Value of fugitive tycoon’s seized asset is Rs 14 crore
At the request of the Directorate of Enforcement (ED), a property of former Kingfisher Airlines owner Vijay Mallya in France has been seized by the local authorities there. The value of the seized asset is 1.6 million euros (around Rs 14 crore).
ED seizes asset worth 1.6 Million Euros through French authority located at 32 Avenue FOCH, France of Vijay Mallya under PMLA in a #BankFraudCase— ED (@dir_ed) December 4, 2020
Investigations were initiated under the Prevention of Money Laundering Act (PMLA) in 2016, and subsequently properties belonging to Mallya worth over Rs 11,000 crore at that time were attached. The tycoon was also declared a fugitive economic offender by the designated court in January 2019.
In December 2018, a court in the UK had given its nod to the request of the Indian authorities for the extradition of Mallya. His subsequent appeals to the UK High Court and the UK Supreme Court have been rejected.