ED’s charges against Vijay Mallya shocking, says UB Group

New Delhi: Embattled industrialist Vijay Mallya’s UB Group “strenuously denied” on Sunday the allegation by the Enforcement Directorate (ED) that he siphoned off nearly Rs 430 crore from the loan extended to Kingfisher Airlines by IDBI bank for acquiring property abroad.

Rejecting the charge , the group said it would provide full details of foreign exchange remittances in the next few days.

A statement issued by the group said the audited accounts of Kingfisher Airlines show that the money was borrowed for legitimate business purpose and that the allegation was “shocking”.

“The allegation made by the Enforcement Directorate before the PMLA Court that they have stumbled upon evidence that Rs 430 crores was transferred overseas for property acquisition is strenuously denied,” it said

Embattled industrialist Vijay Mallya’s UB Group “strenuously denied” on Sunday the allegation by the Enforcement Directorate (ED) that he siphoned off nearly Rs 430 crore from the loan extended to Kingfisher Airlines by IDBI bank for acquiring property abroad.

Rejecting the charge , the group said it would provide full details of foreign exchange remittances in the next few days.

A statement issued by the group said the audited accounts of Kingfisher Airlines show that the money was borrowed for legitimate business purpose and that the allegation was “shocking”.

“The allegation made by the Enforcement Directorate before the PMLA Court that they have stumbled upon evidence that Rs 430 crores was transferred overseas for property acquisition is strenuously denied,” it said.

Mallya, now in Britain, is charged with siphoning off a portion of money involving IDBI loan of Rs 950 crore, which he had borrowed for Kingfisher Airlines. On April 15, the ministry of external affairs had suspended the diplomatic passport of Mallya, a Rajya Sabha MP.