Mallya declared a fugitive economic offender by special court
Mallya has become the first businessman to be declared EFOAuthor : Sunaina
Absconding liquor baron Vijay Mallya has been declared a fugitive economic offender (FEO) by a Special Court in Mumbai on a plea of the Enforcement Directorate.
Mallya has become the first businessman to be declared EFO under the provisions of the new Fugitive Economic Offenders Act which came into existence in August last year.
The Enforcement Directorate had requested the special Prevention of Money Laundering Act (PMLA) court that Mallya, currently in the UK, should 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 laundering, had left India in March 2016.