Indian banks working closely with UK authorities to recover dues from Vijay Mallya

Vastavam web: Indian banks are working very closely with the UK authorities to recover maximum out of assets owned by Vijay Mallya after a British court allowed them to search and seize properties of the fugitive liquor baron, SBI MD Arijit Basu said today.”We are very happy with the court order and with this kind of order we should be able to go after this assets,” he told reporters here.Without giving a specific number, he said “we hope to recover significant part our money”.

SBI is the leader of consortium of 13 banks that lent money to Mallya’s now defunct Kingfisher Airlines.Asked about recovery in India, Basu said, the consortium has recovered Rs 963 crore from auction of Mallya’s Indian assets. Recently, a UK High Court judge has issued an enforcement order in favour of a consortium of 13 Indian banks, seeking to recover funds owed to them by beleaguered liquor baron Mallya who is fighting extradition to India on fraud and money laundering charges worth nearly Rs 9,000 crore.