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ED takes over Vijay Mallya's Rs 100 cr Maharashtra farmhouse in money-laundering probe

India TV Business Desk Mumbai 18 May 2017, 19:02:40 PM IST
India TV Business Desk

The Enforcement Directorate today confiscated beleaguered liquor baron Vijay Mallya's 17-acre Mandwa farmhouse in Raigad district of Maharashtra valued at around Rs 100 crore.

The farmhouse was provisionally attached by the agency last September under the Prevention of Money Laundering Act (PMLA). 

The ED had served eviction orders to the occupants in April this year after the owners failed to get any relief from appellate bodies. 

An ED team, from its zonal office in Mumbai, today pasted the possession orders on the farm house, which has an adjoining beach. While the registered value of the property is Rs 25 crore, the ED said, its market value is over Rs 100 crore. 

“This property belongs to Ms Mandwa Farms Private Limited which was being controlled by Mallya," the agency said in a statement, adding that "an eviction notice was issued on April 25 for vacating the farmhouse with a registry value of Rs 25 crore.” 

“The present market value of the property is an estimated Rs 100 crore,” the agency statement added.

"Accordingly, peaceful possession of the subject property (having present market value in excess of Rs 100 crore) has been taken by the ED today," the statement further said.

Mallya, who fled to Britain in March 2016 after he was pursued for the recovery of Rs 8,191 crore in debt, which his now-defunct Kingfisher Airlines owes to a consortium of 13 Indian banks led by the State Bank of India, was arrested and bailed out in London last month.

With PTI Inputs