The Enforcement Directorate on Saturday attached properties worth Rs 1,411 crores (market value) of Vijay Mallya & UB (Holding) Ltd under Prevention of Money Laundering Act (PMLA) over the case of all
The Enforcement Directorate on Saturday attached properties worth Rs 1,411 crores (market value) of Vijay Mallya & UB (Holding) Ltd under Prevention of Money Laundering Act (PMLA) over the case of alleged diversion of Rs 430 crore from a bank loan his Kingfisher Airlines Ltd to purchase properties outside India. The ED first announced the attachment on Twitter.
Confirming the attachments, ED officials said, “We have attached eight immovable properties that are based in Mumbai and South India. We have also attached his bank account worth Rs 24 crore and nine other properties in India.” The agency has collected relevant documents from the authorities concerned and the bank in question.
ED officials have been requesting the PMLA court to declare Mallya as a proclaimed offender and the court is likely to give its verdict on Monday. The ED says Mallya diverted Rs 430 crore from an IDBI Bank loan to KFA to purchase properties overseas.
