Enforcement Directorate obtains permit to retrieve Vijay Mallya’s Swiss account details
The Enforcement Directorate (ED) on Friday obtained a Letter Rogatory to retrieve details on the properties and accounts held by Vijay Mallya in Switzerland. The agency suspects that Mallya has acquired some properties and parked some money there.mumbai Updated: Feb 04, 2017 01:20 IST
The Enforcement Directorate (ED) on Friday obtained a Letter Rogatory to retrieve details on the properties and accounts held by Vijay Mallya in Switzerland. The agency suspects that Mallya has acquired some properties and parked some money in Switzerland.
The central agency had initiated investigation in the money laundering case after the Central Bureau of Investigation (CBI) registered a case against M/s Kingfisher Airlines Ltd, for defaulting the loan amount taken it, on the basis of an investigation under PMLA . The ED revealed that loan was sanctioned against collateral security of Kingfisher brand, corporate guarantee of UBHL and personal guarantee of Mr Vijay Mallya; Rs 807 Crores remained unpaid.
In their on going probe, the agency had in last week of December approached the special PMLA court for Letters Rogatory (letters of request) to the court of Switzerland seeking information on the accounts and properties held by Mallya in the country.
The counsel for ED, Hiten Venegaokar, said, “A special court accepted ED’s request and issued LRs in respect to details, documents and evidence of properties held by Mallya in Switzerland. There is material to show that Mallya had bought properties there.”
The agency had given a list of requirements from the court of Switzerland, which include the account held by Kingfisher, names of the account holders and their details, account statements, copies of agreements of immovable properties and its details.
The court, while granting the plea, observed that prima facie, “it appears that the accused had directly attempted to indulge and knowingly assisted and also knowingly is a party and also actually involved in the process or activity connected with the proceeds of the crime for concealment, possession, acquisition and use of the tainted money as untainted property and therefore, thorough investigation of this crime is really required.”
First Published: Feb 04, 2017 00:49 IST