SBI consortium sells Vijay Mallya's assets worth Rs 5,825 crores, recovers 70% loss

New Delhi : A State Bank of India-led consortium has sold fugitive businessman Vijay Mallya’s assets worth Rs 5,825 crores to recover around 70 per cent of their loss caused due Rs 9,900 crore defrauded loan money by him.

Earlier, the bank had sold his shares of UB and USL worth Rs 1,357 crores. According to a news report they are also in the process of selling more shares worth Rs 800 crores by June 25. Vijay Mallya is believed to have owned most these shares on benami name.

The Wednesday deal was done in an special arrangement by the Enforcement Directorate, which had attached several properties and shares of the fugitive businessman in the money laundering case.

The block deal of share purchase was executed before the opening of the stock exchange, where Heineken had purchased the share. The sold share was 15% of the total share of the company. Earlier the ED has attached these shares in the case, and recently with court permission it transferred it to SBI-led consortium that entered into a deal with Heineken to encash the shares.

Vijay Mallya is currently in UK and Indian government is making its efforts to extradite him to India.

India has declared him a fugitive economic offender as he allegedly defrauded Rs 900 crore from the IDBI bank and Rs 9,000 crores from the SBI Bank-led consortium of 17 banks.