Mallya diverted â¹3,700 cr to F1, IPL, private jet rides: ED
The Enforcement Directorate has alleged that Vijay Mallya and his firms fraudulently diverted over â¹3,700 crore bank loans to a UK-based F1 motorsport firm, an IPL team, and for private jet sorties. The agency named Mallya, Kingfisher Airlines and United Breweries in its chargesheet. ED added that a plane acquired for Kingfisher's passenger operations was used as Mallya's personal carrier.