Finally, Businessman Vijay Mallya’s Kingfisher House at Vile Parle in Mumbai was finally sold to Hyderabad based Saturn Realtors for ₹52.25 crore. It was sold in the ninth attempt by the Debt Recovery Tribunal. Kingfisher House was once the headquarters of the now insolvent Kingfisher Airlines owned by Mallya, who is accused of fraud and money laundering allegedly amounting to around ₹9,000 crore.
Details About the Deal and Stamp Duty
The deal was registered on July 31 last month. This 2401.70 square metres property outside the Mumbai airport has been up for grabs since 2016. Saturn Realtors paid ₹2.612 crore as stamp duty to Maharashtra government for this deal.
Pankaj Kapoor, managing director, Liases Foras, a real estate research firm attributed the reduced rates to its location and market condition. He said that, “There is not much development potential in this plot due to height restrictions as it is close to the airport. In addition, market conditions are bad.”
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Mallya Flew Away to UK
Mallya fled to the United Kingdom and has been dodging multiple officers to avoid extradition to India. He has been on bail in the UK on an extradition warrant since his arrest in April 2019.
In June, under the special Prevention of Money Laundering Act (PMLA) court ruled that properties worth ₹5646.54 crores, belonging to Kingfisher Airlines and Vijay Mallya should be returned back to State Bank of India (SBI) and its consortium.
Properties Under Mallya’s Name
The included properties under Mallya’s in UB City, Bengaluru worth ₹712.94 crore, under construction flats in Kingfisher tower worth ₹564.25 crores, several pledged and unpledged shares and many other properties owned by him.
Nirav Modi’ Case
Nirav Modi is an Indian businessman who was in the business of luxury diamond jewellery. He is the founder of Nirav Modi chain of diamond jewellery retail stores.
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Nirav Modi’s role in PNB scam
Modi is currently being questioned in the $2 billion Punjab National Bank (PNB) fraud case. He was charged by the Indian government for criminal conspiracy, criminal breach of trust, cheating, corruption, money laundering, fraud, embezzlement and breach of contract in August 2018 in the PNB scam case.
What are the laws that Nirav Modi is accessing?
The UK courts are bound to consider whether a verdict, which leads to the extradition of an individual to a foreign country, is aligned with the European convention of human rights.
Nirav Modi’s legal team, while presenting the case, stated his “severe depression” and “high risk of suicide” during the hearing.
Mehul Choksi’s Case
Mehul Choksi is also an Indian businessman and the owner of Gitanjali Group, a retail jewellery firm with 4,000 stores in India. Choksi is currently residing in Antigua and Barbuda where he holds citizenship.
Choksi, and his nephew Nirav Modi, wanted by Indian authorities in the Punjab National Bank (PNB) scam where it is registered, that the Choksi-Modi duo defrauded the bank of more than Rs 14,000 crore.
Also Read: Mehul Choksi’s theatric arrest after fleeing to Dominica by boat; Captured while disposing documents
PNB scam
A special PMLA court in March 2018 issued non-bailable arrest warrants against Choksi and his nephews Nirav Modi and Neeshal Modi. They allegedly colluded with the PNB Bank officials to defraud the bank of over Rs 14,000 crore. The scam is said to be the biggest in India’s banking history.
When did Mehul Choksi leave India?
Choksi fled the country in January 2018 to Antigua and Barbuda, few days before the PNB scam was uncovered. Government authorities are trying to get him extradited to India.
Where is Mehul Choksi right now?
Mehul Choksi is currently in Dominica. In May-end, 2021, Choksi went missing from Antigua and Barbuda. He was reportedly captured in Dominica while he was trying to run away to Cuba in a boat. A Caribbean court stayed his repatriation from the Dominican Republic.
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