Enforcement Directorate attaches Vijay Mallya’s properties worth 6,630 crore

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NEW DELHI: The Enforcement Directorate (ED) on Saturday attached RS 6,630 crore worth properties belonging to loans defaulter Vijay Mallya, Times Now reported.

Considered to be one of the biggest attachments by the ED till now, beleaguered businessman Vijay Mallya’s assets including:

  • A 22 acre farmhouse and land worth Rs 200 crore in Mandwa, Maharashtra
  • An under-construction mall in Bengaluru
  • A luxury apartment in Bengaluru
  • Shares of United Spirits Ltd (USL) and United Breweries Limited (UBL) worth Rs 3,000 crore.
  • Fixed deposit worth Rs 10 crore

This is the second attachment after his property worth Rs 1,411 crore was attached by Enforcement Directorate recently.

Mallya, whose now-defunct group company Kingfisher Airlines owes over Rs 9,000 crore to 17 Indian banks, had left the country on March 2 and fled to the UK.

“The total attachment under today’s order is worth Rs 4,234.84 crore but the present market value of these properties and assets is Rs 6,630 crore approximately,” the agency’s order said.

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The provisional attachment order, issued under the provisions of the Prevention of Money Laundering Act (PMLA), said it has ordered for seizing a farm house in Mandwa in Alibaugh worth Rs 25 crore, multiple flats in Kingfisher tower in Bengaluru worth Rs 565 crore, fixed deposits of Mallya with a private bank to the tune of Rs 10 crore and shares of USL, United Breweries Limited and Mcdowell Holding company, jointly held by the liquor baron and UBHL and his controlled entities, worth Rs 3,635 crore.

The agency alleged these assets were the “proceeds generated out of criminal activity” of the alleged default of bank loans as it claimed Mallya “criminally conspired” with Kingfisher Airlines (KFA) and United Breweries Holdings Limited to obtain funds through the consortium of banks and out of this total amount, the principal fund of Rs 4,930.34 crore “still remains unpaid.”

“In addition, huge number of shares were also being held in the name of various other group companies controlled directly or indirectly by Mallya. Hence, it appeared that even though sufficient funds were available with the promoters of KFA– Mallya and UBHL– they had no intention to make payment towards the bank loans from the consortium banks.

“They deliberately and intentionally kept the huge number of shares approximately worth Rs 3,600 crore pledged with UTI Investment Advisory Services Ltd and other financial institutions without substantial underlying liabilities and thus kept the consortium in dark,” the ED said in the order, accessed by PTI.

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