PMLA court declares Vijay Mallya ‘a fugitive economic offender’

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Vijay Mallya, faces a second major setback in the special court in Mumbai. The special court of PMLA has declared him a ‘Fugitive Economic Offender’. He is now the first businessman to be charged under the new anti fugitive law. This means now the government can initiate to confiscate his properties in alleged Rs. 9,000 crore loan default case.

Zulfiqar Memon, managing partner of law firm MZM Legal said, “Section 17 of the FEO Act provides from the challenge of the proclamation in the High Court within 30 days. I am very sure that Mallaya’s lawyers will want to explore the option. This order could mean that the government can now confiscate his properties. And

sell those, which may be most detrimental to Mallaya.”

A fugitive economic offender is a person, against whom the authorities have issued an arrest warrant for his or her involvement in economic offences involving at least Rs. 100 crore or more and has left India to avoid prosecution.

In July 2018, the Enforcement Directorate had filed an application before the court. Mallya had sought a stay on the hearing on ED’s plea. But the special PMLA court and subsequently the Bombay High Court had turned it down.

Also read:RBI reduces printing of Rs 2,000 notes to a minimum

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