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

The Enforcement Directorate (ED) on Friday seized fugitive Vijay Mallya’s assets worth 1.6 million euros in France. The property was seized under the anti-money laundering law by the French authorities after ED’s request.

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, central probe agency said in a statement.

Also Read | UK trying to resolve issue holding up Vijay Mallya’s extradition as quickly as possible

In Indian currency, the value of the seized asset is about Rs 14 crore.

Former liquor baron Mallya is wanted in India over fraud and money laundering charges in relation to loans taken out by his now-defunct Kingfisher Airlines from state-owned Indian banks. As per banks’ claims, Mallya owes Rs9,000 crore in principal and interest to banks in India.

The government in India is currently trying to extradite Mallya from the UK, where he is being living since March, 2016. He is on bail as the British court delayed his extradition over a confidential legal matter.

In October this year, the UK government also had indicated that Mallya is unlikely to be extradited to India anytime soon, saying there is a legal issue that needed to be resolved before his extradition can be arranged.

The extradition was ordered by the British court after Mallya exhausted all legal remedies.

Leave a Reply