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In mounting troubles for embattled Vijay Mallya, markets regulator SEBI has stepped up its probe into alleged fund diversion from his erstwhile listed group firms to other entities, including some abroad and his various sport ventures.
With the latest disclosures taking the total suspected fund diversion at United Spirits alone to over ₹2,500 crore, SEBI is also referring the matter for further action by other agencies, including SFIO (Serious Fraud Investigation Office) under the Corporate Affairs Ministry, a top official said.
“We have taken note of the latest disclosure by USL and have begun looking into suspected violation of various securities market regulations, including those relating to related-party transactions, corporate governance and diversion of funds by promoters and top management,” he said.
“Also under the scanner are Mallya’s close confidantes and others who were at senior levels at various listed companies of the group, as also some former auditors at certain group firms,” the official said.
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