Apr
17

Mallya Denies Misuse of Loans as India Turns Up Heat on Dues

By

Vijay Mallya.

Photographer: Rafiq Maqbool/AP Photo
  • Mallya’s diplomatic passport suspended for four weeks
  • Foreign ministry acted on advice of investigating agency

Vijay Mallya, the tycoon at the center of India’s battle to recover soured debt, denied allegations he misused loans and termed an arrest warrant “unjustified” as the government ratcheted up pressure on him to return to the country by suspending his passport.

A statement from his UB Group late Sunday “strenuously denied” charges made by India’s Enforcement Directorate that 4.3 billion rupees ($65 million) were transferred overseas to acquire property. The Enforcement Directorate is a specialized financial investigation agency focused on foreign exchange and anti-money laundering laws, according to its website…

Mallya Denies Misuse of Loans as India Turns Up Heat on Dues

 

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