"How Far Will It Go": Vijay Mallya After Debt Tribunal Attaches Assets

On January 5, Mallya became the first person to be declared a fugitive economic offender under the Prevention of Money Laundering Act (PMLA).

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'How Far Will It Go': Vijay Mallya After Debt Tribunal Attaches Assets

Vijay Mallya said banks had been given an "open licence" to pursue "frivolous litigations" against him.


New Delhi: 

Vijay Mallya, wanted in India for alleged fraud and money laundering charges, on Friday claimed that his properties worth over Rs 13,000 crore have been attached in India, which was more than the 'claimed' Rs 9,000 crore that he "ran away with".

In a series of tweets, the embattled liquor tycoon questioned whether the attachment of his assets by the Debt Recovery Tribunal was fair or not.

“The DRT Recovery Officer recently attaches my group assets worth over Rs 13,000 crore in India on behalf of the Consortium of Banks. Yet the narrative is that I ran away with the claimed amount of Rs 9,000 crore causing loss to the Public Sector Banks. Where is justice or fair play?,” asked Mallya, 63, who fled to India in March 2016.

Despite the attachments, banks had been given an "open licence" to pursue "multiple frivolous litigations" against him, he said.

On January 5, Mallya became the first person to be declared a fugitive economic offender under the Prevention of Money Laundering Act (PMLA).

A court is expected to hear the plea on confiscating his properties on February 5.

Mallya is also facing money-laundering charges in the United Kingdom after India initiated extradition proceedings against him. Both the ED along with the Central Bureau of Investigation (CBI) has filed several cases for alleged loan default against him.

The Westminster Magistrates Court in London on December 10 last year had ordered the extradition of Mallya to India, who is facing charges of loan default to the tune of Rs 9,000 crore.

Mallya left India in 2016, following which, the Indian government initiated extradition proceedings against him.

If the extradition takes place, Vijay Mallya will be kept in one of the high security barracks inside the Mumbai prison complex that also housed 26/11 terrorist Ajmal Kasab, news agency PTI said.

With additional inputs from agencies



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