Mumbai court declares Vijay Mallya a fugitive

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.

 

Under the new law, a fugitive economic offender is a person against whom an arrest warrant is issued for his/her  involvement in economic offences at least Rs 100 crore or more and has left India to avoid prosecution. Last month, a UK court said Mallya can be extradited to India to face legal actions for fraud investigations. He is wanted in India for defaulting on Rs 9,000 crore in loans to his failed Kingfisher Airlines.

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