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Synopsis

A Special CBI Court has issued a non-bailable warrant against Vijay Mallya in a Rs 180-crore loan default case linked to Indian Overseas Bank. 

Special CBI Judge SP Naik Nimbalkar passed the order issuing the non-bailable warrant against Mallya on June 29. 

While issuing the warrant, the judge noted that it was a fit case to issue a non-bailable warrant.

"..no purpose would be served by issuing process in the form of summons against accused no.1. As accused no.1 Vijay Mallya has absconded, declared as fugitive and NBWs are pending for execution against him in other cases, this is a fit case to issue open ended NBW against accused no.1 Vijay Mallya for securing his presence," the order reads. 

Vijay Mallya has been declared a fugitive economic offender and is being probed by the Enforcement Directorate (ED) under the Prevention of Money Laundering Act. He currently resides in London, with the Indian government seeking his extradition. 

The non-bailable warrant has been issued in connection with a cheating case registered by the CBI, alleging that the promoter of the then Kingfisher Airlines deliberately and willfully defaulted on the repayment of a Rs. 180 crore loan.

The loan was granted to Kingfisher Airlines between 2007 and 2012. The chargesheet filed against the private sector carrier alleged that Vijay Mallya's default resulted in a loss of ₹141.91 crore due to the default on loans.

Additionally, an extra loss of ₹38.30 crore was incurred due to the conversion of loans into shares.

Case title: CBI vs Vijay Vittal Mallya & Ors