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Home / Business News / SBI Seized Vijay Mallya’s Kingfisher Villa in Goa worth Rs 90 Crore

SBI Seized Vijay Mallya’s Kingfisher Villa in Goa worth Rs 90 Crore

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Recently UK denied Indian Government to deport Vijay Mallya. State Bank of India has seized Vijay Mallya’s Kingfisher Villa in Goa. Vijay Mallya left India in March month after Banks started to recover their Rs 9000 Crore. Vijay Mallya’s luxurious villa in Goa is worth about Rs 90 Crore.

The district magistrate gave an order in favour of banks to take possession of the Kingfisher Villa Which is situated at Candolim beach in Goa. Vijay Mallya has hosted many parties at the Kingfisher Villa.

“The property is attached now completely. All the inventories have been done. There is no access, nobody can enter into it. Security guard and everything has been changed now. The SBI Trustee has taken complete charge of this property and the process has ended,” said SBI lawyer Vikas Kumar.

Kingfisher Villa in Goa
Kingfisher Villa in Goa

India has failed to secure the return of Mallya from Britain but New Delhi would continue to seek his deportation to face the banks from which he has taken loans. Vijay Mallya’s diplomatic passport was cancelled and UK rejected the deportation of Mallya.

Vijay Mallya is the subject of a non-bailable warrant issued by a special judge in Mumbai. The Enforcement Directorate, a government agency set up to fight financial crime, has accused Mallya’s UB Group of using Rs 426 crore of bank loans to Kingfisher to buy property overseas.

Indian banks have rejected an offer of partial repayment by Mallya, who had given a personal guarantee for the Kingfisher loan. The banks are demanding Mallya to attend a hearing in Supreme Court. Mallya has offered a settlement to his creditors that they have so far refused to consider.

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