Mallya’s property worth 6630 crore rupees confiscated

New Delhi : The Enforcement Directorate (ED) has attached Vijay Mallya’s property, worth Rupees 6630 crores, to recover unpaid dues of Rs. 9000 crores borrowed by Mallya from the Indian Banking Sector. The ED has attached Mallya’s farm house, flat, shares and fixed deposits to recover the bank dues. 


Mallya's property worth 6630 crore rupees confiscated

The supremo of Kingfisher group, Vijay Mallya had borrowed Rs 6027 crores from various banks in India. With interest, the unpaid amount has gone up to 9000 crores. 

The ED has initiated the action, after the two banks IDBI and SBI, facing criticism due to Mallya’s default, lodged complaints for recovering the dues.

Under the action, the ED has started attaching Mallya’s properties and assets. The ED had already acquired some assets of Mallya worth Rs 1411 crores. In the recent action, a farmhouse worth 25 crores in Mandwa-Alibag, the King Fisher Tower worth  565 crores in Bengaluru, shares worth 3,635 crores in various companies, along with Fixed Deposits worth 10 crores have been confiscated by the ED. In the operations conducted today, the on-paper worth of the confiscated assets is Rs 4234.84 crores, but the market value of the same, is claimed to be Rs 6630 crores. During these operations, assets worth Rs 8041 crores of Mallya, who has pushed the Indian banks into a financial crisis, have been attached. 

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