Special PMLA Court Declares Vijay Mallya A Fugitive Economic Offender

News World India | 0
| January 6 , 2019 , 15:51 IST

Special PMLA court on Saturday declared Vijay Mallya as a fugitive economic offender (FEO) under the new Fugitive Economic Offenders Act which came into existence in August last year.

Mallya became the first person to be declared so and the government can now confiscate all his properties.

Earlier, the Enforcement Directorate (ED) filed an application at the PMLA court to declare Mallya a fugitive economic offender and requested to confiscate all his properties estimated to be around ₹12,500 crore.

The Enforcement Directorate had filed two separate complaints registered under the PMLA for investigation of money laundering against Mallya, Kingfisher Airlines Limited, and United Breweries Holdings Limited and others.

Special judge MS Azmi declared Mallya an FEO under Section 12 of the Act after hearing extensive arguments from the lawyer of Mallya and the ED counsel. Mallya, accused of defaulting on loan repayments and money laundering, had left India in March 2016 for England to be closer to his children and has since refused to return.

Mallya left the country on March 2, 2016, and he was arrested by the UK Metropolitan Police extradition unit on April 18, 2017.