The value of Vijay Mallya’s seized asset in France is 1.6 million euros (Rs 14 crore)
New Delhi:
The assets of fugitive billionaire Vijay Mallya in France worth 1.6 million euros have been seized by the Directorate of Enforcement, the investigating agency said in a statement today.
“At the request of the 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 asset seized in France is 1.6 million euros (Rs 14 crore) Investigations revealed that a large amount was remitted overseas from Kingfisher Airlines Ltd’s bank account, “the ED said in a statement.
The ED in the statement said that it has so far attached assets worth Rs 11,231 crore.
The latest seizure of Mallya’s assets comes as India fights a legal battle to extradite him from the UK. The now-defunct founder of Kingfisher Airlines is wanted for defaulting on loans worth up to Rs 9,000 crore.
He has lived in the UK since March 2016 and has been fighting his extradition to India. The 64-year-old’s extradition was ordered by a British court in May but has been delayed by a confidential legal matter initiated in the country, the government told the Supreme Court last month.
Vijay Mallya, who denies the charges against him, has repeatedly said that Indian banks can recover 100 percent of the principal amount owed to them.
The British government has said that Mallya, who has been named a fugitive economic criminal in India, cannot be extradited until the confidential legal matter is resolved and that it is trying to resolve the issue as quickly as possible.
His extradition would be a major victory for Prime Minister Narendra Modi, who has faced pressure from political opponents to bring to justice several people who have fled India in recent years to escape prosecutions, many for non-compliance with loans.
The co-owner of the Formula One racing team Force India, which took over in 2018, was dubbed “the king of good times” for the catchphrase of one of his premium beers and his partying lifestyle.
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