Mumbai | Business Tycoon Vijay Mallya has been named as a ‘fugitive economic offender’, by a Mumbai court. Vijay Mallya is the first tycoon to be hit by the law by naming him an offender under the Fugitive Economic Offenders Act, 2018. This empowers the government to confiscate his properties.
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.
Last month, a UK court had allowed extradition of defaulter Vijay Mallya to India, who had left in March 2016, for further proceedings of his trial in the country. The now-defunct Kingfisher airlines owner has been accused of a money laundering and loan defaults worth Rs. 9000 crores.
Mallya’s application to the court to stay the order to give him some time to appeal had been rejected.
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