Vijay Mallya’s shares worth Rs1620 crore attached
The Enforcement Directorate said that a special money laundering court had ordered the attachment of Vijay Mallya’s shares on its application
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Mumbai: A special money laundering court on Friday ordered the attachment of Rs1,620 crore worth of UB Group chairman Vijay Mallya’s shares in a money laundering case.
The Enforcement Directorate (ED) said in a statement that the court had ordered the attachment of Mallya’s shares on its application.
The attached shares include those that Mallya held in group companies such as United Breweries Holdings Ltd (UBHL), United Breweries Ltd (UBL) and United Spirits Ltd (USL).
The attachment order comes after a Special Court for Prevention of Money Laundering Act (PMLA) declared Mallya a proclaimed offender on 10 November.
“In view of his repetitive avoidance and non compliance, Enforcement Directorate (ED) had filed an application before to declare Mallya, a proclaimed offender under provision of section 82 of Cr P.C. and attach his movable and immovable properties to compel the offender to join investigation,” said the investigative agency in a statement.
ED is investigating Mallya in a case of alleged money laundering when Kingfisher Airlines (KFA), which was founded by him, defaulted on its loan payment to a consortium of public lenders.
The fresh round of attachment is in addition to earlier attachment of movable and immovable properties worth Rs8,041 crore (market value), taking the total attachment to Rs9,661 crore.