May-19
Friday
Maharashtra: A 100-crore worth beach side farmhouse in Alibaug of Maharashtra was confiscated by Enforcement Directorate (ED) on Thursday.
The Enforcement Directorate (ED) is probing Vijay Mallya and others under criminal charges of money laundering in the alleged Rs.900 crore IDBI bank default case.
The 100-crore farmhouse belongs to Ms Mandwa Farms Private Limited which was being controlled by beleaguered liquor baron Vijay Mallya was confiscated by ED in connection with its money laundering probe aganist him, the agency said in a statement.
The property, spread in seventeen acres, was provisionally attached by the agency last year in September under the provisions of the Prevention of Money Laundering Act (PMLA).
Ms Mandwa Farms Private Limited had appealed against the ED provisional attachment order before the Appellate Tribunal for PMLA which 'dismissed' the application two days back .
The confiscated property having present market value is above Rs.100 crore while the registered value of the property is RS.25 crore, the ED said.
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