Fugitive billionaire Vijay Mallya’s assets in France worth Rs 14 crore have been seized by the Enforcement Directorate.
Glimpse of Past
The founder of now-defunct Kingfisher Airlines is wanted for defaulting on loans worth up to Rs 9,000 crore.
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.
The Centre had on October 5 told the apex court that Mallya cannot be extradited to India until a separate secret legal process in the UK, which is judicial and confidential in nature
ED requested France Authority
The ED 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.
Investigations have being conducted under Prevention of Money Laundering Act, and have revealed that a large amount was remitted abroad from the bank account of M/s Kingfisher Airlines Ltd (KAL)
Asset seized till now
The ED in the statement said it has so far attached assets worth Rs 11,231 crore.
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