Vijay Mallya in big trouble, court allows banks to seize his assets

Vijay Mallya in big trouble, court allows banks to seize his assets

Mangalore Today News Network

Mumbai, Jan 01, 2020:  Year 2020 has started on a troublesome note for Vijay Mallya as a Prevention of Money Laundering Act (PMLA) court has allowed banks who lent him money to seize the assets of the former liqour baron. The court, however, has stayed the order till January 18 giving time to parties involved to file an appeal in the Bombay High Court, news agency ANI reported quoting sources from the Enforcement Directorate (ED).

According to an estimate, Mallya’s assets, which mainly comprise various shares, could fetch the banks about Rs 11,000 – much more than what the lenders are seeking

Mallya, who had sneaked out of India in March 2016, has been living in London and facing extradition proceedings. He is currently on bail. The flamboyant international businessman is accused of defrauding a group of Indian banks and owes them over Rs 9,000 crore.

Mallya, 63, was declared a fugitive economic offender (FEO) by th PMLA court in 2018.

The former Kingfisher Airlines boss has constantly claimed that the case against him was ‘politically motivated’ and the loans on which he has been accused of defrauding wer taken to keep his airline company afloat.

"I did not borrow a single rupee. The borrower was Kingfisher Airlines. Money was lost due to a genuine and sad business failure. Being held as guarantor is not fraud," Mallya had said on Twitter, adding that he has offered to repay the money on severa occasions but his appeal have been overlooked by concerned authorities.

Courtesy:Yahoo.com