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Mallya properties in South Africa, Europe identified; to be attached soon – india news


The Directorate of Enforcement (ED), which investigates money laundering cases, has identified several properties of businessman Vijay Mallya in South Africa and Europe, acquired through a network of offshore companies and trusts, which will soon be attached, said people familiar with development on condition of anonymity.

So far ED has attached Mallya assets worth Rs 11,231 crore (more than the alleged proceeds of crime), which are mainly in India, except for one property worth Rs 14 crore attached in France in November last year .

The agency did not touch his UK assets as 13 Indian banks led by State Bank of India are already going to court to get the money back from him. The former liquor baron flew to the UK from India in March 2016 when banks approached him to recover 9 billion rupees owed to them by his defunct Kingfisher Airlines.

One of the officials cited above said he had located Mallya’s properties in South Africa, including a mansion he bought in Cape Town and a couple of properties in Europe. The official declined to share the details and value of these properties until the exact ownership is verified and attached.

Mallya is currently out on bail in the UK and her extradition, although authorized by the courts, has been delayed due to a “confidential legal hearing”, according to the British high commission in Delhi.

Indian agencies have not been informed officially or unofficially as to the reasons why Mallya’s extradition has been delayed. Officials at ED and the Central Bureau of Investigation (CBI) suspect Mallya had applied for asylum in the UK for “certain unknown specific reasons” because her allegation of a “political witch hunt” against her has been denied by the courts. British.

Both agencies have alleged that Mallya diverted most of the money taken from Indian banks to foreign assets, the Indian Premier League (IPL) team and the motorsports company F1 Formula One.

Chief District Judge Emma Arbuthnot had ruled Mallya’s extradition to India in December 2018 in response to a request from the Indian government, which accused him of “knowingly misrepresenting” the profitability of his companies when he applied for bank loans. in 2009.

The UK High Court, in its April ruling, upheld the High District Judge’s verdict. When the UK High Court denied Mallya’s permission to appeal to the Supreme Court last month on the grounds that her case did not involve a “matter of law of general public importance”, the lengthy extradition process was believed to have entered the last stage.

Mallya is currently free on bail for an extradition order executed by Scotland Yard on April 18, 2017.

An email sent to Mallya went unanswered.

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