ED attaches Mallya’s France property worth Rs 14 crore under PMLA

The Enforcement Directorate (ED) has attached a property in France of fugitive businessman Vijay Mallya worth Rs 14 crore under the Prevention of Money Laundering Act (PMLA), the agency said.

The ED said Mallya’s property has been seized by French authorities. “The value of the seized asset in France is 1.6 million Euros (approximately Rs 14 crores). Investigations conducted under PMLA revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd.,” the agency said in a statement.

So far, the ED has provisionally attached Mallya’s assets worth Rs 11,231.70 crore (market value at time of attachment) in India and abroad.