A non-bailable warrant was issued against Kingfisher Airlines founder Vijay Mallya by a special Prevention of Money Laundering Act court in Mumbai on Monday for illegally moving Rs 430 crore of a Rs 950-crore loan taken from IDBI bank abroad to acquire property. The court had earlier rejected an application moved by the now-defunct airline company that the allegations levelled against Mallya by the Enforcement Directorate were "false and incorrect".

Mallya has skipped three summons from the ED in connection with his IDBI loan since he left the country in March this year. He is reportedly in the United Kingdom, after stepping down as chairman of Indian liquor company United Spirits. The 60-year-old's passport was suspended by the External Affairs Ministry last week, as Mallya still owes 17 banks in India up to Rs 9,000 crore. The Supreme Court had earlier asked him to disclose all assets owned by him and his family by April 21. He has sought time till May to depose before the ED.