Vijay Mallya case: Court order on confiscation of assets to be issued soon

The Enforcement Directorate (ED) has completed its submission in the matter involving confiscating properties owned by Vijay Mallya under Fugitive Economic Offenders Act. If the court allows confiscation, then ED can dispose of the properties. Sources say that the special court in Mumbai will be issuing an order soon. The case is being heard before a special court in Mumbai. The ED had moved an application seeking to declare Mallya a fugitive. The court had declared him a fugitive this January. Mallya is the first individual to be declared a fugitive after the law was enacted in 2018. The next step as per the Act is to confiscate his assets. ED has now completed its arguments.

Read: Vijay Mallya Cites VG Siddhartha's Death To Attack Banks & Agencies, Says 'See What They're Doing To Me...'

Read: Vijay Mallya's Close Aide Raided By ED, Proxy Firms Detected; Republic Accesses Mail Trail

ED attaches assets worth Rs 14,000 crore against Mallya under PMLA

Under provisions of PMLA, ED has attached assets worth Rs 14,000 crore against Mallya under PMLA. The consortium of 15 banks led by State Bank of India had applied before a PMLA court in January for the restoration of assets so that they could be sold. The ED, which had moved to attach the properties, gave its consent to the banks’ proposal on February 5 with a few riders. The final order by the PMLA court is now awaited. Mallya left India in March 2016 before lenders to his defunct Kingfisher Airlines moved the Supreme Court to stop him from exiting the country. Mallya has said he’s ready to settle with the banks but fought extradition on the grounds that he wouldn’t get a fair hearing in India.

Read: Spooked Vijay Mallya Responds To PM Modi's 'he Owed Rs 9000 Cr, We Recovered Rs 14,000 Crore' Statement To Republic, Asks Why He's Still The 'poster Boy'

Read: PM Modi Interview: "He Owed Rs 9000 Crore, But Government Recovered Rs 14,000 Crore," Says PM Modi On India's Action Against Vijay Mallya

Read: Desperate Vijay Mallya Arrives At UK High Court For Extradition Appeal, Details Here