India declares tycoon Mallya a 'fugitive economic offender'

The government can now confiscate Vijay Mallya's assets

Business 05 Jan 2019 Mallya becomes first person to be declared 'fugitive economic offender'

Under the particular laws, 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 have been issued non-bailable warrants could be declared as fugitive economic offenders.

A special PMLA court in Mumbai named Mallya as an offender under the relatively new Act on Saturday, empowering probing agencies to seize his properties and assets world over.

The fugitive economic offenders' law came into force in August past year in light of the several business tycoons committing financial crimes worth thousands of crores of rupees and fleeing the country to avoid prosecution.

Speaking at a press conference, BJP spokesperson Sambit Patra said the law was brought in by the present NDA government to ensure that absconders � like Mallya � are brought to justice. Mallya left India in 2016, following which, the Indian government initiated extradition proceedings against him. Despite being bankrupt, he was given loans and his loans were even restructured.

The special anti-money laundering court was hearing an application by the Enforcement Directorate.

He had also claimed that he had made comprehensive settlement offers to the consortium of banks led by the State Bank of India, to whom he had defaulted on a loan of over Rs 900 crore.

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He further said Interpol has already issued RCN against eight persons who have fled the country and extradition requests have been sent in the case of six.

He claimed that Singh directed his secretary to help Mallya, and on November 14, 2011, in a press conference, the former PM had said that ways needed to be found to help Kingfisher.

It was before a month that Mallya, whose extradition had been sought by the Indian government, was given permission by a British court to be extradited, in favor of the Indian government.

September 1, 2014: UBI declares Mallya and the three directors of KFA as willful defaulters.

A year ago in November, the court had rejected Mallya's plea seeking a stay on hearing the ED's application to declare him a fugitive offender. India Today reported that the ED can also confiscate the assets of Mallya's companies and his personal assets in the United Kingdom.

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