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Vijay Mallya’s property worth 1.6 million seized

French authorities seized property worth 1.6 million euros (approximately Rs 14 crores) belonging to fugitive businessman Vijay Mallya in France. Enforcement Directorate initiated an investigation under the Prevention of Money Laundering Act, 2002 (PMLA) based on an FIR registered by the CBI against Kingfisher Airlines Limited, Mallya, and others. Mallya is an accused in a bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines and is presently in the United Kingdom.

According to a release by ED mentioned that the extradition request for Mallya was sent to the UK and Westminster’s Magistrates court has ruled for 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. However, Mallya has repeatedly denied the charges against him and offered to pay back 100% of the amount borrowed by Kingfisher Airlines, but neither the banks nor the Enforcement Directorate has been willing to accept the offer.

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