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Indian enforcement agency says Vijay Mallya laundered millions via 13 shell companies

( July 14, 2017, 07:51 GMT | Insight) -- India's Enforcement Directorate said business tycoon Vijay Mallya laundered over 13 billion rupees ($201.4 million) through 13 shell companies located in the US, France, Ireland and Mauritius, Live Mint reports.India's Enforcement Directorate said business tycoon Vijay Mallya laundered over 13 billion rupees ($201.4 million) through 13 shell companies located in the US, France, Ireland and Mauritius, Live Mint reports. It said the companies, fully controlled by Mallya, were set up solely to obtain loans or to launder money, because they were not engaged in any other activity. The ED filed its charge sheet in June under various sections of the Prevention of Money Laundering Act, and has attached over 96 billion rupees ($1.49 billion) in assets to the ongoing loan default case involving a 9-billion rupee loan from IDBI-KFA Bank. Mallya remains in the UK, where he has been since March 2016. ...

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