The Enforcement Directorate (ED) in a big crackdown on fugitive Vijay Mallya, has seized businessman's assets in France worth 1.6 million euros. On the request of 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 (approx Rs 14 crore). Investigations conducted under PMLA revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd. (KAL).
ED initiated investigation under Prevention of Money Laundering Act, 2002 (PMLA) based on FIR registered by CBI against M/s. Kingfisher Airlines Ltd. (KAL), Vijay Mallya and others on 25.01.2016. Provisional Attachment Orders have been issued wherein properties worth Rs. 11231.70 crore (Market value at time of attachment) have been attached which was also confirmed by the Ld. Adjudicating Authority. A Prosecution Complaint has been filed against Vijay Mallya, M/s UBHL, M/s KAL, bank officials & Ors.
An application was also moved before the designated court to declare accused Vijay Mallya as Fugitive Economic offender. The Special Court (FEO Act), Mumbai was please to declare Vijay Mallya as fugitive economic offender on 05.01.2019.
Extradition Request of Vijay Mallya was sent to UK and the Westminster’s Magistrates court has ruled for Extradition of Vijay Mallya on charged of Money Laundering on 10.12.2018. In its Order, the Court has observed that a clear evidence of dispersal and misapplication of the loan funds and prima facie, found that accused Vijay Mallya was involved in a conspiracy to launder money. Appeals of Vijay Mallya to UK High Court and later Supreme Court have been rejected.