Keypoints:
- The action was undertaken by French authorities “on the request of the Enforcement Directorate” and the property is located at 32 Avenue FOCH in France.
- The Enforcement Directorate (ED) on Friday seized fugitive Vijay Mallya’s assets worth 1.6 million euros in France.
The Central Probe Agency said in a statement that, the action was undertaken by French authorities “on the request of the Enforcement Directorate” and the property is located at 32 Avenue FOCH in France.
On Friday, the Enforcement Directorate seized fugitive Vijay Mallya’s assets worth 1.6 million euros in France. The property was seized under the anti-money laundering law by the French authorities after ED’s request.
In Indian currency, the value of the seized asset is about Rs 14 crore.
ED seizes asset worth 1.6 Million Euros through French authority located at 32 Avenue FOCH, France of Vijay Mallya under PMLA in a #BankFraudCase
— ED (@dir_ed) December 4, 2020
Former liquor baron Mallya is wanted in India over fraud and money laundering charges in relation to loans taken out by his now-defunct Kingfisher Airlines from state-owned Indian banks. As per banks’ claims, Mallya owes Rs9,000 crore in principal and interest to banks in India.
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.
India has been pressing the UK to extradite Mallya after he lost his appeals in the British Supreme Court.
“There is a further legal issue that needs resolving before we would be in a position to extradite Mallya. It is a legal case. So it is difficult for me to comment substantially on it,” acting high commissioner of the UK Jan Thompson had informed.
He has been living 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.
His extradition would be a huge win 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 prosecution, many for loan defaults.
