New Delhi: The Enforcement Directorate on Friday said that it has seized absconding businessmen Vijay Mallya’s property in France worth Rs 14 crore under the anti-money laundering law.
The property of liquor baron located at 32 Avenue FOCH, France has been seized by the French Authority, on request of Enforcement Directorate (ED).
The value of the seized asset in France is 1.6 Million Euros (approx. Rs 14 crores). Investigations conducted under PMLA revealed that a large amount was remitted abroad from the bank account of M/s. Kingfisher Airlines Ltd. (KAL).
ED initiated investigation under Prevention of Money Laundering Act, 2002 (PMLA) based on FIR registered by CBI against M/s. Kingfisher Airlines Ltd. (KAL), Vijay Mallya & others on 25th January, 2016.
Provisional Attachment Orders have been issued wherein properties worth Rs. 11231.70 crore (Market value at time of attachment) have been attached which was also confirmed by the Ld. Adjudicating Authority.
Extradition sword hanging on Mallya
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 10/12/2018.
In its Order, the 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.
