Beleaguered business tycoon Vijay Mallya was today declared a fugitive economic offender by a special PMLA court in Mumbai. All his properties can now be confiscated by the government.
While giving the order, the court refused his application to stay the order to give him some time to appeal. With this order, he has become the first tycoon to have been charged under the new anti-fraud law Fugitive Economic Offenders Act, 2018.
The anti-corruption court in Mumbai was hearing an application by the Enforcement Directorate which had sought a direction to declare Mallya a fugitive economic offender.
This new law to catch people who flee abroad after committing financial crimes was signed by the President in August 2018. It aims to stop a growing number of high-profile economic offenders fleeing from the country to avoid legal action.