INDIA IS MORE DEMOCRATIC THAN AMERICA IN TERMS OF LOAN FRAUD PROBES AGAINST BILLIONAIRES

INDIAN MEDIA IS VERY INDEPENDENT IN PROBING SUCH FRAUD CASES COMPARED TO AMERICAN MEDIA WHO CANT MAKE DONALD TRUMP TO RELEASE HIS TAXES. THIS SHOWS HOW STRONG INDIAN MEDIA IS AGAINST FRAUD PROBES .

AMERICAN PEOPLE CANT KNOW HOW BILLIONARIES CAN HAVE MANY FRAUD CASES  AGAINST THEM BECAUSE THEY DO LACK DEMOCRACY .

 

SEE HOW INDIAN MEDIA CAN BRING FRAUD CASES AGAINST

 

Supreme Court issues notice to Vijay Mallya, seeks reply in two weeks

Amit Anand Choudhary | TNN | Mar 9, 2016, 02.35 PM IST

http://timesofindia.indiatimes.com/Vijay-Mallya-King-of-bad-times/listshow/51321509.cms

From a flamboyant billionaire to a man who watched his empire go bust, here’s how the journey unfolded for Vijay Mallya:
Vijay Mallya.Vijay Mallya.
NEW DELHI: The Supreme Court on Wednesday issued notice to Vijay Mallya on a plea by banks to impound his passport. The top court asked Mallya to respond to the notice in two weeks.

The notice will be served to Mallya through his official Rajya Sabha email ID through Indian high commission at London and his counsel & Co.

The consortium of banks led by SBI urged the top court to give directions to ensure that Mallya appeared in person before the court. They also sought directions for impounding of his passport.

The court asked the banks to wait for Mallya’s response to the notice.

The apex court also questioned why loans were given to Mallya when he was a defaulter and was facing proceedings in the court of law.

The attorney general, citing CBI inputs, informed the apex court that Vijay Mallya had left the country.

The AG also told the court that Mallya’s assets abroad are far in excess to loans taken by him.

A consortium of 13 banks had on Tuesday approached the Supreme Court to stop Vijay Mallya from leaving India.

On Monday, Debt Recovery Tribunal (DRT) had restrained Mallya from disbursing in any manner Rs 515 crore paid to him by liquor major Diageo for exiting United Spirits.

(With inputs from agencies)

COMMENTS

Loan fraud probe: CBI raids Vijay Mallya’s defunct Kingfisher Airlines

http://timesofindia.indiatimes.com/india/Loan-fraud-probe-CBI-raids-Vijay-Mallyas-defunct-Kingfisher-Airlines/articleshow/49300439.cms

W DELHI: The Central Bureau of Investigation (CBI) is conducting raids on liquor baron Vijay Mallya and his now defunct company Kingfisher Airlines in its probe into IDBI bank’s Rs 950 crore loan, which was given to the company despite the airline’s negative credit ratings and net worth.

The agency’s raids are reportedly part of its banking NPA frauds probe, which was started last year and first reported by TOI.

The agency has registered an FIR in the loan fraud, which was declared non-performing asset, few days back. The agency has been probing loans provided by many public sector banks to several private companies.

CBI had alleged that “it was first exposure to the bank. There was no need for the bank to take the exposure outside the consortium when already other loans were getting stressed”.

Sources say that Vijay Mallya would be questioned soon in the case.

Earlier, during the preliminary enquiry, agency has already examined some Kingfisher and IDBI officials asking them to explain the reasons for extending the loan to the airline, ignoring its own internal report which had warned against such a move.

The debt-ridden airline stopped operations in October 2012.

CBI sources said the agency had registered a preliminary enquiry last year after the bank failed to provide convincing answers on reasons to extend the loan to the crisis-ridden airline.

The agency’s probe is part of the investigation into non-performing assets of various public sector banks.

TOI was the first to report formal first set of FIRs in the NPAs’ probe being carried out by the bank securities and fraud cell of the agency.

 

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