Vijay Mallya’s ₹14-crore property in France seized by Enforcement Directorate

Fugitive businessman Vijay Mallya's assets in France worth 1.6 million euros ( ₹14 crore) have been seized on Friday by the Enforcement Directorate (ED).

The probe agency, in a statement, said, "On the request of Directorate of Enforcement (ED), a property of Vijay Mallya located at 32 Avenue FOCH, France has been seized by the French Authority. The value of the seized asset in France is 1.6 million euros ( ₹14 crore). Investigations revealed that a large amount was remitted abroad from the bank account of Kingfisher Airlines Ltd."

The liquor baron is wanted in India over fraud and money laundering charges in relation to loans taken out by his now-defunct Kingfisher Airlines from state-owned banks in the country.

Mallya reportedly owes ₹9,000 crore in principal and interest to banks in India. The Indian government is currently trying to extradite Vijay Mallya from Britain.

Last month, the UK had said that Mallya cannot be extradited to India till the resolution of a confidential legal matter and that it is trying to resolve the issue as quickly as possible.

"There is a further legal issue that needs resolving before we would be in a position to extradite Mallya. It is a legal case. So it is difficult for me to comment substantially on it," acting high commissioner of the UK Jan Thompson had informed.

Earlier this year, the businessman lost his appeals in the British Supreme Court against his extradition to India to face money laundering and fraud charges.