Vijay Mallya’s defence team today argued that there was no evidence to support the case of fraud presented against him by the government of India as the liquor baron returned to court in London on the second day of his extradition trial.
The 61-year-old, wanted in India on charges of fraud and money laundering amounting to around Rs 9,000 crores, was in the dock at Westminster Magistrates’ Court for his defence, headed by barrister Clare Montgomery.
Montgomery opened her arguments by stating that there was no evidence to support the case of fraud.
On the opening day of the trial, the Crown Prosecution Service, arguing on behalf of the Indian government, had asserted that the embattled liquor baron had a “case of fraud” to answer. Montgomery said the evidence presented by the CPS, on the direction of the Indian government, to prove a case of fraud amounted to ‘zero’, which she said was a “critical failing on the part of government of India.”
The government does not have a credible case to support the argument that the borrowing by Mallya was fraudulent and that he had no intentions to pay back the loans he sought because his profit projections for loss-making Kingfisher Airlines were unreliable, she pointed out.
“The reality is that the profitability of an airline depends on economic factors, which are largely cyclical and out of the control of the airline itself,” she said.
Source : https://www.bloombergquint.com/law-and-policy/2017/12/05/no-evidence-to-support-fraud-case-against-mallya-defence-team-says