NEW DELHI, July 26, 2024 (TBINN)
Today S.E.B.I. barred fugitive businessman Vijay Mallya from securities markets and restrained him from associating with any listed firm for three years in the matter of routing of funds to the Indian securities’ market using overseas bank accounts with U.B.S. A G.
Indian Government has been attempting to extradite Vijay Mallya from the United Kingdom to face fraud charges related to his now-defunct company Kingfisher Airlines. Vijay Mallya has been living in the United Kingdom since March 2016.
An investigation conducted by S.E.B.I. covering January 2006 to March 2008 found that Vijay Mallya used Matterhorn Ventures, a Foreign Institutional Investor (F.I.I.), to secretly trade shares of his group companies — Herbertsons Ltd and United Spirits Ltd (U.S.L.) — by routing funds through various overseas accounts.
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