Vijay Mallay's property in France worth 1.6 million euros seized

Fugitive businessman Vijay Mallya is an accused in a bank loan default case of over ₹9,000 crore involving his defunct Kingfisher Airlines and is presently in the United Kingdom.

Vijay Mallay's property in France worth 1.6 million euros seized
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On the request of the Enforcement Directorate (ED), French authorities seized a property belonging to fugitive businessman Vijay Mallya in France, worth 1.6 million euros (approximately ₹14 crores), said probe agency in a statement on Friday, December 4.

In the press release, ED stated the investigations revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd. The agency has so far attached assets worth ₹11,231 crore.

The latest seizure of Mallya's assets comes as India fights a legal battle to extradite him from the UK.

Mallya is an accused in a bank loan default case of over ₹9,000 crore involving his defunct Kingfisher Airlines and is presently in the United Kingdom.

ED initiated an investigation under the Prevention of Money Laundering Act, 2002 (PMLA) based on an FIR registered by the Central Bureau of Investigation (CBI) against Kingfisher Airlines Limited, Mallya and others on January 25, 2016.

He was declared as a fugitive economic offender in January 2019 by a special court in Mumbai.

The release mentioned that the extradition request for Mallya was sent to UK and the Westminster's Magistrates court has ruled his extradition on the charge of money laundering in 2018.

The court observed clear evidence of dispersal and misapplication of the loan funds and prima facie found that the liquor baron was involved in a conspiracy to launder money. Mallya's appeals to the UK High Court and Supreme Court have been rejected.

The Supreme Court had earlier directed for Mallya's presence before it after dismissing his review petition against his contempt conviction.

He has been living in the UK since March 2016 and has been fighting his extradition to India. The 64-year-old's extradition was ordered by a British court in May but has been delayed by a confidential legal matter initiated in the country, the government told the Supreme Court last month.

Vijay Mallya, who denies the charges against him, has repeatedly said that Indian banks can take back 100 per cent of the principal amount owed to them.

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