The Enforcement Directorate today attached property worth Rs 6,600 crores belonging to liquor baron Vijay Mallya.
Advertisement
According to Times Now, among the things ED attached include Mallya’s farmhouse in Maharashtra worth Rs 200 crore, an apartment and a mall in Bangalore worth Rs 800 crore and shares of UBL and USL, owned by the businessman, worth Rs 3,000 crore.
Third Special Court Magistrate M Krishna Rao had on April 20 convicted Mallya and others in connection with two cheque bounce cases involving Rs 50 lakh each, under relevant sections of the Negotiable Instruments Act.
ED recently with an aim to expand the probe, took over an investigation into the Rs 6,027 crore alleged loan default, availed by Mallya’s company from nationalised banks including the SBI. The agency has said that the seized assets were “proceeds generated out of criminal activity” by Mr Mallya. The agency is investigating a money laundering case against Mallya where he defaulted Rs. 900 crore loan payment to IDBI bank. It also claimed that Mallya conspired to obtain funds from the consortium of banks and that the principal amount still remains “unpaid”.
“On their request, the loans were recast in December 2010 and the total outstanding was finalised as Rs. 5575.72 crore, subject to regular debt serving and adherence to agreed repayment schedules”.
However, the official said, the accused failed to pay as per recast agreement and even did not honour the guarantees executed by them.
“Instead of it, the accused filed court case against banks that the said guarantees were taken from them under coercion or by force”. Therefore, the consortium finally filed a complaint with the CBI on August 12 this year.
ED probe has revealed that over Rs. 3,500 crore of the loan funds were allegedly remitted outside India on the pretext of payments of lease rentals, fix & maintenance works and other business activities. There were substantial movable properties in the form of shares of various public limited companies held in his name and that of UBHL, who had given personal and corporate guarantees.
Advertisement
Vijay Mallya is facing a case of Rs 9,000 crore loan default.
