Published: Fri, May 19, 2017
Markets | By Noel Gibbs

ED seizes Vijay Mallya's Rs 100 cr farm house

ED seizes Vijay Mallya's Rs 100 cr farm house

The Enforcement Directorate today confiscated a beachside farmhouse owned by Vijay Mallya, which it said was worth Rs 100 crore, over a money laundering case.

Mallya, accused of defrauding banks of loans worth Rs 9,000 crore, was declared a proclaimed offender by a Mumbai court a year ago and is also facing a money-laundering case.

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"With their appeal struck down, the possession of the property had to be let off and accordingly the property was taken into possession peacefully, with its present market value being over Rs 100 crore", added the ED officer. The ED had issued an eviction notice to Mandwa Farms last month and subsequently took possession of the property on Thursday.The CBI had booked Mallya in a cheating case for defrauding banks while the ED ha. Earlier, the ED had provisionally attached the property spread over 17 acres, adjoining a beach.

According to the ED, the property belongs to Mandwa Farms Pvt Ltd, which is controlled by Mallya, who is now in the United Kingdom.

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Overall, Mallya owes more than Rs 9,000 crore to a consortium of Indian banks including SBI, PNB, BoB, Allahabad Bank, Federal Bank and Axis Bank, among others. He was arrested recently in United Kingdom and got bail immediately also. The ED is now seeking his deportation from London and has submitted evidences to the counsel representing India's case before a London court seeking his custody. The agencies have alleged that the loan was disbursed merely on the basis of Aggarwal's conversation with Mallya. Mallya was arrested by Scotland Yard on April 18 and later released on bail.

The ED confirmed the development via a tweet that said, "ED takes over possession of Mandwa Farms controlled by Vijay Mallya".

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