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

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

Read: Vijay Mallya Cites VG Siddhartha's Death To Attack Banks & ncies, Says 'See What y'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. consortium of 15 banks led by State Bank of India had applied before a PMLA court in January for restoration of assets so that y could be sold. ED, which had moved to attach properties, gave its consent to banks’ proposal on February 5 with a few riders. final order by PMLA court is w awaited. Mallya left India in March 2016 before lenders to his defunct Kingfisher Airlines moved Supreme Court to stop him from exiting country. Mallya has said he’s ready to settle with banks but fought extradition on 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 '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