New Delhi: Two months after the Centre promulgated the Fugitive Economic Offenders Ordinance, the Enforcement Directorate on Friday moved a special court in Mumbai seeking to declare Vijay Mallya, chairman of defunct Kingfisher Airlines, a fugitive economic offender which will give the agency powers to confiscate his assets worth about Rs 12,500 crore, including those in foreign countries.
Mallya, who has defaulted on loans of over Rs 9,000 crore he took from PSBs by providing hypothetical assets as collateral, will be the first Indian businessman to be declared fugitive economic offender under the new law if the special PMLA (Prevention of Money Laundering Act) court accepts ED's application.
"Fugitive economic offender means any individual against whom a warrant for arrest in relation to a scheduled offence has been issued by any court in India, who has left India so as to avoid criminal prosecution; or being abroad, refuses to return to India to face criminal prosecution," the ordinance states.
23/06/18 Times of India
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Mallya, who has defaulted on loans of over Rs 9,000 crore he took from PSBs by providing hypothetical assets as collateral, will be the first Indian businessman to be declared fugitive economic offender under the new law if the special PMLA (Prevention of Money Laundering Act) court accepts ED's application.
"Fugitive economic offender means any individual against whom a warrant for arrest in relation to a scheduled offence has been issued by any court in India, who has left India so as to avoid criminal prosecution; or being abroad, refuses to return to India to face criminal prosecution," the ordinance states.
23/06/18 Times of India
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