Mallya become the first businessman declares as fugitive economic offender

Mallya become the first businessman declares as fugitive economic offender

Courtesy : Nationalist Bureau07/01/2019 08:54

 A special court in Mumbai declared on Saturday, January 5 that absconding liquor baron Vijay Mallya is a fugitive economic offender (FEO), on a plea of the Enforcement Directorate.

Mallya has become the first businessman to be declared an FEO under the provisions of the new Fugitive Economic Offenders Act which came into existence in August last year.

The ED had requested the Prevention of Money Laundering Act (PMLA) court that Mallya, who is currently in the UK, be declared a fugitive and his properties be confiscated and brought under the control of the Union government as per the provisions of the new FEO Act.

Special judge MS Azmi declared Mallya an FEO under Section 12 of the Act after hearing extensive arguments from the lawyer of Mallya and the ED counsel.

Mallya, accused of defaulting on loan repayments and money laundring, had left India in March 2016. 

 

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