Vijay Mallya officially tagged as ‘fugitive economic offender’

50

The anti-corruption court in Mumbai on Saturday tagged embattled liquor baron Vijay Mallya as ‘fugitive economic offender’ under a new anti-fraud law.

Mallya became the first businessman to be charged under Fugitive Economic Offenders Act, 2018.

The special Prevention of Money Laundering Act (PMLA) court was hearing an application by the Enforcement Directorate (ED), seeking a direction to declare Mallya a fugitive economic offender.

As per the new law, a person can be named a fugitive economic offender if an arrest warrant has been issued against him or her under economic offences involving at least Rs.100 crore or more and has left India to avoid legal action.

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

Mallya, who is currently in the United Kingdom (UK), is wanted in India for alleged fraud and money laundering charges amounting to an estimated Rs 9,000 crore.

Westminster Magistrate Court of the UK had on December 10 ordered fugitive businessman Vijay Mallya’s extradition to India to face fraud investigations.