Vijay Mallya PMLA case: ED to attach assets worth Rs 6,000 crore

The agency, sources said, has identified some pledged shares, associated immovable and movable assets of Mallya and his family members that would be seized and frozen as part of its action plan to widen probe in the case.

By: PTI | Mumbai | Updated: August 7, 2016 3:26 pm
Kingfisher House e-auction, kingfisher airlines, vijay mallya, kingfisher mumbai, SBICAP Trustee, indian express news, business news, mallya news Liquor baron Vijay Mallya’s luxurious personal jet along with everything inside that include cushy couches and even a bathrobe will be auctioned by the service tax department on August 18.

Enforcement Directorate has identified assets worth over Rs 6,000 crore which it plans to attach as part of its fresh action against liquor baron Vijay Mallya, in connection with a money laundering probe against him and others in an alleged bank loan fraud case.

The agency is preparing to initiate the second round of attachments under the provisions of the Prevention of Money Laundering Act (PMLA), after the embattled businessman recently skipped appearance before a special PMLA court in Mumbai under a proclamation order issued under sections of the Criminal Procedure Code (CrPC).

The agency, sources said, has identified some pledged shares, associated immovable and movable assets of Mallya and his family members that would be seized and frozen as part of its action plan to widen probe in the case. “Similar action can be initiated against few others named in the case apart from Mallya,” they said.

They said the agency has already written to banks and other financial institutions to obtain details in this regard. The agency, meanwhile, is also in the process of getting a ‘proclaimed person’ order issued from the special court which will be further sent to the Ministry of External Affairs (MEA) in order to execute the India-UK MLAT to bring Mallya back to India to join investigations.

ED, in June, had sought the proclamation notice to be issued against Mallya as it said he had “multiple” arrest warrants pending against him, including a non-bailable warrant (NBW) under the PMLA, and that the agency wants him to join the probe “in person”. ED has already attached his properties worth about Rs 1,411 crore under PMLA in this case few months back.

The agency has been wanting Mallya to join investigations “in person” in its PMLA probe against him and others in the Rs 900 crore alleged loan fraud of IDBI bank and has virtually exhausted all legal remedies like seeking an Interpol arrest warrant and getting his passport revoked.

The business baron and others are alleged to have diverted a part of the loan to some of their offshore businesses. ED had already sought to invoke the India-United Kingdom Mutual Legal Assistance Treaty (MLAT) to have Mallya extradited from Britain. He had left India on March 2 this year using his diplomatic passport. The agency has registered a money laundering case against Mallya and others based on an FIR registered last year by the CBI.

A Delhi court had on Saturday issued a non-bailable warrant against him in a 2012 cheque bounce case, saying coercive steps were required to ensure Mallya’s appearance in the court.

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  1. S
    Sankaran Krishnan
    Aug 7, 2016 at 1:18 pm
    The only way to make him come back to India is to freeze and seize all his companies and their ets both movable and immovable along with that of other Directors, CFO, CEO, and other top officials of the company which will make him to come back to India automatically with the available Pport !!!
  2. H
    Aug 7, 2016 at 11:34 am
    It is not sufficient attach only Mally and his family members property. ED shall attach all the directors, management, CFO, CAO of erstwhile Kingfisher and their family members property also.
  3. N
    Aug 7, 2016 at 2:25 pm
    How was Vijay Mallya allowed to leave India? How does a business baron who owes banks thousands of crores of rupees get to leave the country as a defaulter in spite of court proceedings under way, a consortium of 17 banks asking for his pport to be impounded, and former Kingfisher employees demanding their ries pending for months? Now with rise of Indian Oligarchs increasingly finding asylum in Britain, is it a far-fetched scenario for India as well like Russia, when these Oligarchs would be used for inciting revolution in India or even orchestrating elections?
  4. N
    Aug 7, 2016 at 10:18 am
    public khush hua 2-4 ghante ke liye
  5. K
    Aug 8, 2016 at 4:24 am
    We are not interested in the half baked news. ED to attach. We wish to know "Attached or not"
  6. P
    Aug 7, 2016 at 12:02 pm
    Gets property bhi attach karega
  7. I
    Aug 7, 2016 at 1:15 pm
    If he had so much wealth here, he would not have left. This show-off is all just for political purposes.
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