Fugitive businessman Mallya moves SC, challenges ED confiscation of his properties….reports Asian Lite News. He argues that many of these properties were acquired in 1919, and have no connection with the bank loans in contention
Fugitive liquor baron Vijay Mallya has moved the Supreme Court seeking a stay on the confiscation of his properties by the Enforcement Directorate (ED).
Mallya escaped from India after defaulting on bank loans worth Rs 9,000 crore in India and is currently facing extradition proceedings in the United Kingdom.
His appeal is likely to be taken up for hearing by the top court on Monday.
According to sources, Mallya has challenged the ED’s jurisdiction to confiscate all his properties under the Fugitive Economic Offender (FEO) Act 2018, without identifying whether these properties were acquired from the ill-gotten money.
He argues that many of these properties were acquired in 1919, and have no connection with the bank loans in contention.
The Bombay High Court had on July 11 declined to stay proceedings in a special court in connection with confiscation of Mallya’s properties.
This special court had in January declared Mallya a fugitive economic offender, and then started proceedings to confiscate his property in cases related to the Prevention of Money Laundering Act (PMLA).