Vijay Mallya: ED seizes Vijay Mallya’s assets worth €1.6 million in France

NEW DELHI: The Enforcement Directorate (ED) on Friday seized fugitive businessman Vijay Mallya‘s assets worth €1.6 million (approximately Rs 14 crore) in France, under the anti-money laundering law.
On request of ED, French authorities have seized Mallya’s property located at 32 Avenue FOCH. Investigations being conducted under Prevention of Money Laundering Act (PMLA) have revealed that a large amount was remitted abroad from the bank account of M/s Kingfisher Airlines Ltd (KAL) for creation of the asset.
The former liquor baron is an accused in bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines. He has been based in the UK since March 2016 and remains on bail on an extradition warrant executed three years ago by Scotland Yard on April 18, 2017.
India has been pressing the UK to extradite Mallya after he lost his appeals in the British Supreme Court.
In May, the fugitive businessman lost his appeals in the British Supreme Court against his extradition to India to face money laundering and fraud charges.
The Centre had on October 5 told the apex court that Mallya cannot be extradited to India until a separate secret legal process in the UK, which is judicial and confidential in nature, is resolved.

In Video:ED seizes Vijay Mallya’s assets worth 1.6 million Euros in France

Source link