The case against him centres on a series of loans Kingfisher obtained from Indian banks, especially state-owned lender IDBI. “There is no evidence,” Mallya’s defence lawyer Clare Montgomery told Westminster Magistrates Court. She said the government’s allegation that Mallya had deliberately misled banks by overstating Kingfisher’s projected profits was “a false premise”. “That is one of a number of allegations that prosecuting authorities have made without a shred of evidence,” she said. Montgomery also rejected the allegation that Mallya had improperly spent the money borrowed from the banks, saying there was no evidence of disbursements on anything other than the benefit of Kingfisher.

Source: The Express Tribune December 05, 2017 12:33 UTC