The Enforcement Directorate (ED) has attached a property in France of fugitive businessman Vijay Mallya worth Rs 14 crore under the Prevention of Money Laundering Act (PMLA), the agency said.
The ED said Mallya’s property has been seized by French authorities. “The value of the seized asset in France is 1.6 million Euros (approximately Rs 14 crores). Investigations conducted under PMLA revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd.,” the agency said in a statement.
So far, the ED has provisionally attached Mallya’s assets worth Rs 11,231.70 crore (market value at time of attachment) in India and abroad.
Mallya and Kingfisher Airlines are under the scanner of the ED, CBI, Serious Fraud Investigation Office and the Securities and Exchange Board of India for loan defaults of over Rs 10,000 crore to a consortium of Indian banks.
The ED has alleged that the now-defunct Kingfisher Airlines “diverted” at least Rs 3,547 crore of the loan granted to the airlines.
In April, a UK High Court dismissed Mallya’s appeal against extradition to India. However, the government had on October 5 told the Supreme Court that Mallya cannot be extradited until a separate secret legal process in the UK, which is judicial and confidential in nature, is resolved.
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