Business tycoon Vijay Mallya declared a fugitive economic offender by a special court in Mumbai on Saturday. Vijay Mallya became the first business man to be named a offender under “Fugitive Economic Offenders Act, 2018.”
The Enforcement Directorate had earlier filed an application before the court to declare Vijay Mallya as fugitive offender under the act.
As per the new law, a fugitive offender is a person against whom arrest warrant has been issued for his or her involvement in economic offences and who has left the country to avoid the criminal prosecution. Once, a person is declared fugitive then the government can confiscate his or her properties.
In December 2018, a UK court had ordered Mallya’s extradition to India. Mallya is facing charges of loan default to upto Rs.9000 crore, he left India in April 2016.