No relief for Mallya: Court rejects KFA's application against ED

April 18, 2016 16:11

The special Prevention of Money Laundering Act court rejected the application moved by Kingfisher Airlines terming as "false and incorrect" the Enforcement Directorate's charges against its owner Vijay Mallya that he had siphoned off Rs 430 crore of the IDBI loanand used this money to acquire property abroad.

The company said he would provide full details of foreign exchange remittances in the next few days.

Earlier in the day, the UB group issued a statement, saying, The audited accounts of Kingfisher Airlines including for the year ended 31 March 2010 show all foreign exchange transactions which includes funds borrowed from IDBI Bank used for legitimate business purposes only."

The statement added, We are shocked at the allegation made by the Enforcement Department before the PMLA court for the very first time.

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