The Enforcement Directorate (ED) on Friday seized fugitive Indian businessman Vijay Mallya’s assets in France worth 1.6 million euros, or Rs 14 crore, under the anti-money laundering law.
On the request of ED, French authorities seized Mallya’s property located at 32 Avenue FOCH.
“The value of the seized assets in France is estimated at 1.6 million euros (Rs 14 crore). Investigations being conducted under Prevention of Money Laundering Act (PMLA) have revealed that a large amount was remitted abroad from the bank account of M/s Kingfisher Airlines Ltd (KAL) for creation of the asset,” the ED said in a statement.
The former liquor baron is an accused in bank loan default case of over Rs 9,000 crore involving his defunct Kingfisher Airlines. He has been based in the UK since March 2016 and remains on bail on an extradition warrant executed three years ago by Scotland Yard on April 18, 2017.
Mallya has repeatedly denied the charges and offered to pay back 100 per cent 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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