Rs 900 crore IDBI bank loan case : ED to file charge sheet against Vijay Mallya

The Enforcement Directorate is all set to file its first chargesheet against liquor baron Vijay Mallya under the Prevention of Money Laundering Act (PMLA).

The focus of this chargesheet would be only the Rs 900 crore IDBI Bank loan case.The chargesheet, also known as "prosecution complaint", would be filed by early June.

"The agency would able to file this chargesheet only after the first hearing i.e. May 17, but definitely before the second hearing at Westminister Magistrates' Court".

The investigating agency believes that the chargesheet will make the Mallya case a "very strong one" before the London Court.

The agency would include all evidence on how Mallya diverted funds from the Rs 900 crore loan received from the IDBI Bank for his personal expenditures.

"We are still ascertaining the proceeds of crimes (POC) or the laundering money by Mallya outside the country", the ED official said.

The agency is quite hopeful that once the West minister Magistrates' Court directs an order against Mallya in this case, "it will be quite difficult for him to challenge the same in the higher courts in the UK".