The UB Group has itself invested over Rs 6,000 crores of own money into Kingfisher Airlines which has been lost due to a genuine business failure. I have maintained and continue to maintain that there has been absolutely no misappropriation or diversion of funds and strenuously deny any allegation to the contrary." Mallya said the ED's latest move seems to be "to approach the PMLA Court to declare me a proclaimed absconder for reasons that I cannot understand". If the ED wish to expand their scope to include all Banks, Kingfisher Airlines will be only too happy to provide full details and co-operate in the investigation, he added. At the relevant time Air India received a bail out package of Rs 30,000 crores from the Government which serves to reinforce the stressed position of the Aviation sector at that time, Mallya said.

Source: India Today June 12, 2016 16:52 UTC