July 6, 2018 8:15 AM

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UK High court gives banks option to seize Vijay Mallya's assets in London

<div style="color: #222222; font-family: arial, sans-serif; font-size: 12.8px;">''<div style="font-size: 12.8px;"><span style="font-size: 12.8px;">A UK High Court judge has given Indian banks the option to search fugitive Industrialist Vijay Mallya's properties in London and seize the assets as a means of recovering their money.</span></div>''<div style="font-size: 12.8px;"><br />''</div>''<div style="font-size: 12.8px;"> According to the 26th of last month's order by Justice Byran, the Enforcement officer and his agents can enter Mallya's home in Ladywalk and Bramble Lodge in Tewin, Welwyn, giving a consortium of 13 Indian banks to search and seize the properties. Mallya is fighting extradition to India on fraud and money-laundering charges worth nearly 9,000 crore rupees. </div>''<div style="font-size: 12.8px;"><br />''</div>''<div style="font-size: 12.8px;">The order said, the Officer, including any Enforcement Agent acting under his authority, may use reasonable force to enter the property if necessary. </div>''<div style="font-size: 12.8px;">India's extradition case will come up in a UK court on the 31st of this month.</div>''<div style="font-size: 12.8px;"><br />''</div>''<div style="font-size: 12.8px;">In May, the UK High Court had refused to scrap a worldwide order freezing Mallya's assets. The court had upheld the Indian Supreme Court's ruling that banks were entitled to recover funds.</div>''<div class="yj6qo" style="font-size: 12.8px;"></div></div>

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