The Central Bureau of Investigation CBI in a supplementary chargesheet on Vijay Mallya said he had enough money between 2008 and 17 to pay back the loans he had taken from the banks, but instead chose to buy assets across Europe. The loans were taken from Kingfisher Airlines. Mallya also transferred money to his children's trust in Switzerland, besides buying assets in Europe.
Vijay Mallya had trusts in the names of his children Siddharth, Leana and Tanya, but he controlled the trusts himself.
The CBI had sent out communiques to multiple countries seeking details of his transactions there. They found out that Mallya bought real estate in France for 35 million euros and wanted to make 8 million euros from the account of Gizmo Holdings, which was one of his companies.
The liquor baron has been absconding from India since 2016 and is living in the UK. The process to bring him back to the country is underway.
The chargesheet was filed last year, but has now been made available to all the accused in the case. Buddhadev Dasgupta, a former general manager of IDBI Bank, has been added as an accused in this chargesheet.
There are 12 accused in the Rs 900 crore IDBI Bank-Kingfisher Airlines loan fraud. The chargesheet stated that Dasgupta misused his position to sanction a 150 crore loan to Kingfisher over and above the 700 crore that was sanctioned.
Mallya has been accused of living an extravagant lifestyle even though Kingfisher was facing a huge cash crunch. The baron was using an aircraft from the airline for his personal use as well as his friends at a time when Kingfisher was in a cash crunch. He has also been accused of splurging money on the Formula 1 racing team, Force India, in the guise of advertising and promotional charges by making false declarations to Indian banks.