ED takes possession of Vijay Mallya’s ₹100-crore farmhouse in Maharashtra
The property is spread over more than 17 acres. The property was attached by the agency in September 2016mumbai Updated: May 19, 2017 11:04 IST
The Enforcement Directorate (ED) on Thursday took possession of businessman Vijay Mallya’s farmhouse located on the beachfront in the coastal town of Alibaug.
The ED said the present market value of the property at Mandwa in Kolegaon is more than Rs100 crore. “The farmhouse has a bungalow, swimming pool and overlooks the beach,” said an ED officer. According to sources, the area around the farmhouse is one of the finest properties in Alibaug, a place where many celebrities own luxurious properties.
The property is spread over more than 17 acres and the adjoining beach has a registry value of Rs25 crore. It belongs to M/s Mandwa Farms Private Limited, which was being controlled by Mallya, stated ED.
The property was attached by the agency in September 2016. Later, the provisional attachment order was confirmed by the Prevention of Money Laundering Act (PMLA) Adjudicating Authority (AA), New Delhi in February 2017.
The AA under PMLA is designated to function as the first appellate authority against attachment of assets made by the ED under stringent money laundering laws.
Subsequent to the issuance of the eviction notice, M/s Mandwa Private Limited moved the appellate tribunal of PMLA for a stay against the eviction notice. However, it dismissed the application.
ED had provisionally attached his immovable properties ,which include a flat in Bengaluru, and another in Mumbai, an industrial plot in Chennai, coffee plantation estate in Coorg, Karnataka, and residential and commercial structures in Karnataka.
Mallya left India last year and went to London on a diplomatic passport. In April this year, Mallya, former Kingfisher boss and one of the biggest corporate loan defaulters in India, was arrested by Scotland Yard inspectors in London.
The arrest was made following a request made by India’s Central Bureau of Investigation and ED. Mallya got bail within a few hours, after being produced in the Westminster Magistrates’ Court.
First Published: May 19, 2017 08:52 IST