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Vijay Mallya The First Buisnessman To Be Declared As ‘Fugitive Economic Offender’

Mumbai : A Special Prevention of Money Laundering Act (PMLA) court in Mumbai declared liquor baron Vijay Mallya a ‘fugitive economic offender’. With this Vijay Mallya on Saturday (January 2) became the first person to be declared a fugitive offender under the Fugitive Economic Offenders Act.

With this new law pronounced by a special PMLA court in Mumbai, allow the investigative agency to seize all his properties under the new law.The order was passed under Section 2F of FEOA against Mallya by the PMLA court.

Under the provisions of the Act, a fugitive financial offender is a person against whom an arrest warrant has been issued regarding a scheduled offense and who has left the country to avoid criminal prosecution, or return to country due to being abroad refuse to face criminal prosecution. Once the person is declared a fugitive economic offender, the prosecution agency has the powers to seize his properties.

The 62 year old buisnessman Vijay Mallya has been accused by ED for defaulting on bank loan. 9,000 crore. He also accused for the money laundering.

Since leaving the country on March 2, 2016, Indian officials are trying to extradite Mallya from Britain. On April 18, 2017, Mallya was arrested by the Indian authorities in the extradition unit of the UK Metropolitan Police, but he was released on bail.

However last month the London court issued an order giving consent to Mallya’s extradition.

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