IDBI LOAN CASE: ED ATTACHES MALLYA ASSETS WORTH `1,411CR
MUMBAI: The Enforcement Directorate (ED) attached moveable and immovable properties worth Rs1,411 crore of businessman Vijay Mallya and United Brewaries (Holding) Limited under the Prevention of Money Laundering Act (PMLA) on Saturday.
The provisional attachment includes bank balance of Rs34 crore, one flat each in Bengaluru and Mumbai, an industrial plot in Chennai, coffee plantations in Coorg and property in UB CITY and Kingfisher Tower areas of Bangalore.
A tweet from ED’s official handle read: “ED has attached properties worth Rs1,411 crore of Market Value of Vijay Mallya and UB (Holding) Ltd under PMLA (Prevention of Money Laundering Act) in Kingfisher Airlines’ IDBI Bank case.”
Mallya, whose defunct airlines owes more than Rs9,000 crore to various banks, left India on March 2.
The probe agency said investigations show the accused was disposing of properties to ensure “further proceedings under PMLA may be frustrated”. >> CONTINUED ON P7