ED seizes Viajy Mallya's asset worth of Rs 14 Cr in France

Last Modified Saturday, 5 December 2020 (10:57 IST)
New Delhi:The (ED)
on Friday said that it has confiscated assets worth Rs 14 crore belonging to in France. On the request of the ED, French authorities seized the property located at 32 Avenue FOCH in France. 
The value of the seized asset in is 1.6 million Euros which is worth around Rs 14 crore as the ongoing  investigations conducted under Prevention of Money Laundering Act (PMLA) revealed that a large amount was remitted abroad from the bank account of  Kingfisher Airlines Ltd (KAL).
 
Mallya, 64, 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.
 
initiated investigation under PMLA following  the registration of FIR  by CBI against  Kingfisher Airlines Ltd. (KAL), Vijay Mallya & and others on  January 25, 2016.
 
"Provisional Attachment Orders have been issued wherein properties worth Rs. 11231.70 crore as per the then market value, have been attached which was also confirmed by the Adjudicating Authority", the probe agency officials said. 
 
A Prosecution Complaint has been filed against Vijay Mallya, United Breweries (Holding) Limited (UBHL), KAL, bank officials and others. An application was also moved before the designated Court to declare accused Vijay Mallya as Fugitive Economic offender and the Mumbai PMLA Special Court under FEO Act, declared Mallya as a fugitive economic offender on  January 5 last year.
 
Extradition Request of Vijay Mallya was sent to UK and the Westminster's Magistrates court has ruled for Extradition of Vijay Mallya on charged of Money Laundering on December 10, 2018 wherein said Court has observed that a clear evidence of dispersal and misapplication of the loan funds and prima facie, found that accused Vijay Mallya was involved in a conspiracy to launder money.
 
 Appeals of Vijay Mallya to UK High Court and later Supreme Court have been rejected, the ED said, adding that further investigation in this case is under process.(UNI)