ED launches fresh probe against Mallya

The Enforcement Directorate on Tuesday initiated another investigation into money laundering against Vijay Mallya, Kingfisher Airlines, its holding company, United Breweries Holding Ltd., and others on the basis of a fresh case registered by the Central Bureau of Investigation.

The fresh case has been registered on a complaint by the State Bank of India as a representative of the consortium of banks that alleged that the company failed to repay its debts from 2009 to 2011.

The complaint said the loans were declared non-performing assets. The banks then recalled the credit facilities and invoked the corporate guarantee given by the holding company and personal guarantee by Mallya. However, they did not clear the outstanding.