Vijay Mallya fights to save London home, but loses Bengaluru assets

A Delhi court on Thursday ordered attachment of liquor baron Vijay Mallya’s properties in Bengaluru in a case relating to FERA violations.

Chief Metropolitan Magistrate Deepak Sherawat issued fresh directions after Bengaluru police, through Enforcement Directorate (ED), sought more time to execute its earlier order.

Special public prosecutor N K Matta and advocate Samvedna Verma, representing the ED, told the court that the process to attach the properties was on and due to lack of sufficient time, could not be completed on time.

Mallya has been declared a proclaimed offender by the court on January 4 for evading its summons in the case. 

Mallya’s setback over properties in Bengaluru comes amid his fight to save million dollar home in London from bank takeover.

BS Group is working towards foreclosure of the 20.4 million-pound mortgage loan on Vijay Mallya’s London house, as per a report by Bloomberg.  The mortgage was taken out by Rose Capital Ventures and it has been unable to repay it, and the bank is seeking possession of the property.

Based in British Virgin Islands, Rose Capital Ventures is owned by one of Mallya’s family trusts, the report said.

Mallya has taken over 1 billion pounds worth of loans for his now-defunct Kingfisher Airways. He is engaged in civil lawsuits in India and the UK, and also has fraud charges against him.

THE FERA CASE

As per the case registered by the ED, Mallya had allegedly paid $200,000 to a British firm and some European countries for displaying the logo of his now defunct Kingfisher Airline in Formula One World Championships.