Indian Liquor baron Vijay Mallya’s UB Group has denied allegations that it used $65 million of bank loans to now-defunct Kingfisher Airlines to buy overseas property.
“King of good times”, Mallya has been at an undisclosed location since March 2.
Meanwhile, the Enforcement Directorate has sought a non-bailable warrant to be issued against Mallya.
Mallya owes over Rs. 9,000 crores to the lenders. Earlier in March, he offered to pay Rs. 4,000 crore of Rs. 6,930 crore to the consortium of banks headed by the State Bank of India.