misrepresented financial health to obtain loans.
Foreign Exchange Management Act (FEMA) Violations: Unapproved fund transfers and irregularities in foreign currency dealings have also been flagged.
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