PMLA court to pronounce its order on ED's plea seeking NBW against Mallya

PMLA court to pronounce its order on ED

Submitted by alvin on Mon, 2016-04-18 08:08 Mumbai: A special Prevention of Money Laundering Act (PMLA) court in Mumbai will today pronounce its order on Enforcement Directorate's plea for the Non Bailable Warrant (NBW) against liquor baron Vijay Mallya in a money laundering case. The special court had on Saturday reserved its order till today on the agency's plea. The order was reserved by special Judge P.R. Bhavake, who hears cases filed under the Prevention of Money Laundering Act. The ED has alleged that Mallya diverted Rs. 430 crores for purchase of a property abroad from the Rs.950 crores IDBI loan for his Kingfisher Airlines. ED's lawyer informed the PMLA Court that the first summon to Mallya was issued on March 10, second on March 18 and the third on April 2 under Section 15 of the Prevention of Money Laundering Act to seek accused presence for investigation. The lawyer told the court that Mallya replied on March 15 that he has received the first summons dated March 10, while he responded to the second summon on April 1. Mallya was also ready to appear before the ED via video conferencing, said the lawyer. He told the court that Mallya is not following his promises and asking for time to appear before the ED again and again. The lawyer said Mallya used the same tactics in the Supreme Court SC also in a FERA case, and the loan he borrowed from IDBI was not used by Kingfisher Airlines. The ED lawyer alleged that Mallya has bought property worth above Rs. 430 crores outside India. "We found a money trail in the case and need to know how this money was dispersed." Mallya is wanted by the law enforcing agencies for a default of over Rs. 9, 000 crores. Meanwhile, acting on the ED's request, the Ministry of External Affairs (MEA) last week suspended the diplomatic passport of Mallya with immediate effect for a period of four weeks under Section 10-A of the Passports Act. The Ministry of External Affair (MEA) asked Mallya to respond within a week as to why his passport should not be impounded or revoked. "If he (Mallya) fails to respond within stipulated time it will be assumed he has no response to offer and MEA will go ahead with revocation," said MEA. (ANI)