The Enforcement Directorate, which has identified movable and immovable assets worth Rs. 6,000 crore allegedly belonging to Vijay Mallya and Kingfisher Airlines, is unable to proceed with their attachment proceedings. This, because police agencies are yet to formally launch investigations in all the cases of alleged wilful loan defaults.
The agency has prepared a list of assets acquired by Mr. Mallya in different parts of the country. Details of overseas assets in his name and those of various entities associated with him are being collated. Two months ago, the agency attached assets having a market value of Rs.1,411 crore of Mr. Mallya and United Breweries (Holding) Ltd., in connection with money laundering investigations into the Rs. 900-crore IDBI Bank loan default case registered by the Central Bureau of Investigation a year ago. The CBI initiated the probe on the basis of a complaint filed by one of its own officials.
Related transactions
Unable to convince 16 other banks into lodging separate complaints, the CBI recently decided to probe all the loan defaults under the same case given that it has found evidence of inter-linked financial transactions.
A special CBI investigation team has also been established for the purpose.
The agency had earlier said that it would file multiple charge sheets in the IDBI Bank case, which will also cover the other issues of loan defaults. However, the decision is yet to be formally communicated to the ED.
The ED has found evidence to suggest that at least two of the properties under scanner were disposed of well before it initiated attachment proceedings in the IDBI Bank case.
A Mumbai court recently declared the businessman a proclaimed offender in the ED case.
