Vijay Mallya declared a 'fugitive economic offender' by special PMLA court
Special Prevention of Money Laundering Act (PMLA) court has declared Vijay Mallya a fugitive economic offender. The decision makes Mallya the first person to be declared fugitive economic offender under the new 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.
Special Prevention of Money Laundering Act (PMLA) court has declared Vijay Mallya a fugitive economic offender. The decision makes Mallya the first person to be declared fugitive economic offender under the new 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.
Earlier, the ED had requested the Prevention of Money Laundering Act (PMLA) court that Mallya, who is currently in the UK, 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.
The declaration means that the authorities will now be able to confiscate his properties. This would include those properties that were bought using funds that are not linked to bank loans taken by him.
However, the court will have to hear pleas of Mallya's business partners seeking intervention against confiscation before properties can be attached.
This is a developing story. Please check back for updates.
(With PTI inputs)
First Published: Jan 5, 2019 3:42 PM IST
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
BJP is planning to ban RSS, says Shiv Sena (UBT) chief Uddhav Thackeray
May 18, 2024 8:01 PM
Punjab Lok Sabha elections: Complete list of Congress candidates
May 18, 2024 4:08 PM
Punjab Lok Sabha elections: Check full list of AAP candidates and constituencies
May 18, 2024 12:59 PM
PM Modi, Rahul Gandhi election rallies in Delhi today: Here are the routes to avoid
May 18, 2024 11:28 AM