Saturday, November 09, 2024
Advertisement
  1. You Are At:
  2. News
  3. Business
  4. ED seeks red corner notice against Mallya after UK denies his deportation

ED seeks red corner notice against Mallya after UK denies his deportation

New Delhi: The Enforcement Directorate today approached the Interpol to issue red corner notice against absconding liquor baron Vijay Mallya for his alleged role in siphoning off part of an IDBI Bank loan of Rs

India TV Business Desk Updated on: May 12, 2016 14:14 IST
Vijay Mallya
Image Source : PTI Vijay Mallya

New Delhi: The Enforcement Directorate today approached the Interpol to issue red corner notice against absconding liquor baron Vijay Mallya for his alleged role in siphoning off part of an IDBI Bank loan of Rs 950 crore, sanctioned to Kingfisher Airlines in 2010.

The agency's move comes a day after the UK government refused its request to deport Mallya.

New Delhi had formally requested London that he be deported, which is faster than the process of extradition under a treaty between two governments.

The foreign ministry said yesterday in a statement: "The UK Government has informed us that under the 1971 Immigration Act, the UK does not require an individual to hold a valid passport in order to remain in the UK if they have extant leave to remain as long as their passport was valid when leave to remain or enter the UK was conferred."

"The UK acknowledges the seriousness of the allegations and is keen to assist Government of India. They have asked us to consider requesting mutual legal assistance or extradition," the foreign ministry said.

A Delhi court had earlier on Tuesday issued a notice to Mallya on the Enforcement Directorate’s plea and sought his response by May 20.

The agency is also mulling to attach domestic assets and shares worth about Rs 9,000 crore owned by the liquor baron in connection with its money laundering probe against him and others in the IDBI bank loan fraud case.

ED officials on Wednesday began identifying and valuing his domestic assets. Reports also said that Goa revenue officials have allowed banks to take over Mallya’s property in Candolim, which is estimated to be worth Rs 90 crore.

Officials said that once the agency completes the process of obtaining information on his personal investments, properties and shares, it can proceed further to seize Mallya’s assets. The agency has already begun the exercise of identifying and valuing the country-wide immovable assets of the beleaguered businessman.

“We are trying to quantify the default and diversion of funds. Mallya’s personal investments in various companies, real estate properties and the shares held by him in India are being examined for attachment under Prevention of Money Laundering Act (PMLA) so that no third-party rights can be created in them,” an ED official said.

The agency said that it will also inform market regulator Securities and Exchange Board of India (SEBI) about its move to similarly attach

Meanwhile, Mallya remained elusive to India as the United Kingdom informed the government that they cannot comply with their request to deport him, but said they are ready to consider the option of liquor baron’s extradition.

Advertisement

Read all the Breaking News Live on indiatvnews.com and Get Latest English News & Updates from Business

Advertisement
Advertisement
Advertisement
Advertisement