ED attaches Vijay Mallya’s assets worth Rs 6,630 crore | india-news | Hindustan Times
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ED attaches Vijay Mallya’s assets worth Rs 6,630 crore

India’s financial crime investigating agency on Saturday took possession of assets worth more than Rs 6,500 crore of liquor baron Vijay Mallya, the second such action against the flamboyant businessman once known as a “king of good times”.

india Updated: Sep 03, 2016 19:18 IST
Beena Parmar
Enforcement Directorate issued its second attachment order for assets worth Rs 6,630 crore against Vijay Mallya.
Enforcement Directorate issued its second attachment order for assets worth Rs 6,630 crore against Vijay Mallya.(HT File Photo)

India’s financial crime investigating agency on Saturday attached the assets worth more than Rs 6,500 crore of liquor baron Vijay Mallya, the second such action against the flamboyant businessman once known as a “king of good times”.

The assets attached by the Enforcement Directorate (ED) include a farmhouse near Mumbai, residential properties in Bengaluru, shares and fixed deposits, an official of the agency said.

The ED is probing a laundering case against Mallya, 60, who left the country in March owing more than Rs 9,000 crores to a group of banks. The ED has charged the Rajya Sabha member of diverting nearly half of a Rs 950-crore loan he had taken for the now-defunct Kingfisher Airlines to acquire properties abroad.

“The attachment is on the basis of the fresh case filed against Vijay Mallya and Kingfisher Airlines and the valuation of the said properties and shares is based on their value in 2010…,” an ED official said.

The agency said the assets were “proceeds generated out of criminal activity” of the alleged default of bank loans. The bulk of the attachment is in the form of shares amounting to about Rs 5,800 crore, he added.

Earlier, the agency had seized assets worth Rs 1,400 crore, mostly immovable properties directly or indirectly owned by Mallya.

“Our next step will be working towards filing a prosecution case against Mallya and get a trial against him in the special court. We are seeking evidence against him, asking foreign jurisdictions including UK and other places…not everything is in our hands,” the official said.

A senior official with a bank that is one of the lenders to Kingfisher said they were “gathering concrete information” on the properties attached and will see if we can work with the ED to sell the assets”.

Last week, banks told the Supreme Court that Mallya had deliberately not made a full disclosure of his assets, including $40 million he received in February from a British firm.

India’s efforts t to bring Mallya to the country to face trial suffered a setback in May when UK refused to deport him.

The government also suspended the diplomatic passport of the flamboyant businessman, known for his flashy parties attended by fashion models and Bollywood celebrities.

Mallya said in an interview that he was in “forced exile” and called the charges against him “preposterous”.

(With agency inputs)