The tag now allows the government to confiscate Vijay Mallya's properties in the country. He is the first person to get the tag after Parliament passed the Fugitive Economic Offenders Act a year ago to allow the seizure of domestic assets of such individuals.
In a second major setback for erstwhile liquor baron Vijay Mallya, the special court in Mumbai today declared has declared him a 'Fugitive Economic Offender', making him first businessman to be charged under the new anti fugitive law. "Despite him being bankrupt, he was given loans and his loans were even restructured". Mallya had responded to the plea in September, claiming that he had tried to settle the claims of creditors but his efforts were scuttled by "certain creditors and government agencies".
Several non bailable warrants were issued against Mr. Mallya, who was declared a "proclaimed offender" and an "absconder" by the special Prevention of Money Laundering Act (PMLA) court. Facing cases registered by the ED as well as the Central Bureau of Investigation, he is wanted for alleged fraud and money laundering amounting to an estimated '9,000 crore.
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Speaking at a press conference, BJP spokesperson Sambit Patra said the law was brought in by the present NDA government to ensure that absconders ï¿½ like Mallya ï¿½ are brought to justice.
Mallya, who fled to the United Kingdom in 2016 days before his creditors moved the SC, is now out on bail after a London court ruled in favour of his extradition to India to face trial.
Mallya's lawyers contended that as he had surrendered before a magistrate's court in London (during the hearing on his extradition case) and obtained bail, he could not be called a fugitive.
He claimed that Singh directed his secretary to help Mallya, and on November 14, 2011, in a press conference, the former PM had said that ways needed to be found to help Kingfisher.
The Congress criticised the BJP for taking credit for the action against Mallya, PTI reported. Mallya has been declared a proclaimed offender under the CrPC earlier; the declaration under the FEO Act increases the pressure on him to return. He fled India for United Kingdom in 2016, where he faces charges of money laundering.