ED attaches Rs 1,411 crore assets of Mallya and his company

June 11, 2016 20:41

ED today attached assets worth Rs 1,411 crore of liquor baron Vijay Mallya and one of his companies in connection with its money laundering probe in the the alleged IDBI bank loan default case.

"We have attached properties worth Rs 1,411 crore (as per the market value) of Vijay Mallya and UB Limited under the Prevention of Money Laundering Act," an Enforcement Directorate official said.

The assets brought under the "provisional attachment" order include bank balance of Rs 34 crore, a flat each in Bengaluru and Mumbai (2,291 sqft and 1,300 sqft respectively), an industrial plot in Chennai (4.5 acres), a coffee plantation land in Coorg (28.75 acres) and residential and commercial constructed areas in UB city and Kingfisher Tower in Bengaluru (84,0279 sqft).

The agency, in a statement, said the order was issued as investigation found that some of the properties were being "disposed off" by the accused so that further action undertaken by the agency under PMLA can be "frustrated."

An attachment of assets under PMLA is aimed to deprive the accused from obtaining benefits of their ill-gotten wealth. The accused can appeal against this action before the Adjudicating Authority of PMLA within 180 days.

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