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ED seizes Rs 14 cr property of Vijay Mallya in France

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The Enforcement Directorate (ED) on Friday said that fraudster Vijay Mallya’s property worth Rs 14 crore located in France has been seized under the anti-money laundering law. The seizure of the property was carried out by the French authorities at the request of ED.

The property is located at 32 Avenue FOCH in France.

The development was revealed by ED on Twitter. The agency said: “ED seizes asset worth 1.6 Million Euros through French authority located at 32 Avenue FOCH, France of Vijay Mallya under PMLA in a #BankFraudCase.”

The value of the seized asset is Euro 1.6 million that is worth about Rs 14 crore, the central probe agency said in a statement.

Money transferred from Kingfisher Airlines account

Investigations conducted under the Prevention of Money Laundering Act (PMLA) revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd. (KAL) for creation of the asset, ED said.

Mallya, an accused in a bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, is in the UK since March 2016. He is on bail on an extradition warrant executed three years ago by Scotland Yard on April 18, 2017.

The Centre had on October 5 told the apex court that Mallya cannot be extradited to India until a separate secret legal process in the UK, which is judicial and confidential in nature, is resolved.

Vijay Mallya, who denies the charges against him, has repeatedly said that Indian banks can take back 100 per cent of the principal amount owed to them.

The British government has said that Vijay Mallya, who has been named a fugitive economic offender in India, cannot be extradited till the resolution of the confidential legal matter and that it is trying to resolve the issue as quickly as possible.

 

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