Property worth 1.6 million Euros seized by ED
On Friday, the Enforcement Directorate (ED) seized Vijay Mallya’s assets worth Euro 1.6 million. The property is located in France, an investigation is ongoing under Prevention of Money Laundering Act (PMLA) that have revealed that a large amount was transmitted from the bank account of M/s Kingfisher Airlines Ltd (KAL) for creation of the asset.
Since March 2016, fugitive business tycoon has been living in the UK on bail on extradition warrant executed by Scotland Yard on April 18, 2017. In May, his extradition was ordered by a British court but has been delayed by a confidential legal matter initiated in the country, the government told the Supreme Court last month. On October 5, the Centre told the apex court that Mallya cannot be extradited to India until, a separate secret, judicial and confidential legal process is resolved in the UK.
“On the request of Directorate of Enforcement (ED), a property of Vijay Mallya located at 32 Avenue FOCH, France has been seized by the French Authority. The Value of the seized asset in France is 1.6 million euros (approximately Rs 14 crore). Investigations revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd,” said the ED in a statement.
The former liquor baron is wanted in accusation of bank loan default case of worth up to Rs 9,000 crore involving his now-defunct Kingfisher Airlines. Mallya has said that Indian bank can recover 100 percent of the principal amount owed to them, denying the charges against him.
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