ED opens way for banks; allows selling of Vijay Mallya's properties

NewsBharati    06-Feb-2019

New Delhi, February 6: The Enforcement Directorate (ED) told a special Mumbai court today that it had no objection to the restoration of fugitive businessman Vijay Mallya's properties to a consortium of banks.


The agency submitted its affidavit in response to an application filed by the consortium of banks, led by the State Bank of India (SBI), seeking restoration of properties of Mallya, who is accused of defaulting on loans worth over 9,000 crore rupees. According to the consortium, the amount claimed by the banks was around 6,200 crore rupees.

In its affidavit filed before special PMLA judge M S Azmi, the ED said it had left the matter to the best judgment of the court to grant the prayer made by the consortium of banks.

The agency further said that since all the applicants, except one, were public banks, the money sought to be recovered was public money, restoration of assets in their favor was in public interest.

Mallya was declared as a fugitive economic offender last month under the Fugitive Economic Offenders Act, which came into existence in August 2018. A London court had, on December 10, 2018, ordered his extradition. Mallya's extradition was approved by the UK home secretary, the British government said on Monday.