The State Bank of India-led consortium that lent loans to fugitive businessman Vijay Mallya received £79.21 million after some shares in the Kingfisher Airlines, earlier attached under the anti-money laundering law, were sold, the Enforcement Directorate said. These shares were handed over by the ED to the consortium,” the agency said in a statement. These shares were earlier attached under the Prevention of Money Laundering Act by the ED as part of its probe into the case. Last month too, the consortium had realised more than £718.1 million after a similar sale of attached shares. Mallya, who fled to the UK, is being probed by the ED and the CBI in connection with an alleged £900 million bank fraud linked to the operations of his now defunct Kingfisher Airlines.
The 65-year-old liquor baron has lost his case against extradition to India and as he has been denied permission to file appeal in the UK Supreme Court, his extradition to India has become final, the ED had earlier said. Over £2.2 billion bank funds is stated to have been “defrauded” in these two cases. “As on date, assets worth 58% of total loss to the banks have been handed over to the banks or have been confiscated to be deposited in the accounts of the government of India,” the ED said.
