Vijay Mallya property worth Rs 14 crore seized in France after request by ED
BENGALURU: The French authorities have seized a property of former liquor baron Vijay Mallya worth 1.6m Euros (Rs 14 crore) at the request of the Enforcement Directorate (ED).
“Investigations conducted under the Prevention of Money Laundering Act (PMLA), 2002, have revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd (KAL),” the agency said.
The latest seizure of Mallya’s overseas assets comes as India awaits the extradition of the 64-year-old former Parliamentarian from the UK. Mallya is wanted for defaulting on loans worth up to Rs 9,000 crore.
