ED, banks identify Mallya assets to seize and auction

New Delhi: Even as Enforcement Directorate prepares for extradition of businessman Vijay Mallya from UK, the money laundering probe agency and 17 public sector banks to whom he owes about Rs 9,000 crore have started coordinating attachment of his properties.
ED director Karnal Singh met the heads and representatives of these banks in Mumbai on Wednesday where both sides agreed upon which assets belonging to Mallya banks would seize and auction and which would be given to ED for attachment purposes in its PMLA probe.
The consortium of banks led by SBI Caps had attached Mallya's Kingfisher Villa in Candolim, valued at Rs 90 crore, in Goa on May 13.
Similarly, ED and banks are in the process of identifying Mallya's properties in other cities in India. The agency has already taken details of Mallya's shares in different companies, his investments in FDs, insurance and other schemes, which are being analysed. "The ED director and banks heads/representatives shared details on the probe so far and what can be done now for loan recovery," said an officer.
Sources told TOI that ED is even trying to identify the properties, movable and immovable, in different countries and then assessment would be made on their worth.
Officials say that other than attachment of Mallya's properties, issues related to how to recover money from the former liquor baron and provisions under the law were also discussed between Singh and the banks.
ED, sources say, is also in touch with market regulator Sebi for the purpose.
Mallya recently informed the Supreme Court that he was ready to repay up to Rs 6,800 crore of the total dues, but banks have rejected the offer.