Mallya’s Rs 1,411 crore properties attaches in IDBI loan case
 Source : Agencies  Date : 11-Jun-2016

Mumbai, June 11: The king of Good times Vijay Mallya’s property in India has been attached by The Enforcement Directorate (ED) of worth Rs 1,411 crore on Saturday, in the IDBI Bank Loan default case. The attachment of properties is done in connection with the Rs 900 crore loan fraud with the IDBI Bank.
The assets under "provisional attachment" included bank balance of Rs 34 crore, a flat each in Bengaluru and Mumbai (2,291 sq ft and 1,300 sq ft 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 sq ft).

Mallya, whose defunct Kingfisher Airlines owes more than Rs 9,000 crore to various banks, left India on March 2. The agency registered a money laundering case against him and others based on an FIR registered last year by the CBI.

This action taken against him as he failed to appear in Court despite of several notice as money laundering case is filed on him. Mallya is out of the country and refused of all the charges imposed on him. He also tried to to do one time settlement with banks through additional payments to the lenders. He also denied "personally" being a "borrower or judgement defaulter" and said that a "disinformation campaign" was being played to make him a "poster boy" of all bad loans.

Meanwhile agency is also investigating financial structure of the Kingfisher Airlines and possible payment of kickbacks to secure loans. It has also moved the special court here seeking to declare Mallya a proclaimed offender as the agency has virtually exhausted all legal remedies like seeking an Interpol arrest warrant and getting his passport revoked.