04 December,2020 06:30 PM IST | Mumbai | Vishal Singh
Vijay Mallya
Fugitive businessman Vijay Mallya's property worth Rs 14 crore located in France has been seized under the anti-money laundering law. Acting on the request of the Directorate of Enforcement (ED), Mallya's property located at 32 Avenue FOCH was seized by the French Authority.
According to ED officials, the value of the seized asset in France is 1.6 million Euros (approximately Rs 14 crore). Investigations conducted under PMLA revealed that a large amount was remitted abroad from the bank account of M/s. Kingfisher Airlines Ltd. (KAL).
ED had initiated an investigation under the Prevention of Money Laundering Act, 2002 (PMLA) based on the FIR registered by CBI against M/s. Kingfisher Airlines Ltd. (KAL), Vijay Mallya, and others on January 25, 2016. Provisional Attachment Orders have been issued wherein properties worth Rs. 11231.70 crore (Market value at the time of attachment) have been attached which was also confirmed by the adjudicating authority.
A prosecution complaint has been filed against Vijay Mallya, M/s UBHL, M/s KAL, bank officials, and others. An application was also moved before the designated court to declare Vijay Mallya as a Fugitive Economic Offender. A Special Court (FEO Act), Mumbai declared Vijay Mallya a fugitive economic offender on January 5, 2019.
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After an extradition request was sent to the United Kingdom, Westminster's Magistrates court ruled for the Extradition of Vijay Mallya on charges of Money Laundering on December 12, 2018. In its order, the court observed that 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.
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