ED attaches Rs 6,630 crore assets against Mallya in bank fraud case

dynamitenews.com
New Delhi/ 3 September 2016. The Enforcement Directorate (ED) on Saturday provisionally attached Vijay Mallya’s properties and shares worth Rs 6,630 crore in connection with a fresh case of alleged cheating registered last month by the CBI against him and his two companies.

The attached properties are located in Mumbai and Bengaluru among other cities, include Rs 200 crore farmhouse, a mall worth Rs 800 crore, and several of his stocks. His shares in UBL and USL, that amount to over Rs 3000 crore have also been attached along with an apartment he owns. 

The CBI case, registered on the basis of a complaint lodged by State Bank of India-led consortium, alleges a conspiracy by the accused persons that led to a loss of Rs 6,027 crore to the banks. The banks had extended credit facilities to Kingfisher Airlines from 2005 to 2010. But, the company failed to make repayments during 2009-11 and so, the loans were declared non-performing assets and credit facilities recalled. (With agency inputs)