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Vijay Mallya becomes first person to be named fugitive economic offender

Published By :  Ravi Koneri Image Image
Vijay Mallya becomes first person to be named fugitive economic offender
05 January, 2019
A special Prevention of Money Laundering Act Court in Mumbai Saturday declared absconding embattled liquor baron Vijay Mallya as a fugitive economic offender under the new Fugitive Economic Offenders Act. Mallya, who is facing charges of financial irregularities, became the first businessman to be declared a fugitive economic offender and the government can now confiscate all his properties. 

Special judge MS Azmi declared Mallya an offender under Section 12 of the Act after hearing extensive arguments from the lawyer of Mallya and the ED counsel.

The PMLA court will hear the arguments on the confiscation of Mallya’s properties on February 5.

The Enforcement Directorate (ED) had filed an application before the court in November, requesting to declare Mallya a fugitive under the Act. 

“It is only to aid the agency to bring somebody back to the country to face the law here,” the ED counsel had said.

According to the new law, a fugitive economic offender is a person against whom an arrest warrant has been issued for his or her involvement in economic offences involving at least Rs. 100 crore or more and has left India to avoid prosecution.

Mallya is accused of defrauding Indian banks to the tune of Rs 9,000 crore. He fled the country on March 2, 2016 after banks initiated legal proceedings to recover the outstanding loan amount. For the last two and half years, he has been residing in the UK.

On December 10, 2018, a United Kingdom court issued orders that Mallya should be extradited to India.

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