2020 Brings Major Setback For Vijay Mallya As PMLA Court Allows Banks To Seize His Assets

In a major setback for the fugitive liquor baron Vijay Mallya, a Prevention of Money Laundering Act (PMLA) court has given nod to the banks to seize his assets including his shares in various companies, reports Financial Express.

The move could help banks fetch as much as Rs 11,000 crore which would much more than the Rs 9,000 crore which Mallya was supposed to pay back to the banks. However, for now the order remains stayed as the court has given the parties involved time till 18 January to file appeal in the Bombay High Court.

Mallya, instead of clearing his debt sneaked out of India in March 2016. Since then he has been living in London in the United Kingdom (UK) and is undergoing an extradition trial while being out on bail.

It should be noted that in 2018, Mallya had been tagged a fugitive economic offender (FEO) by a PMLA court for defrauding a host of Indian banks and then fleeing off to avoid accountability and trial.

Meanwhile, Mallya has repeatedly maintained that the case against him is politically motivated.