On the 16th of April, lliquor Baron and lawmaker Vijay Mallya was accused of diverting Rs 430 crore to buy property abroad from the Rs 950 crore IDBI loan for his Kingfisher Airlines, the Enforcement Directorate (ED) alleged today before a special court. Non-Bailable Warrant against Mallya for Money Laundering? The Special Court had reserved their order on ED”s plea for a Non-Bailable Warrant against Mallya, under the Prevention of Money Laundering Act(PMLA). "We have stumbled upon the money trail and found that of the money he borrowed (Rs 950 crore), a portion (Rs 430 crore) had been used to buy a property outside India. He wants to avoid probe and therefore Non Bailable Warrant may be issued to compel his presence by bringing him from UK," ED Counsel Hiten Venegaonkar told the court. Delaying tactics?

Kingfisher moves court, terms as false and incorrect ED charge that Vijay Mallya-owned company had siphoned off Rs 430 crore from IDBI loan.

— Press Trust of India (@PTI_News) April 18, 2016

Mr Venegaonkar said three summons had been issued by the PMLA court against Mr Mallya this year on March 10, March 18 and April 2 asking him to appear in the case. Mallya emailed to the ED, saying he couldn’t appear in court due to commitments in Europe and also because he was busy trying to arrange money to pay off his debts by a one-time arrangement. Mallya was delaying these investigations which required his presence, the agency's lawyer said, justifying issuance of a Non Bailable Warrant against him. According to Supreme Court judgements that the lawyer cited, only the investigating agency can decide how, when, where and on which day an accused or suspect should appear for the probe. This is therefore a baseless argument, intended to delay probe. In the last week, the Indian government has suspended Mr Mallya's diplomatic passport and even threatened to revoke it if he does not come to India and cooperate with the investigations. UB group fights back, says Mallya didn't buy property abroad Liquor baron Vijay Mallya's UB Group on Sunday "strenuously denied" the allegation by the Enforcement Directorate that Vijay Mallya siphoned off nearly Rs 430 crore from the loan extended to Kingfisher Airlines by IDBI bank for acquiring property abroad.

KFA Lawyer in Spl PMLA Court- No fund was utilised by Vijay Mallya given by IDBI as loan for personal use, was used for legitimated purpose

— ANI (@ANI_news) April 18, 2016

The group said he would provide full details of foreign exchange remittances in the next few days in a statement to the media. "In order to explain foreign exchange remittances all of which have been fully accounted for, we will provide full details in the next few days," UB Group said in a statement. They claimed that the money was borrowed for legitimate business purposes.

KFA Lawyer in Spl PMLA Court- We've given details of legitimated expenses that are in excess of Rs430 cr paid in foreign exchange remittance

— ANI (@ANI_news) April 18, 2016

"The allegation made by the Enforcement Directorate before the PMLA Court that they have stumbled upon evidence that Rs 430 crores was transferred overseas for property acquisition is strenuously denied...The audited accounts of Kingfisher Airlines including for the year ended 31.3.2010 show all foreign exchange transactions which includes funds borrowed from IDBI Bank were used for legitimate business purposes only." "We are shocked at the allegation made by the Enforcement Department before the PMLA Court for the very first time.” Vijay Mallya Owns Offshore Company In Virgin Islands Say #PanamaPapers. Why Aren't We Surprised?