The Enforcement Directorate (ED) on December 4 seized fugitive Vijay Mallya’s assets in France worth 1.6 million euros.
“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.
As per investigations conducted under Prevention of Money Laundering Act, 2002 (PMLA), it was found that a large amount was remitted abroad from the bank account of M/s. Kingfisher Airlines Ltd. (KAL).
Mallya, an accused in a bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines, is in the UK since March 2016. He is on bail on an extradition warrant executed three years ago by Scotland Yard on April 18, 2017.
