Vijay Mallya's UB Group "strenuously denied" the allegation by the Enforcement Directorate that he siphoned off nearly Rs 430 crore from the loan extended to Kingfisher Airlines by IDBI bank for acquiring property abroad. Rejecting the charge that he diverted Rs 430 crore for purchase of an overseas property from the Rs 950 crore IDBI loan to his now defunct Kingfisher Airlines, the group said he would provide full details of foreign exchange remittances in th

"In order to explain foreign exchange remittances all of which have been fully accounted for, we will provide full details in the next few days," UB Group said in a statement. It said the audited accounts of Kingfisher Airlines show that the money was borrowed for legitimate business purpose and that the allegation was "shocking".

"The allegation made by the Enforcement Directorate before the PMLA court that they have stumbled upon evidence that Rs 430 crores was transferred overseas for property acquisition is strenuously denied," the group said in the statement. The statement also said, "The audited accounts of Kingfisher Airlines including for the year ended 31.3.2010 show all foreign exchange transactions which includes funds borrowed from IDBI Bank were used for legitimate business

Multiple investigations have been going on since July 2015 and this allegation has never been made, the statement said. "We are shocked at the allegation made by the Enforcement Department before the PMLA Court for the very first time," it said, adding that "the basis of seeking a Non Bailable Warrant against our Chairman is erroneous and unjustified".