The verdict of court means Mallya’s properties can now be confiscated by the government.
New Delhi: A Special PMLA court on Saturday declared Vijay Mallya a fugitive economic offender under the Fugitive Economic Offenders Act, 2018.
The verdict of a special court for prevention of money laundering act cases means Mallya’s properties can now be confiscated by the government.
The court refused his application to stay the order to give him some time to appeal.
The anti-corruption court was hearing an application by the Enforcement Directorate, seeking a direction to declare Mallya a fugitive economic offender.
This new law to catch people who flee abroad after committing financial crimes was signed by the President in August 2018. It aims to stop a growing number of high-profile economic offenders fleeing from the country to avoid legal action.
Under the new law, a fugitive economic offender is a person against whom an arrest warrant is issued for his/her involvement in economic offences at least Rs 100 crore or more and has left India to avoid prosecution.
Last month, a UK court said Mallya can be extradited to India to face legal actions for fraud investigations. He is wanted in India for defaulting on Rs 9,000 crore in loans to his failed Kingfisher Airlines.