On Saturday, The Central Bureau of Investigation registered a fresh case under the Section 420 of the Indian Penal Code against liquor baron and the owner of the Kingfisher airline Vijay Mallya in connection with State Bank of India loan default case.
The section 420 of the Indian Penal Code deals with dishonestly and cheating inducing delivery of property. The maximum punishment under this section is imprisonment for a term of 7 years along with a fine.
Liquor baron Vijay Mallya flew to London on 2nd March 2016 just days before a consortium of lenders knocked the doors of the Supreme Court of India to recover the debt from the wilful defaulter Vijay Mallya.
The liquor baron and the owner of Kingfisher Airlines Viyja Mallya owes 17 banks including State Bank of India, over Rs. 9,000 crores with interest.
Vijay Mallya was the Member of Parliament, but he gave his resignation from the member of Parliament. Presently, Vijay Mallya is under the investigation by various investigating agencies, including the Enforcement Directorate and the Serious Fraud Investigation Office (SFIO), which probes white collar crimes.
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