Acting on whistleblower's complaint, ED raids Vijay Mallya's associate
The investigative agency has found evidence against Shashikant that he was using dummy companies.
New Delhi: The Enforcement Directorate (ED) has raided V Shashikant, a close associate of fugitive liquor baron Vijay Mallya.
The investigative agency has found evidence against Shashikant that he was using dummy companies.
Shashikant is the former Managing Director of United Breweries Holding Ltd.
The ED raids are based on a complaint of a whistleblower that Shashikant owns a company named Ultimate Branding Worldwide which is exporting Kingfisher beer at a discounted price to a company Tammy International, allegedly owned by Shashikant's son-in-law.
This company, in turn, sells it at a premium to buyers in Singapore, UAE, and Malaysia.
According to the complaint, profit generated through this is allegedly being repatriated to Mallya through overlapping transactions to fund his daily maintenance and expenses.