Liquor tycoon Vijay Mallya, who is accused of defaulting on loans of over Rs 9000 crores, has been declared as a ‘Fugitive Economic Offender’ by the Mumbai court.
Weeks after a U.K. court ordered his extradition, former liquor baron Vijay Mallya, accused of defaulting on loans of over Rs 9,000 crore, received another blow as a Mumbai court declared him a “Fugitive Economic Offender”.
Mallya, who is currently facing extradition charges in the UK court, has become the first businessman to be declared a fugitive economic offender under the Fugitive Economic Offenders Act.
Judge MS Azmi in the order said, “The application of the ED is partly allowed. Vijay Mallya is declared as Fugitive Economic Offender under section 12 (i) of the FEO Act.” The Enforcement Directorate had moved to the court in order to confiscate and bring Mallya’s properties under the control of the Union government as per the act introduced in Aug. 2018.
Hearing for the confiscation of Mallya’s properties under the FEO Act will take place from February 5th. Mallya’s troubles have worsen over the past months as the district court in London in its order dated December 10 2018 directed Mallya’s extradition.