Vijay Mallya is India's first Fugitive Economic Offender
A special Prevention of Money Laundering Act (PMLA) court has declared Vijay Mallya a fugitive economic offender. Mallya's properties can now be confiscated by the government. He is the first person to be declared a fugitive economic offender under the newly enacted Fugitive Economic Offenders' Act, 2018. Mallya currently faces extradition from the United Kingdom, where the liquor baron fled to in 2016, after a court ordered his return to India to face fraud charges resulting from the collapse of his defunct Kingfisher Airlines. His financial dealings are being investigated by the Central Bureau of Investigation and the Enforcement Directorate. Mallya was once known as the "King of Good Times" but dropped off India's most wealthy list in 2014, engulfed by Kingfisher Airlines' massive debts.
Tags : News/Views