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Vijay Mallya’s assets worth nearly Rs 14 crore seized in France, says ED

MUMBAI – Beleaguered businessman 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. On the request of the Enforcement Directorate (ED), French authorities have seized a property of fugitive businessman Vijay Mallya in France worth nearly Rs 14 crore. 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. The ED said in a statement that the action was undertaken by French authorities “on the request of the Enforcement Directorate” and the property is located at 32 Avenue FOCH in France. As per investigations conducted under Prevention of Money Laundering Act, 2002 (PMLA), it was found that a large amount was remitted abroad from the bank account of M/s. Kingfisher Airlines Ltd. (KAL).

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