India
Mallya’s setback over properties in Bengaluru comes between his fight to save million dollar home in London from bank’s takeover.
Bengaluru: Vijay Mallya, the main accused in Rs 9,000 crore bank fraud case loses his Bengaluru properties in the fight to save his London home. He is involved in civil lawsuits in India and the UK, and is facing fraud charges. On Thursday, the Delhi court ordered attachment of Vijay Mallya’s properties in Bengaluru in a case relating to Foreign Exchange Management Act (FERA) violations.
Chief Metropolitan Magistrate Deepak Sherawat issued directions after Bengaluru police, through Enforcement Directorate (ED), asked more time to execute its earlier order. As per reports, in the case registered by the ED, Vijay Mallya had allegedly paid $200,000 to a British firm and some other European countries for promoting his defunct Kingfisher Airline's logo in Formula One World Championship.
Advocate Samvedna Verma and Special public prosecutor N K Matta serving the ED, told the court that the process to attach the properties was on, but due to lack of sufficient time they could not be completed on time.
Mallya’s setback over properties in Bengaluru comes between his fight to save his million dollar home in London from bank’s takeover.
BS Group is working towards foreclosure of the 20.4 million-pound debt loan on Vijay Mallya’s London house, as per a report by Bloomberg. The mortgage was taken out by Rose Capital Ventures and it has been unable to repay the amount, and the bank is seeking ownership of the property.
Based on the British Virgin Islands, Rose Capital Ventures is owned by one of Mallya’s family trusts, the report said. Mallya has taken over more than 1 billion-pound worth of loans for his now-deceased Kingfisher Airways.
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