Business tycoon Vijay Mallya will not appear before the Enforcement Directorate in Mumbai on Saturday and has sought extension till May, sources in the agency told CNN-IBN.

Mallya had been asked to appear before the ED in connection with a money laundering probe related to alleged fraud in a loan given to Mallya by IDBI. 

The case was based on a CBI FIR registered last year against Mallya, the directors of his defunct Kingfisher Airlines, its former Chief Financial Officer A Raghunathan and unknown officials of IDBI Bank.

The FIR said the loan was sanctioned in violation of norms regarding credit limits.