"We have attached properties worth Rs 1,411 crore (as per the market value) of Vijay Mallya and UB Limited under the Prevention of Money Laundering Act," an Enforcement Directorate official said.
The assets brought under the "provisional attachment" order include bank balance of Rs 34 crore, a flat each in Bengaluru and Mumbai (2,291 sqft and 1,300 sqft respectively), an industrial plot in Chennai (4.5 acres), a coffee plantation land in Coorg (28.75 acres) and residential and commercial constructed areas in UB city and Kingfisher Tower in Bengaluru (84,0279 sqft).
An attachment of assets under PMLA is aimed to deprive the accused from obtaining benefits of their ill-gotten wealth. The accused can appeal against this action before the Adjudicating Authority of PMLA within 180 days.
ED further said that a corporate loan was sanctioned and disbursed "despite weak financials, negative net-worth, low credit rating of the borrower company and despite the fact that the company Ms Kingfishers Airlines Limited (KFA) being a new client did not satisfy the norms stipulated in the corporate loan policy of the bank" and was sanctioned in an "extraordinary haste."
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The agency added that its probe till now in the case indicates that KFA and its officials "conspired among themselves" and got sanctioned and disbursed term loans without conducting due diligence.
"The said loan was sanctioned in an extraordinary haste without verifying quality and value of the said security independently and subsequently to avoid payment of dues, corporate guarantee and personal guarantee rendered by UBL and Mallya were challenged by them before Bombay High Court on the grounds of coercion and undue pressure," it said.
The agency had registered a money laundering case against him and others based on an FIR registered last year by the CBI.