A court in London heard on Monday how fugitive businessman Vijay Mallya, founder of the now bust Kingfisher Airlines, had sought corporate loans worth Rs 2,000 cr from a consortium of Indian banks in 2009 to be able to meet critical obligations to his suppliers. The Crown Prosecution stated that Mallya's Kingfisher Airlines had made the same set of security pledges for all the loans it sought, that suggested fraud. It will have to prove that the criminal charges against Mallya are justified and that he should be extradited to face the Indian courts.
A court in London heard on Monday how fugitive businessman Vijay Mallya, founder of the now bust Kingfisher Airlines, had sought corporate loans worth Rs 2,000 cr from a consortium of Indian banks in 2009 to be able to meet critical obligations to his suppliers. The Crown Prosecution stated that Mallya's Kingfisher Airlines had made the same set of security pledges for all the loans it sought, that suggested fraud. It will have to prove that the criminal charges against Mallya are justified and that he should be extradited to face the Indian courts.
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