The Confiscated Assets Of Mallya Will Be Given To Lending Banks

The confiscated assets of Mallya will be given to the lending banks, lawyers of the fugitive businessman protest.

Banks giving loans to fugitive liquor baron Vijay Mallya are at a loss, but to date, the total loss they are in is not known.

This was stated by Judge JC Jagdale of the Special Court set up to hear cases of the Prevention of Money Laundering Act.

The special court has made two orders to give the confiscated assets of Mallya to the lending banks, which went public on Wednesday.

Justice Jagdale said this in the order given by the Enforcement Directorate (ED) to the banks giving loans to the confiscated assets of Mallya.

The special court has given two orders in this regard this week. The court said, the banks have made a fictitious claim of their loss of Rs 6,200 crore.

It should be clarified. It is said that Mallya took loans from banks and illegally sent that money out of the country.

The special court is hearing the case against Mallya for the same allegation.

It is noteworthy that a consortium of banks led by the State Bank of India had given loans to Mallya, which he sent abroad through various illegal means and himself fled the country.

Mallya is currently in the UK, the CBI and other Indian agencies are fighting the extradition case there to bring him to India.

In the absence of Mallya in India, the ED has attached his properties. Now the consortium of banks is seeking assets from which it can recover its losses.

According to the information available in the court, Mallya’s assets worth Rs 5,646 crore have been attached. This has been mentioned in the orders of the Court.

The May 24 order asked banks to hand over assets worth Rs 4,234 crore of Mallya’s confiscated assets, while Tuesday’s order also ordered banks to hand over the remaining assets worth Rs 1,411 crore.

Whereas in the case of extradition going on in London, the banks claim that they owe Mallya more than nine thousand crore rupees.

Mallya’s lawyers have opposed both the fresh orders to hand over the confiscated assets to the banks.