IDBI loan default case: ED attaches assets worth Rs 1,411 crore of Vijay Mallya

MUMBAI: The Enforcement Directorate (ED) on Saturday attached properties worth Rs.1,411 crore of business tycoon Vijay Mallya and his company United Breweries (Holding) Ltd in a case of alleged diversion of Rs 430 crore from an IDBI Bank Ltd loan to his Kingfisher Airlines Ltd to purchase properties overseas.

According to ED, the provisional attachment includes bank balance of Rs. 34 crore, one flat in Bangalore and Mumbai (2291 and 1300 sqft respectively) each, Industrial plot in Chennai( 4.5 acres), coffee plantation land in Coorg ( 28.75 acres), and residential and Commercial constructed area in UB CITY and Kingfisher Tower in Bangalore( 840279 sqft).

The attachment comes a day after ED moved a petition in a Mumbai court asking it to declare UB Group chairman Mallya a proclaimed offender, as part of its efforts to bring the businessman back from the UK.

ED suspects Mallya diverted Rs.430 crore from IDBI Bank loan to now grounded airline Kingfisher Airlines to purchase properties overseas.

The businessman, whose grounded Kingfisher Airlines owes over Rs.9,000 crore in loans and interest to creditors led by State Bank of India (SBI), left for the UK on 2 March as lenders closed in.

The PMLA court is expected to give its verdict on proclaimed offender petition by ED on Monday.