Vijay Mallya PMLA case: Court nod to ED to attach Rs 4,200 cr assets

 

LATEST NEWS – A special court in New Delhi has confirmed the Enforcement Directorate order to attach Rs 4,200 crore assets of liquor baron Vijay Mallya and others, paving the way for their confiscation by the agency.

In September last year, the ED had issued the order, under the provisions of the Prevention of Money Laundering Act (PMLA), to attach the various properties including flats, a farmhouse, shares and Fixed Deposits (FD) among others in the name of Mallya and associated firms.

The central probe agency had earlier said that the market value of these assets was Rs 6,630 crore where as the book value remains to be 4,234.84 crore.

Calling the assets to be “involved in money laundering”, a recent order of Member (Law) of the Adjudicating Authority of PMLA, Tushar V Shah said: “I, therefore, hereby confirm the attachment of the properties made under sub-section (1) of Section 5 of PMLA.

“I, therefore, order that the said attachment shall continue during the pendency of the proceedings relating to offence under the PMLA…,” it said.

The ED will now move to confiscate these assets.

The agency had alleged these assets were the “proceeds generated out of criminal activity” of the alleged default of bank loans. READ MORE

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