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| Mallya reportedly bought Airlift, which had already won five major races from a horse breeder in the US and kept it at his Kunigal stud farm near Bangalore. |
April 27, 2016, Newscrunch
Tycoon-on-the-run Vijay Mallya faces a new charge of buying a race horse for Rs 9 crore with the money loaned from IDBI to run his defunct Kingfisher airlines.
Information about the racehorse, Airlift, surfaced during a probe by CBI and Enforcement Directorate into the allegations that Mallya diverted part of the Rs 900 crore loan taken from IDBI Bank, reports The Economic Times.
Mallya reportedly bought Airlift, which had already won five major races from a horse breeder in the US and kept it at his Kunigal stud farm near Bangalore.
Mallya runs another company, United Racing and Bloodstock Breeders Pvt Ltd, which has an interest in breeding and racing.
A known racing enthusiast, Mallya reportedly bought his first race horse when he was 21.
In the alleged purchase of Airlift, besides the charged illegality, the transaction's timing would also be questioned.
The horse was bought in 2014, two years after Kingfisher shut down, without clearing the dues of its employees, who were in thick of an agitation at the time.