PMLA court orders to hand over Vijay Mallya’s confiscated property to bank consortium

by Akankshya Mahapatra

The Mumbai Prevention of Money laundering Act (PMLA) special court on Tuesday took a landmark decision in a bank loan fraud case. The special court has allowed the bank consortium to return the confiscated assets of Vijay Mallya back with a bank loan of more than Rs 9,000 crore.

The Enforcement Directorate (ED) confiscated Mallya’s assets. This is the second important verdict of the week passed by Special Court Judge JC Jagaddale. Mallya’s lawyer, who appeared in court, objected to the decision, saying the total value of the assets being handed over to the banks would be multi-crore.

However, the bank, led by the State Bank of India, approached the court to seize the confiscated assets of Mallya. Mallya’s application in the case had already been rejected in court.

Mallya has borrowed more than Rs 9,000 crore from a bank consortium led by SBI for his Kingfisher air operation. However, Mallya’s airline has been shut down at a loss. The special court’s decision is expected to reassure the bank consortium.

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