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Home / India / ED seize Mallya assets worth Rs 14 crore in France

ED seize Mallya assets worth Rs 14 crore in France

Seizure comes as India fights a legal battle to extradite tycoon from the UK
Vijay Mallya

Our Bureau, Agencies   |   New Delhi   |   Published 04.12.20, 07:03 PM

Fugitive billionaire Vijay Mallya's assets in France worth 1.6 million euros have been seized by the Enforcement Directorate, the probe agency said in a statement today.

"On the request of 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 seized asset in France is 1.6 million euros (Rs 14 crore). Investigations revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd," the ED said in a statement, as reported by NDTV.com

The latest seizure of Mallya's assets comes as India fights a legal battle to extradite him from the UK. The founder of now-defunct Kingfisher Airlines is wanted for defaulting on loans worth up to ₹ 9,000 crore.

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 "secret proceedings" 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 take back 100 per cent of the principal amount owed to them.

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