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ED gives time to Mallya till April 2 to appear before it

by IBNS 18 Mar 2016, 08:20 am

New Delhi, Mar 18 (IBNS) The Enforcement Directorate has set April 2 as the deadline for liquor baron Vijay Mallya to appear before the agency in connection with a money laundering probe, reports said.

ED had earlier issued summons to Mallya for "personal appearance" on March 18 under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with  IDBI loan fraud.

 The agency is also investigating the overall financial structure of the now defunct Kingfisher Airlines and will look into any payment of kickbacks to secure loan.

The CBI had booked Mallya, the Chairman of Kingfisher Airlines, its Directors, former Chief Financial Officer of the airlines A Raghunathan and unknown officials of IDBI Bank in its FIR alleging that the loan was sanctioned in violation of norms regarding credit limits.