Now, 40 companies tied to Vijay Mallya under scrutiny

The Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) are looking at around 40 companies in which Vijay Mallya is said to have a stake, directly or indirectly.

Most of these companies) are based abroad, including in the Netherlands, the United Kingdom, South Africa, China and Nepal, and it is being suspected that the money allegedly embezzled by him from bank loans was routed to these companies. Mallya, the ED and the CBI have found, also owns a large number of immovable properties in many countries, which are being investigated.

"The worth of properties owned by him, including some palatial houses and his shares in the companies is being estimated," said a source to ET.

The ED alone is probing 25 companies where it is suspected that Mallya has either 100 per cent or part stake. "We also have information and details of his movable properties, including his yacht and vehicles in some of these countries. We need to question him about his investments/shareholding in many companies but since he has refused to join the probe, we are gathering evidence through different channels and taking assistance from agencies abroad," said an ED official.

At least six countries, sources said, were approached for information. Sources said the Financial Intelligence Unit, which looks into suspected investments by Indians, has gathered information about these companies and has shared it with CBI, ED and the income tax department.

Mallya fled to London in March, a move which has irked the government and investigation agencies. The government has since revoked his passport and has officially requested the UK to deport him to India. Both CBI and ED have registered separate cases of cheating and money laundering against Mallya in the Rs 900 crore loan taken by now defunct Kingfisher Airlines from IDBI Bank.

Image credit: Indiatimes