Vijay Mallya Economic Offender: Vijay Mallya, who fled to Britain in March 2016, is accused of embezzling nine thousand crore rupees of several banks.
The special court, under the Prevention of Money Laundering Act (PMLA), declared liquor baron Vijay Mallya a fugitive financial criminal in Mumbai on Saturday. Enforcement Directorate (ED) had applied for it in the Special Court.
Under the Fugitive Economic Offenses Act (FEOA), Vijay Mallya’s name was registered as the first fugitive economic offender of the country. In this law, the investigating agencies have the right to seize all the properties of the criminal lodged under the FEOA. Now can attach property to AD Category associated with Vijay Mallya in Karnataka, England and elsewhere.
Earlier ED counsel and senior advocate Hiten Wengaonkar said that the FEOA is a new law and it is very strict. Under the law, investigating agencies can seize all properties of Vijay Mallya. Whether these properties are in or out of the crime area, it does not matter. With the declaration of financial fugitive, it will also help in extraditing Mallya from Britain. The Special Court has already dismissed all the applications of Mallya.
Vijay Mallya Economic Offender
PMLA Court has ruled against Mallya under Section 2F of the Runaway Economic Offenses Act (FEOA). According to this law, the person who has left the country after committing the crime and is not appearing in court for the investigation, against which non-bailable warrant has been issued but due to escaping from the country, he is not being present, he has run away Economic offender can be ordained.
Vijay Mallya, who fled Britain in March 2016, is accused of embezzling nine thousand crore rupees of several banks. In case of non-payment of loans to banks, they are desired in India. Mallya challenged the Bombay High Court verdict in the top court. The High Court had recently rejected his petition filed in the special court of money laundering cases to ban Mallya from the ED for declaring a fugitive economic offender. Earlier, the Special Court had dismissed Mallya’s application on October 30.
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