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Wednesday , 18 October 2017
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Vijay Mallya’s Alibaug farmhouse confiscated by ED

 

The Enforcement Directorate on Thursday confiscated Alibaug property of fugitive Vijay Mllya in connection with money laundering probe against him. The property is estimated to be worth atleast Rs 100-crore.

After confiscating under the Prevention of Money Laundering Act(PMLA), the ED said “This property belongs to Ms Mandwa Farms Private Limited which was being controlled by Mallya.”

The confiscation came after following due rules including notice of eviction that was being served to the occupants in April after the owners failed to get any respite from the appellate body after its appeal was rejected couple of days back. The property is spread in a sprawling 17 acres with an adjoining beach.

The property is located in Raigad district of Maharashtra and comes after Kingfisher House in Goa was put up for sale and mopped up by a buyer after a long hiatus.

 

The farm house is in Alibaug in Raigad district of Maharashtra.
 
The money laundering is in connection with Rs.900 crore IDBI bank default case which has seen Mallya losing yet another property.

“Accordingly, peaceful possession of the subject property (having present market value in excess of Rs 100 crore ) has been taken by the ED today,” the ED said.

Ms Mandwa Farms Private Limited owned the property. It is expected that this property will also be put up for sale shortly to recover the dues from the proceedings.

 

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