His properties can now be confiscated by the government
The Special Prevention of Money Laundering Act (PMLA) court has declared Vijay Mallya a fugitive economic offender. His properties can now be confiscated by the government.
He is the first person to be declared a fugitive economic offender under the newly enacted Fugitive Economic Offenders' Act, 2018.
The court has also refused Mallya's application to stay the order to give him some time to appeal.
special PMLA court requesting it that Mallya, facing charges of financial irregularities, be declared a fugitive under the new law.
Earlier, a UK court had ordered Mallya's extradition. After the UK court's extradition order on December 10, the External Affairs Ministry on December 20 said the Indian mission there is in "active touch" with British authorities regarding the case.Calling the court's order extraditing back to India as ‘unfortunate’, former
liquor baron Vijay Mallya had said he would take the next step after
reviewing the order, and analyzing all legal options.
On December 5, Mallya 'humbly' offered to pay back banks the entire principal loan amount. The offer came hours after Christian James Michel, the alleged middleman in the politically sensitive Rs 3,600 crore AgustaWestland chopper deal, was extradited to India from the United Arab Emirates (UAE) on December 4.Fugitive billionaire and owner of the now-defunct Kingfisher Airlines, Vijay
Mallya left India in March 2016. Mallya faces serious charges of loan defaults and money laundering. The Indian government and various government agencies have been tracking Mallya's movements and trying to extradite him to face trial in Indian courts.The ED has revealed that Mallya left India with as many as 300 bags. Mallya has been legally contesting the Indian government’s request for his extradition back in the UK.