Vijay Mallya becomes first tycoon to be declared ‘fugitive economic offender’ 

A special court in Mumbai on Saturday declared absconding liquor baron Vijay Mallya as a fugitive economic offender on the plea of Enforcement Directorate (ED).

A Special Prevention of Money Laundering Act (PMLA) Court in Mumbai gave its verdict in the case filed by the Enforcement Directorate (ED) in June last year.

The embattled liquor baron is the first person to be declared so under the new Fugitive Economic Offenders Act and the government can now confiscate all his properties. The court will hear the arguments on the confiscation of Mallya’s properties on February 5.

On June 22 last year, ED had filed an application at the PMLA court to declare Mallya a fugitive economic offender and sought orders to confiscate all his properties estimated to be around ₹ 12,500 crore. On June 30, the court took cognizance of the application.

The ED has filed two separate complaints registered under the PMLA for investigation of money laundering against Mallya and Kingfisher Airlines Limited and United Breweries Holdings Limited and others.

Earlier, two nonbailable warrants were issued against him, and on April 21, 2018, the Act came into existence on November 19, 2016 and July 5, 2017. He had fled the country on March 2, 2016 and on April 18, 2017, he was arrested by the UK Metropolitan Police extradition unit.

A court in the UK last month said Mallya can be extradited to India to face fraud investigations. He is wanted in India for defaulting on ₹9,000 crore in loans to his failed Kingfisher Airlines.