Guwahati News Desk: A Prevention of Money Laundering Act (PMLA) court to recover debts has allowed to sell estate assets and securities of fugitive business tycoon Vijay Mallya.
Mallya who was declared as a fugitive economic offender in January 2019 by a special court in Mumbai, is accused in a bank loan default case of over Rs. 9,000 crore.
Managing Director of Punjab National Bank, Mallikarjuna Rao, said that, “The PMLA court has given permission to banks to sell gcertain real estate properties and securities that belonged to disgraced tycoon Vijay Mallya to recover dues loan amount of over Rs. 5,600 crore. It was earlier under the Enforcement Directorate,” said “Now the lead bank will sell those properties. PNB does not have much loan exposure in Kingfisher, but we will get our due share whatever once lead bank to realize.”
