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Home » News » Business » ED to attach Vijay Mallya’s assets worth Rs 6,000 crore in money laundering case
ED to attach Vijay Mallya’s assets worth Rs 6,000 crore in money laundering case

ED to attach Vijay Mallya’s assets worth Rs 6,000 crore in money laundering case

An action plan is under process where the Enforcement Directorate (ED) is likely to attach personal assets of liquor baron Vijay Mallya, including shares pledged with some private banks and financial institutions as guarantee.

Mumbai’s senior ED official has confirmed it to India Today that the ED has sought details of shares pledged from Yes Bank, HDFC Bank and other financial institutions.

The assets (in shares) are estimated to be more than Rs 6,000 crore in these banks.

ED has begun with its action plan soon after the special PMLA Court declared Mallya – a proclaimed offender last week – when he failed to appear before it on July 29.

“ED has already received details of pledged shares from few banks, and are anticipating few more within a week,” an official said.

Attachment of these shares would be under Sections 82 and 83 of Code of Criminal Procedure (CrPC), which is applied on proclaimed offenders.

Sources from HDFC Bank have confirmed that “details of Mallya’s shares linked with United Breweries (UB) group and United Spirits Limited (USL) have been given to the ED four days back.”

Once ED gets all the details in hand from all these entities, attachment process will begin within next one week.

Earlier, ED had attached assets and properties of Vijay Mallya and the UB group, worth Rs 1400 crore, in different cities under PMLA Act in Rs 900-crore Kingfisher Airlines – IDBI Bank Loan case.

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