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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
"On the request of Directorate of Enforcement (ED), a property of Vijay Mallya located at 32 Avenue FOCH, France has been seized by the French Authority. The value of the seized assets in France is 1.6 million euros (Rs 14 crore). Investigations revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd," the ED said in a statement.
Mallya is wanted in India for defaulting on bank loans worth crores of rupees. In November, the Ministry of External Affairs (MEA) had said the business tycoon's extradition from Britain is getting delayed because of a "confidential legal issue".
Liquor baron Vijay Mallya is accused of defaulting on bank loans totalling Rs 9,000 crore. He moved to the UK in March 2016, and India has since been struggling to process his extradition.
Mallya has repeatedly denied the charges and also offered to pay back 100 percent of the principal amount owed to the banks several times. However, his offer has been turned down by the Indian authorities.
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