CBI registers fresh complaint against Vijay Mallya on SBI's complaint
On 13 August, the Central Bureau of Investigation (CBI) registered a fresh case against liquor baron Vijay Mallya under Section 420 of the Indian Penal Code (IPC) in connection with State Bank of India loan default case.
Section 420 of the IPC deals with cheating and dishonestly inducing delivery of property. The maximum punishment which can be awarded is imprisonment for a term of seven years along with a fine.
Mallya flew to London on 2 March, just days before a consortium of lenders knocked on the doors of the Supreme Court to recover the debt.
Mallya owes 17 banks, including the State Bank of India, over Rs 9,000 crores with interest.
One-time Member of Parliament, Mallya is under investigation by various agencies, including the Enforcement Directorate (ED) and the Serious Fraud Investigation Office (SFIO), which probes white collar crimes.
--ANI
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