About 40 per cent of the money lost by banks in the PNB scam and the fraud linked to fugitive businessman Vijay Mallya's defunct Kingfisher Airlines has been realised by way of sale of shares seized under the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate said on Wednesday.
The Supreme Court held that the verdict of Portugal court is "not binding" on courts here and Salem's extradition to India is still "valid in the eyes of law".
Britain has finalised 1 billion pounds worth of new trade and investment with India, creating over 6,500 jobs in the UK, to be signed off at a virtual summit between Prime Minister Boris Johnson and his Indian counterpart Narendra Modi on Tuesday. The investments confirmed by Downing Street on Monday evening form part of an Enhanced Trade Partnership (ETP), which will set the ambition to double the value of UK-India trade by 2030 and declare a shared intent to begin work towards a comprehensive Free Trade Agreement (FTA). "Like every aspect of the UK-India relationship, the economic links between our countries make our people stronger and safer," Johnson said.
The 49-year-old jeweller, fighting extradition to India on charges of fraud and money laundering in the estimated $2-billion Punjab National Bank scam case, has made around six previous attempts at bail at the magistrates' court as well as at the high court level.
Prime Minister Narendra Modi on Thursday said his government is using all channels including diplomatic to bring back high-profile economic offenders, leaving them with no option but to return to the country. Speaking at a symposium on credit flow and economic growth, he asked banks to support wealth and job creators with proactive lending while promising to stand by any loans given in right earnest. "In our attempt to bring back fugitive (economic offenders), we relied on policies and law and also used diplomatic channels.
The Supreme Court on Thursday gave a final opportunity to fugitive businessman Vijay Mallya, accused in bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, to appear before it personally or through his lawyer in a contempt case where he has been found guilty. The top court said it has given multiple opportunities to Mallya to appear either personally or through a lawyer and had even given specific directions in its last order dated November 30, 2021. A bench of justices U U Lalit, S Ravindra Bhat and P S Narasimha posted the contempt case for further hearing after two weeks, saying that respondent contemnor (Mallya) is at liberty to act as per direction given in order dated November 30 last year, failing which the matter shall be taken to its "logical conclusion".
Five photos of western style toilets were presented to convince the court that acceptable standards would be extended to Mallya.
Armed with court order, a consortium of lenders led by SBI can now sell certain real estate properties and securities belonging to fugitive Vijay Mallya to recover loans turned bad with failure of Kingfisher Airlines. A consortium of 11 banks that gave Mallya loans, led by State Bank of India (SBI), had approached a special Prevention of Money Laundering Act (PMLA) court seeking restoration of his properties seized by the Enforcement Directorate. The special PMLA court in Mumbai on Tuesday allowed the restoration of properties worth Rs 5,646.54 crore to banks.
'India need to look beyond the economic prism.' 'China had no qualms in taking the Kashmir issue to the UN Security Council last year -- not once, but thrice -- thus violating Indian sensitivities,' observes China expert Srikanth Kondapalli.
Wanted diamond merchant Nirav Modi appeared via videolink from his London prison for a regular call-over hearing at Westminster Magistrates' Court on Friday, when he was further remanded in custody until February 25, when the judgment in his extradition case is to be handed down. District Judge Angus Hamilton informed Modi that he would most likely be appearing again via videolink on the day of the ruling, which will decide whether the 49-year-old jeweller has a case to answer before the Indian courts on fraud and money laundering in relation to the Punjab National Bank (PNB) scam case. Last month, District Judge Samuel Goozee had confirmed the timeline for the judgment at the end of closing submissions in the case, during which he heard that Modi is responsible for overseeing a "ponzi-like scheme" that caused enormous fraud to PNB.
A State Bank of India (SBI)-led consortium that gave loans to fugitive businessman Vijay Mallya on Friday received Rs 5,824.5 crore in its accounts after shares of UBL, earlier attached under the anti-money laundering law, were sold recently, the ED said. Mallya is accused in a multiple banks loan default case of about Rs 9,000 crore. The disputes resolution tribunal (DRT) had sold these shares on June 23 after the Enforcement Directorate had transferred shares worth about Rs 6,624 crore of UBL to the SBI-led consortium on the directions of a special PMLA court that is hearing the case involving Mallya in Mumbai. These shares were attached under the Prevention of Money Laundering Act (PMLA) by the ED, a central probe agency.
Doubts about Force India being able to race at Spa, the first Grand Prix since the August break, emerged on Wednesday with reports of legal complications.
Vijay Mallya is accused of money laundering and violating the FEMA.
Once such a notice is issued against a fugitive, the Interpol asks its 192-member countries to arrest or detain the person if spotted in their countries after which extradition or deportation proceedings can begin.
The diamantaire's counsel said there is a vigilance manual circular that the consortium can lodge only one FIR. Each consortium member cannot lodge separate FIRs, he said.
The central government has already conducted an assessment of security cover given to prisoners in the Arthur Road Jail and its findings conveyed to the UK court.
Rediff.com's Vipin Vijayan, who is travelling with Prime Minister Manmohan Singh to Thailand, reports on the seven treaties signed between New Delhi and Bangkok on Thursday.
The 48-year-old, who has been lodged at Wandsworth prison in south-west London, appeared via videolink from prison before district judge David Robinson. "I am told that your case is proceeding in accordance with the directions for a final hearing on 11 May," the judge told Modi, as he set the next 28-day remand hearing via videolink for February 27. Modi's extradition trial is scheduled for five days starting May 11, with the case management hearings in the case set to begin once all the evidence has been handed in to the court for the trial.
The UK Home Secretary will have to sign Mallya's extradition order within two months. However, Mallya's defence team has a chance to appeal in higher courts in the UK against the verdict.
The list also includes two notorious fugitives -- Sukumara Kurup, never nabbed in connection with a murder and Dr Edadi Omana -- who had given the slip to the investigating agencies, and have remained untraceable for several years.
Embattled liquor baron Vijay Mallya, who lost his UK high court appeal against an extradition order to India, has said that he is "disappointed" with the ruling but will continue to seek legal remedies as advised by his legal team. The 64-year-old former Kingfisher Airlines boss reiterated that he has repeatedly offered to pay the Indian banks the loan amount owed by his now-defunct airline, an offer which the banks have rejected.
Modi appeared for his regular 28-day "call-over" appearance from London's Wandsworth prison at Westminster magistrates' court, where judge Gareth Branston reconfirmed that his extradition trial will begin on May 11 next year and will last five days.
The UK judge who handed down his judgment on Thursday in favour of the extradition of Nirav Modi to face charges of fraud and money laundering in India said he had found no evidence of adverse political influence in the case, as claimed by the diamond merchant's legal team.
A consortium of Indian public sector banks led by SBI sought a bankruptcy order against embattled liquor tycoon Vijay Mallya during a high court hearing in London on Wednesday as part of efforts to recoup around 1.145 billion pounds in unpaid loans. Mallya's legal team, led by barrister Philip Marshall, argued for the bankruptcy petition to be dismissed because their client was being unfairly pursued by the banks in India and the UK on opposing grounds.
The Dominica high court on Wednesday ordered that diamantaire Mehul Choksi be produced before a magistrate there to answer charges of his illegal entry into the Caribbean island country, local media reported. Dominica high court Judge Bernie Stephenson issued the orders after nearly three hours of hearing on a habeas corpus petition filed on behalf of Choksi who had claimed that he was abducted from neighbouring Antigua and Barbuda and forcefully brought to the Caribbean Island nation. She adjourned the habeas corpus matter till Thursday, Dominica News Online reported.
Rejecting India's plea, Portugal's top court has questioned its locus standi in challenging the order cancelling extradition of underworld don Abu Salem to this country.
On January 24, Delhi approved the extradition treaty, that was proposed by Bangladesh.
Ten years after Kingfisher Airlines was grounded, its former employees continue to wait for their dues. On Monday, the Supreme Court awarded a four-month sentence to the grounded airline's flamboyant owner Vijay Mallya in a contempt case. The apex court also ordered him to deposit $40 million plus interest in four weeks to avoid attachment of his properties.
Mahathir Mohamad's statement came a day after the ministry of external affairs said that the extradition request of Naik made by India is under the active consideration of the Malaysian government, as per the media reports.
A British spy turned arms dealer has told a Copenhagen court that Danish national Kim Davy alias Neils Holck, the prime accused in the 1995 Purulia arms drop case, would not survive if he is extradited and forced to stand trial in India. Giving evidence in the extradition hearing of Davy, Peter Bleach, who was arrested over the incident, told the court how he was beaten and humiliated while serving a life sentence in India. Bleach was released in February 2004.
India had given a formal extradition request for Mallya as per the Extradition Treaty between India and the UK through a note verbale on February 8
Nirav, 48, appeared before the Westminster magistrates' court via videolink from his London prison for a routine "call-over" remand hearing.
A special court here on Friday allowed 'restoration' of properties worth Rs 500 crore of fugitive jeweler Nirav Modi 's firms to Punjab National Bank (PNB). This is the third such order in a span of about two weeks, with the total value of properties owned by Nirav Modi's companies being restored in this manner now standing at approximately Rs 1,000 crore.
The United States on Saturday said it will allow Indian investigators to interrogate David Headley, who has pleaded guilty to his involvement in the Mumbai terror attacks, but made it clear that he cannot be extradited to India.
Pakistan, which is claiming it has no legal arrangement with India for handing over terror suspects following the Mumbai attacks, is forgetting one of its own Acts, which provides for transfer of such people to a country with which it has not signed an extradition treaty.
The 49-year-old jeweller, who has been lodged at Wandsworth Prison in south-west London since his arrest in March last year, appeared via videolink for the remand hearing at Westminster Magistrates' Court in London.
A consortium of banks led by SBI had alleged that Mallya concealed the facts and diverted the money to his son Siddharth Mallya and daughters Leanna Mallya and Tanya Mallya in flagrant violation of the orders passed by the Karnataka HC.
Mallya said, the ED on the one side and the banks on the other are fighting over the same assets.
The Crown Prosecution Service said the hearing for his bail petition will take place on June 11.
ED is probing Mallya and KFA under anti-money laundering laws in connection with a Rs 900 crore (Rs 9 billion) loan default of IDBI bank
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances