Mumbai court declares Mallya fugitive economic offender
07 Jan 2019
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A special court in Mumbai on Saturday declared liquor baron Vijay Mallya, who fled to the United Kingdom following the registration of cases against him in loan fraud cases, a fugitive economic offender (FEO).
The court decision, which comes on a plea of the Enforcement Directorate (ED), makes Mallya the first businessman to be declared FEO under the provisions of the new Fugitive Economic Offenders Act.
The ED had requested the Prevention of Money Laundering Act (PMLA) court that the absconding Mallya be declared a fugitive and his properties be confiscated as per the provisions of the FEO Act, which came into existence in August last year.
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.
