Loan default case: SFIO gives time to Vijay Mallya till May to appear for hearing

Zee Media Bureau

New Delhi: Serious Fraud Investigation Office or SFIO has given time to Vijay Mallya till May to appear personally  for hearing.

According to a news channel, SFIO has written to ED asking information on the business tycoon's foreign assets.

SFIO is a multidisciplinary organisation ​under the ambit of Ministry of Corporate Affairs to investigate  serious financial frauds.

The agency is reportedly investigating whether the valuation of Kingfisher Airlines was deliberately inflated in order to get more loan from banks; and whether the borrower utilised the money for any purpose other than for which the money was borrowed.

Under the request of the Enforcement Directorate, who is probing charges of money laundering in over Rs 900 crore IDBI Bank loan, the Ministry of External Affairs suspended Mallya's diplomatic passport.

On April 16, the PMLA special court issued a non-bailable warrant against the liquor baron as he has failed to appear before the investigating agency despite 3 summons issued to him.