The Enforcement Directorate (ED) on Friday said it has seized fugitive businessman Vijay Mallya’s asset in France worth 1.6 million Euros

“On the request of Directorate of Enforcement (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 crores),”the agency said in a statement.

Investigation conducted under Prevention of Money Laundering Act (PMLA) revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd. (KAL).

The ED had earlier initiated investigation under PMLA based on FIR registered by CBI against Kingfisher Airlines Ltd. (KAL), Vijay Mallya and others on January 25, 2016.

Provisional Attachment Orders have been issued wherein properties worth Rs 11,231.70 crore (Market value at time of attachment) have been attached which was also confirmed by the Adjudicating Authority. A Prosecution Complaint (chargesheet) has been filed against Mallya, UBHL, KAL, bank officials and others.

An application was also moved before the designated court to declare accused Vijay Mallya as Fugitive Economic offender. The Special Court (FEO Act), Mumbai had declared Mallya as fugitive economic offender on January 5, 2019.

Extradition request of Mallya was sent to UK and the Westminster’s Magistrates court has ruled for extradition of Mallya on charges of money laundering on December 10, 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 Mallya to UK High Court and later Supreme Court have been rejected.