Mumbai, June 19: The Enforcement Directorate (ED) on Monday filed its chargesheet against Kingfisher Chairman Vijay Mallya in the money laundering case against him. Mallya along with his two firms UB and Kingfisher has been charged with with laundering Rs 9,990 crore which they had fraudulently availed as loan from State Bank of India-led consortium of 17 banks. The chargesheet says that Mallya diverted over Rs 3,700 crore bank loan funds to a UK-based F1 motorsport firm, a T20 IPL team, and a private jet.

The chargesheet revolves around a complaint received from State Bank of India on behalf of the consortium of banks for causing loss of Rs 6,027 crore to them by not keeping repayment commitments of the loans taken during 2005-10, officials said. The chargesheet states that a loan of Rs 6,027 crore was taken in the name of Kingfisher Airlines from banks but used it for other purposes including his private jet.

The chargesheet said that the were obtained by placing the corporate guarantee of the firm UBHL and personal guarantee of Mallya, the chairman of KAL. "KAL had offered as a security, negative lien on fleet of hire purchase/finance lease aircraft against the loans availed from the banks despite being well aware that the said security was only a symbolic security in nature and was grossly inadequate to cover the exposure of the banks," the ED said.

It added that KAL "acquired" a corporate jet for passenger operations for globe-trotting of UB group chairman Mallya, its senior officials and VVIP/chartered trips and it was stated that there would be surplus income from the operations of this plane. "However, the said jet was never used for the said purpose and mainly used as a personal carrier for Mallya as it catered to his family members and friends," the ED alleged.

The ED had filed an FIR in the case in August, 2016 after going through a CBI FIR. "The SBI, which is the consortium leader, has calculated the amount (of the loan) to the tune of Rs 9,990.07 crore (including applied interest) as on May 15, 2018," the agency said in the chargesheet.

The current chargesheet against Mallya who is currently in London, paves way for him being declared "fugitive" as per rules.

(The above story first appeared on LatestLY on Jun 19, 2018 10:26 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).