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Vijay Mallya France belongings seized by Enforcement Directorate price 1.6 million Euros

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Enforcement Directorate has seized Vijay Mallya’s belongings in France price 1.6 million euros.

The Enforcement Directorate (ED) in an enormous crackdown on fugitive Vijay Mallya, has seized businessman’s belongings in France price 1.6 million euros. On the request of ED, a property of Vijay Mallya situated at 32 Avenue FOCH, France has been seized by the French Authority. The worth of the seized asset in France is 1.6 Million Euros (approx Rs 14 crore). Investigations performed beneath PMLA revealed that a big quantity was remitted overseas from the checking account of Kingfisher Airways Ltd. (KAL).

ED initiated investigation beneath Prevention of Cash Laundering Act, 2002 (PMLA) primarily based on FIR registered by CBI towards M/s. Kingfisher Airways Ltd. (KAL), Vijay Mallya and others on 25.01.2016. Provisional Attachment Orders have been issued whereby properties price Rs. 11231.70 crore (Market worth at time of attachment) have been connected which was additionally confirmed by the Ld. Adjudicating Authority. A Prosecution Criticism has been filed towards Vijay Mallya, M/s UBHL, M/s KAL, financial institution officers & Ors.

An software was additionally moved earlier than the designated court docket to declare accused Vijay Mallya as Fugitive Financial offender. The Particular Court docket (FEO Act), Mumbai was please to declare Vijay Mallya as fugitive financial offender on 05.01.2019.

Extradition Request of Vijay Mallya was despatched to UK and the Westminster’s Magistrates court docket has dominated for Extradition of Vijay Mallya on charged of Cash Laundering on 10.12.2018. In its Order, the Court docket has noticed {that a} clear proof of dispersal and misapplication of the mortgage funds and prima facie, discovered that accused Vijay Mallya was concerned in a conspiracy to launder cash. Appeals of Vijay Mallya to UK Excessive Court docket and later Supreme Court docket have been rejected.

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