Mallya tells SC: Not obliged to disclose overseas assets

Vijay Mallya has told the Supreme Court of India (SC) that Non-Resident Indians are not obliged to disclose overseas assets, media reports say. 

This has come after the SC had asked beleagured chief of now defunct Kingfisher Airlines to disclose his local and overseas assets by April 21. 

Last week, the MEA had suspended Mallya's diplomatic passport and has sought a reply from him as to why his passport should not be revoked as the ED said the businessman was not cooperating in the probe in the said case under the stringent Prevention of Money Laundering Act (PMLA).

The agency is not only investigating the financial structure of the now defunct Kingfisher Airlines but also looking into any payment of kickbacks to secure loans from IDBI and probing laundering of funds to overseas destinations by the group.

The agency had alleged that Mallya had siphoned off Rs 430 crore of the IDBI loan and used this money to acquire properties abroad, a charge denied by Kingfisher. 

(With PTI)