ED lists Mallya’s assets for seizure under new law

Nearly 36 months after investigating agencies launched action against fugitive businessman Vijay Mallya, the law seems to be catching up with him. The Enforcement Directorate is ready with a list of 10 immovable assets worth close to Rs. 2,000 crore, besides deposits and shares amounting to about Rs. 10,500 crore, for confiscation under the newly promulgated Fugitive Economic Offenders Ordinance.

On an application moved by the Directorate, the Special Court has already issued a notice under the Ordinance directing Mr. Mallya to appear on August 27.

The ED will also seek assistance from authorities in U.K. in serving notice on Mr. Mallya. If he fails to comply with the directive, the court can declare him a fugitive under the Ordinance and order confiscation. All the listed properties linked to him can then be disposed of.

The list of proposed confiscations includes prime properties located in Mumbai, Bengaluru and Vellore in Tamil Nadu. Among them are 3.09 lakh sq. ft. UB City property worth about Rs. 713 crore and the Kingfisher Tower under-construction flats valued at Rs. 962 crore in Bengaluru.

Reacting to this, Mr. Mallya told media that he would comply with the directive and hand over the properties held in his name. However, he said a luxury residence in the name of his children and a house in London, in his mother’s name, could not be seized.

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