Vijay Mallya Declared A ‘Fugitive Economic Offender’ By PMLA Court
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Vijay Mallya Declared A ‘Fugitive Economic Offender’ By PMLA Court

The Enforcement Directorate(ED) filed an application before the special court in Mumbai requesting Mallya to be declared as fugitive offender

The decision was pronounced by a special PMLA court in Mumbai, which ruled in favour of an application moved by the Enforcement Directorate. It will allow the investigative agency to seize all his properties under the new law.

HIGHLIGHTS

The order was passed under Section 2F of FEOA against Mallya

Under new law, ED can confiscate Mallya’s properties that are not connected to any cases

Mallya is accused of defrauding a consortium of banks to the tune of Rs 9,000 crore

Beleaguered businessman Vijay Mallya on Saturday (January 2) became the first person to be declared a fugitive offender under the Fugitive Economic Offenders Act.

The decision was pronounced by a special Prevention of Money Laundering (PMLA) court in Mumbai, which ruled in favour of an application moved by the Enforcement Directorate. It will allow the investigative agency to seize all his properties under the new law.

The order was passed under Section 2F of FEOA against Mallya by the PMLA court.

Under the particular law, any person who has travelled outside the country after committing an economic fraud and refused to appear before the court to face trial or those who been issued non-bailable warrants could be declared as fugitive economic offenders.

The investigative agency can now confiscate properties of Mallya which are not directly related to the cases against him. It will include his properties in Karnataka, United Kingdom and others that are yet to be confiscated.

Mallya is accused of defrauding a consortium of banks to the tune of Rs 9,000 crore apart from separate cases of tax evasion. The ED has also accused him of money laundering.

Indian authorities have been trying to extradite Mallya from UK since he fled the country on March 2, 2016. On April 18, 2017, Mallya was arrested by the UK Metropolitan Police’s extradition unit on behalf of Indian authorities but was released on bail.

However, the tables turned drastically when the London court issued an order giving consent to Mallya’s extradition last month.

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