He took that loan from IDBI bank. The revelation came during a hearing of a plea by Enforcement Directorate(ED) which sought a non-bailable arrest warrant and a red-corner notice against Mallya.
“We have stumbled upon the money trail and found that of the money he borrowed, a portion had been used to buy a property outside India. Payments of various amounts to companies apparently unrelated to the business were made.”
The agency, which probe financial crimes, approached several countries, including Britain, France and the United States over Kingfisher Airlines’ transactions.
Earlier, Mallya had offered to pay Rs 4,000 crore by September towards settlement of his loan but, it was rejected by the banks.