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Vijay Mallya’s properties worth Rs 6600 crore attached by ED

The Enforcement Directorate (ED) has attached properties worth Rs 6600 crore (present market value ) that directly or indirectly belonged to Vijay Mallya. The ED is investigating two separate money laundering cases against Mallya and others where they allegedly defrauded banks after defaulting loan payment.

Among the attached properties , a bungalow spread in 21 acres in Mandwa (Alibaug). Recently the ED had apprehend the court to declare Mallya proclaimed offender which enabled the agency to attach Mallya’s all properties, total Rs 8000 crore, spread across the country.

The ED will give a chance to Mallya to present his case before adjudication authority. It will hear Mallya and accordingly will confirm the attachment after which the ED will have option to auction the properties. The court declares a person proclaimed offender under section 82 of the Code of Criminal Procedure (CrPC) if the suspect fails to appear before it at the specified time mention in the proclamation notice. The ED is investigating a money laundering case against Mallya where he defaulted Rs 900 crore loan payment to IDBI bank. Mallya had also defaulted around Rs 9400 crore loan payment to consortium of 17 banks led by SBI. The ED registered separate money laundering case connected with SBI allegation.

Mallya shifted to UK before agencies can catch him. The court has issued a non bailable warrant against Mallya in the IDBI case and the Indian government trying to extradite him to face the investigation.

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