Zee Media Bureau
New Delhi: Special court has rejected Kingfisher Airlines' plea to not to pronounce any retrograde order against Vijay Mallya, as sought by ED in Prevention of Money Laundering ACT.
The Prevention of Money Laundering Act (PLA) court, while hearing the case on Monday has given no signs of relief to the liquor baron.
Kingfisher Airlines on Monday had moved an application in the PMLA court terming EDs charges of money laundering as “false and incorrect”.
Enforcement Directorate had charged Vijay Mallya of siphoning off Rs 430 crore of the IDBI loan and using the money to acquire property abroad.
The Enforcement Directorate (ED) on Friday had sought a non-bailable warrant of arrest against him.
The MEA on the same day had also suspended the passport of Mallya after he failed to appear before the investigating authority under the Prevention of Money Laundering Act (PMLA), which is "tantamount to wilful non-compliance of the legal process".
While the loans issue is being investigated by CBI on charges of criminal misappropriation, criminal conspiracy and under the Prevention of Corruption Act, the Serious Fraud Investigation Office is probing violations under the Companies Act and the ED under PMLA.
With agencies' input