NEW DELHI: The ED has unearthed an alleged nexus of slush funds being transferred to fugitive liquor baron Vijay Mallya by his India-based “close associate” with the help of shell companies, official sources said Monday stating that the probe in the multi-crore bank fraud case has widened.
The federal agency last week conducted its first-ever raid operation, under the newly enacted Fugitive Economic Offender (FEO) law, against Bengaluru-based V Shashikant and his family after it has obtained some inputs on these purported dubious financial transactions.
Sources said Shashikant is a “close associate” of Mallya, who is facing a criminal charge of over Rs 9,000 crore money laundering and bank default and his extradition from the UK is underway.
The ED had booked Mallya under the FEO Act on the basis of its criminal complaint against him under the Prevention of Money Laundering Act (PMLA). (AGENCIES)
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