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Vijay Mallya sold coffee estates to Mangaluru businessman before ED could act

  •   Tue, Jun 14 2016 04:25:26 PM

Daijiworld Media Network-Madikeri (RJP)

Madikeri, Jun 14: Vijay Mallya, 'King of good times' then and now a fugitive wanted by Indian agencies for not paying the loans taken from Indian banks to the tune of Rs 9,000 crore, had secretly sold his coffee estates in Madikeri before Enforcement Directorate (ED) could take initiative to attach them.

Mallya sold three coffee plantations measuring 3 acres, 127 acres and 106 acres for Rs 18 lac, Rs 35 crore and Rs 77 crore respectively. The buyer was businessman Alake Janardhana Shetty from Mangaluru.


ED which has taken possession of most of the assets owned by Mallya learned this fact very recently to its embarrassment.

A total of 236 acres have been registered in the name of Shetty. The sale transactions were done in January this year before ED could act in the direction of attaching Mallya’s properties.

It is said that Mallya owned 388.74 acres of coffee estates. Only a part of it remains with him now, as per reports. The ED has recently taken possession of 28 acres and documents related to them.
  

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Comment on this article

  • Vicky, Mangalore

    Wed, Jun 15 2016

    Let govt will buy these coffee estates from shetty at a price tag of 150 crores ..else file a case against shetty....check shetty & mallyas telephone calls from November to jan2016....but who will file a case against shetty liquor business man?

    DisAgree [1] Agree [1] Reply Report Abuse

  • Raghu Shet, Mangalore / Madikeri

    Thu, Jun 16 2016

    I think this is a fair and brilliant idea. Its best to put the entire 236 acre estate on public auction scrutanised by the Court. But this may have been bought with bank loans again. Its best to check with the banks through an RTI application. There is certainly something very unusual in this whole transaction / deal going by the article and the price it was registered for. The difference may have been black money in play and transferred abroad.

    DisAgree Agree Reply Report Abuse

  • G M Hegde, Udupi

    Wed, Jun 15 2016

    When Mallya is ready to return 4000 crores the govt should mediate between the lenders and him wave off interest on interest, service tax etc and finish off the matter instead of dragging on the matter forever and provide a scapegoat for media and frustated denizens to went their anger. Only a businessman can understand the risks of doin business in this environment which no politician will ever understand..

    DisAgree Agree [4] Reply Report Abuse

  • Carmalino Fernandez, Vasco, Goa

    Wed, Jun 15 2016

    Mr.Hegde, one does crookery with bank money and make our banking sector a joke. Do you mean in this case Mallya has not siphoned this money abroad ? This should be a lesson to other borrowers as well. Finally do remember that it is our money being played around by others.

    There is an old saying " stretch your feet only as much as the mat you lie on ". Mallya could not settle even the catering bill of Rs 80 lakhs to Taj Hotels on his 50th birthday bash in Goa. The Taj GM was demoted and ultimately the bill was shared by 8 companies of Mallya after 18 months. Sometimes the so called big wigs play around like this. He did the same to his Airline staff.

    DisAgree Agree [2] Reply Report Abuse

  • Vasudev Kamath, Bantwal

    Wed, Jun 15 2016

    I think a couple of his airline staff committed suicide because their salaries were unpaid. But Mallya leads a luxurious life with someone else's money.

    DisAgree Agree [1] Reply Report Abuse

  • Ashok Cariappa, Gonikoppal, Kodagu

    Wed, Jun 15 2016

    The going rate per acre in Coorg ( Kodagu ) District for a well maintained estate ranges from 25-30 lakhs. So an estate of the size of 236 acres would roughly be in the range of 590 - 708 Crores. Even if calculated at 20 lakhs per acre it should have fetched Mallya 472 Crores. The estate may have been grossy undervalued for purposes of Registration. There must be some hanky panky business in this or whether it is transferred ( benami ) to safeguard it for Mallya due to old friendship, during this bad time ?

    DisAgree [3] Agree [19] Reply Report Abuse

  • B.S.Prakash, Madapur, Kodagu

    Wed, Jun 15 2016

    Mr.Cariappa, I certainly agree with you. Prices of coffee estates in Coorg are in the range of 25 - 30 lakhs an acre. So certainly this estate is under valued as per the figures mentioned in the article.

    DisAgree Agree [2] Reply Report Abuse

  • M.A. Hegde, Coffee planter, Sunticoppa, Kodagu

    Wed, Jun 15 2016

    Recently in my neighbouhood a 42 acre coffee estate was sold at Rs 32 lakhs an acre.

    DisAgree Agree Reply Report Abuse

  • Tara Poojary, Mangalore

    Wed, Jun 15 2016

    Why not have a probe by a sitting SC Judge as to how Mallya escaped to London. The truth will come out and all those involved should be placed in jail.

    DisAgree [1] Agree [11] Reply Report Abuse

  • anonymous, india

    Wed, Jun 15 2016

    Mallya is the tip of the Ice berg...
    What About Ambanis..
    Kejriwal even d their Account nos in swiss banks..who cared?
    Ambanis called Delhi as their Backyard....
    Every Minister.. top to bottom and most Govt officials are all hand in glove in amassing wealth....
    they will catch people only as they need ..when they need.
    look at praful patel.. why did he order so many Boeing's at one time...
    when AIRINDIA was not doing well..
    Is Eknath Khades the only one calling Dawood?
    what was IPL
    Who killed Sunanda Pushkar?
    why this mystery is not solved yet?
    your money is blocked in NUGGETS under holy floors..
    your money is happily sitting/parked in Foreign banks..
    and you ask Foreigners to invest?
    start cracking down on all Top to bottom ...
    Al who have money more than their salaries worth..need to be going back to the exchecker.
    Treat all in position just like you treat Mallya.
    Law holds good for all..
    no one is above law.
    Look at Jindals.. kodas..gowdas...
    stalins..
    no place to keep their money and wealth..
    thanks to CHIDIYA KA GHAR..
    Looto..

    DisAgree [4] Agree [11] Reply Report Abuse

  • Eric, Mangalore

    Tue, Jun 14 2016

    Mallya is a real crook, all have, helped him to escape. A bit difficult to extradite him.

    DisAgree [4] Agree [19] Reply Report Abuse

  • Eric, Mangalore

    Tue, Jun 14 2016

    Who is this A. J. Shetty from Mangaore. He should have some connection to Mr. Mallya definitely.!!!!!

    DisAgree [7] Agree [36] Reply Report Abuse

  • Vincent Rodrigues, Frazer Town,B'lore

    Tue, Jun 14 2016

    He is a intelligent businessman and know how to protect himself from the legal actions and protect his property from ED.

    DisAgree Agree [29] Reply Report Abuse

  • Mw, Dubai

    Tue, Jun 14 2016

    Is that too difficult to bring him from London.....what about those bhashans against curruption. ...was that jumla...

    DisAgree [1] Agree [22] Reply Report Abuse

  • sri, Karkala

    Tue, Jun 14 2016

    First I thought it janardan Poojary of congress who bought it... Then read it again.. It is Shetty.... oops...!

    DisAgree [9] Agree [21] Reply Report Abuse

  • AMAR NATHAL, MANGALORE

    Tue, Jun 14 2016

    Jeevan, Mangalore, needs to remember that Mallya was elected to the Rajya Sabha in 2002 as an independent member with the support of the Congress and Janata Dal (Secular). Mallya got re-elected for a second term in 2010 with the backing of BJP and the JD(S). BJP made him escape from INDIA in February 2016 without the knowlege of Italian madam! Jeevan and Nagesh, for your kind information, on 25 February, Mallya resigned from the USL board as its chairman securing Rs 500 crore severance pay. As per the report, SBI approached the Bangalore DRT on 26/2/2016 seeking the arrest of Mallya, so as to gain the right on his 500 crores pay and impounding his passport, but Debt Recovery Tribunal (BJP firmly in power not Italian madam) postponed the case.
    BJP reigns supreme at the Centre, and their client Mallya attends the Rajya Sabha on March 1, 2016. The very next day, Interestingly or surprisingly and conveniently or coincidentally, Mallya leaves India in a Jet Airways flight. Ironically, on 7/3/2016, the Bengaluru DRT finally issues an interim order only putting a temporary ban on Mallya from drawing the severance pay. Only almost a week after,
    on 8/3/2016 the SBI-led consortium filed a Special Leave Petition in Supreme Court seeking the intervention of the court to prevent Mallya from leaving the country. How can BJP friend leave India a second time when he is already out of INDIA? Jeevan may be right, probably Mallya has since traveled to Italy.

    DisAgree [2] Agree [32] Reply Report Abuse

  • KRPrabhu, Kudla/Bengaluru

    Tue, Jun 14 2016

    His bankers might have advised him modes operandi...
    That much amount he might have spent for fodders for getting loans sanctioned within week..... time....

    DisAgree [1] Agree [15] Reply Report Abuse

  • HENRY MISQUITH, Bahrain

    Tue, Jun 14 2016

    Mallya is very lucky because finance minister Jootli's blessings are always there for him.

    DisAgree [6] Agree [46] Reply Report Abuse

  • ABD, LOS ANGELES

    Wed, Jun 15 2016

    ITS A KNOWN FACT THAT EX FM CHIDAMBARAM OF DONG PARTY OWNS ACRES OF COFFEE ESTATE IN COORG....

    DisAgree [8] Agree [10] Reply Report Abuse

  • Mw, Dubai

    Tue, Jun 14 2016

    If government want...they can catch and bring Malya in 15 hours time....but they don't do that....it's their doll....

    DisAgree [3] Agree [35] Reply Report Abuse

  • Mw, Dubai

    Tue, Jun 14 2016

    Airlift Malya from London. ..

    DisAgree [2] Agree [30] Reply Report Abuse

  • stan, dubai

    Tue, Jun 14 2016

    He is getting all inside information and way to get out... Our own people are informers. When such a big loans were allowed than what type of punishment bank officials got ????? This is only a drama to fool the people.

    DisAgree [1] Agree [22] Reply Report Abuse

  • Amigo , Mangalore

    Tue, Jun 14 2016

    After all its an Kori-Rotti Mangalorean Brain.

    DisAgree [4] Agree [37] Reply Report Abuse

  • HENRY MISQUITH, Bahrain

    Tue, Jun 14 2016

    Nothing will happen to Mallaya he will enjoy every thing,subko ulloo banake !

    DisAgree [1] Agree [26] Reply Report Abuse

  • HENRY MISQUITH, Bahrain

    Tue, Jun 14 2016

    Real business man. He is not going to pay a single penny to anyone...

    DisAgree [1] Agree [30] Reply Report Abuse

  • Orton, Australia

    Tue, Jun 14 2016

    Any how, Janardhan Shetty is Hero now

    DisAgree [1] Agree [17] Reply Report Abuse

  • Pradeep, Bangalore

    Tue, Jun 14 2016

    Olalallalla leeeeoooo...

    Olallallalla leeeooo...

    BWHAHAHAHAHA!. UNDU HODA KONDU HODA!!!

    Yaargu yenu gottila.... Maja maadi!!:D

    DisAgree [1] Agree [5] Reply Report Abuse

  • Arun Shetty, Mumbai

    Tue, Jun 14 2016

    Was Arun Jaitley and Modi part of the conspiracy to let Mallya flee the country ?

    DisAgree [5] Agree [32] Reply Report Abuse

  • Jossey Saldanha, Nashville

    Tue, Jun 14 2016

    I told you ED & Mallya are hand in glove ...

    DisAgree [3] Agree [28] Reply Report Abuse

  • uday Shetty, Bangalore

    Tue, Jun 14 2016

    He is Mangalorean very smart.

    DisAgree [3] Agree [32] Reply Report Abuse

  • Dr.Sharadh shetty, Mangaluru/malaysia

    Tue, Jun 14 2016

    Pls don't compare this fugitive seven to every mangalorean.

    DisAgree [8] Agree [18] Reply Report Abuse

  • Antonio Costa, Margao, Goa

    Tue, Jun 14 2016

    This only shows the pathetic intelligence of the ED dept and the banks.

    Mallya's 50th birthday bash in Goa was catered by Taj group of Hotels. The bill was a whopping 80 lakhs. After the party it took Taj 18 months to recover the money. It also reflected in the balance sheet and the General Manager was taken to task.At times the appointment given to the GM was 2am.

    DisAgree Agree [23] Reply Report Abuse

  • mohan, mangalore

    Tue, Jun 14 2016

    Adhani's Debt to banks is more than 75 thousands crore. So when it will be recovered.
    Harshad mehta and groups duped banks more than 36 thousands crores in 1991. just imangine the valve of 36 thosusands crores 25 years before. Nothing is recovered. Only they put Harshed meheta in jail and killed him by over dosing drugs. Other people are escaped.
    But here they already sealed his planes.and some other proprerty.
    Sahara duped public more than 50 thousands crores.government least bother to compansate to the public

    DisAgree [5] Agree [36] Reply Report Abuse

  • ಚೋದ್ಯಂ ರಂಗಾಚಾರ‍&, ಶೃಂಗೇರಿ

    Tue, Jun 14 2016

    show me a person who is debtless today! even you as a citizen has a crore loan to be owed to world bank and other monetary banks, which we have taken loan on!

    Adani or any businessman will not have money to start a peanuts industry. that's why banks are there for. every loan is not a BAD DEBT! and what are banks there for, if no one should take loan! is that a swiss bank - that all will park their funds and again give money to the banker?!

    understand a "NON PERFORMING ASSET" and what is the reason. is it due to global economic climate, recession, slump in economy, bad government policies, geo political situation like war, flood, drought, transient situation or bad business model. Should not speak if u have no idea! I can open a 5 star hotel in Bidar - but the climate there is not conducive. No foot falls, very bad weather, electricity issues, no A?C etc it will go a NPA, then if the owner doesn't pay , he becomes a "WILLFUL DEFAULTER"! get it?

    now, his land tranasaction is done in sone subregistrat office within Karnataka. you say, Karnataka revenue dept had no idea of such a big transaction? this is total fraud committed by Congress cos of its policy for last 8 years. he killed Air deccan, congress killed Kingfisher. who won? karunanidhis SPICEJET, Vadra's Indgo, Wadia's Go AIR and netherland citizen GOYAL of JET with ETIHAD deal of Pappu's aunts!

    DisAgree [12] Agree [25] Reply Report Abuse

  • Ramesh S, mangalore

    Tue, Jun 14 2016

    mohan, ADANI still paying his bank loan with bank interest(Indian bank rates are highest in entire world)..in the spree of Bhagyas, enterpreneurs/Businessmens suffocated to death..even after paying bank interest, dozens of taxes, EPF & ESI no one will bail out him, he & his family has to loose everything..Dont make enterprenurs villains..if Bank cant recover, its their problem and they will adjust with their profits..dont worry about them..but you have a reason to worry about loan taken by our MCC with ADB, world bank etc which is impacting your house tax,water tax so on..

    DisAgree [3] Agree [1] Reply Report Abuse

  • jeevan, mangalore

    Tue, Jun 14 2016

    No Doubt ED must act fast...but Italian Waitress & Pappu directly supported Vijay Mallya and sanctioned loan without security through various banks for King Fisher Airlines.

    I am sure Maa / Beta were behind all the ills which plagued the Nation in 10 years of UPA rule and the Family is guilty of running the Country.

    Why now RG & Waitress mum ???

    DisAgree [92] Agree [18] Reply Report Abuse

  • Lydia Lobo, Kadri

    Tue, Jun 14 2016

    Jeevanji...

    Mallya was BJP RS member at the time of fleeing India ! Moreover, the warrant against him was issued on the day after he fled. Do you see Ma/Beta hand in this too ?

    DisAgree [16] Agree [74] Reply Report Abuse

  • SK, Mangalore

    Tue, Jun 14 2016

    Why Feku and Jootly are sient.....why they allowed him runaway.....who is responsible for his escape ????

    DisAgree [11] Agree [50] Reply Report Abuse

  • stan, dubai

    Tue, Jun 14 2016

    Now don't tell Lalit modi was also sent by Italian waitress and only Susma and Vasudare were helping him on humanitarian basis.

    DisAgree [3] Agree [41] Reply Report Abuse

  • VM, Udupi

    Tue, Jun 14 2016

    VM kafi samajhdar hai!

    DisAgree Agree [41] Reply Report Abuse

  • bhuvan, kavoor

    Tue, Jun 14 2016

    what a clever businessman...

    DisAgree [1] Agree [52] Reply Report Abuse

  • Denzil, mangalore

    Tue, Jun 14 2016

    Thug Life !!

    DisAgree [2] Agree [33] Reply Report Abuse


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Title: Vijay Mallya sold coffee estates to Mangaluru businessman before ED could act



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