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Vijay Mallya’s Assets in France Worth 1.6 Mn Euros Seized by ED

A “confidential legal issue” has held up the extradition of the fugitive business tycoon from UK to India.

Updated
India
1 min read
File image of fugitive business tycoon Vijay Mallya. 
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The Enforcement Directorate (ED) has seized Vijay Mallya’s assets in France worth 1.6 million euros.

In a statement, the probe agency said, “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). Investigation revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd.”

Till now, assets amounting to Rs 11,231 crore have been attached by the agency.

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Extradition Held Up

Meanwhile, a“confidential legal issue” has held up the extradition of the fugitive business tycoon from UK to India.

Earlier in November, the Ministry of External Affairs announced that the Indian government is following up with the British authorities, but no timeline has been indicated for the extradition as of yet.

Mallya is wanted in India for defaulting on loans worth Rs 9,000 crore. Upon threat of persecution, he fled to the UK in March 2016 and has since challenged the Indian government’s extradition order on charges of fraud and money laundering in connection with unrecovered loans to his now-defunct Kingfisher Airlines.

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