ED attaches Vijay Mallya's properties to IDBI loan default case

| Sunday, June 12, 2016 - 11:24
First Published |
Enforcement Directorate, ED, IDBI, loan default, case, liquor baron, Vijay Mallya, PMLA

Mumbai: The Enforcement Directorate (ED) on Saturday attached absconding liquor baron Vijay Mallya's properties, worth Rs 1,411 crore, to IDBI loan default case.

A Special Prevention of Money Laundering Act (PMLA) court yesterday concluded its hearing in a case pertaining to Mallya, in which the Enforcement Directorate had urged the court to declare the absconding tycoon a 'proclaimed offender'.

The court is set to pronounce its verdict on June 13.

The Enforcement Directorate, which has been probing Mallya, had also issued a non-bailable warrant against him.

The agency alleges that out of the Rs. 900 crores loan taken from IDBI bank in 2009, Rs. 430 crores had allegedly been dispatched illegally outside the country.

Both the Enforcement Directorate and the Central Bureau of Investigation are probing Mallya for the Rs. 9,000 crores loan scam.

Mallya had taken this amount as loan from several banks in order to pay dues of his now defunct Kingfisher Airlines.

Despite Mallya's visa getting cancelled by the Indian government recently, the liquor baron has managed to stay on in the United Kingdom. 

Download English News App and stay updated with all Latest News.
For News in English, follow us on Google+, Twitter and on Facebook.

Add new comment

This question is for testing whether or not you are a human visitor and to prevent automated spam submissions.