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Budget 2017: New law to freeze assets of offenders who flee, bad news for Mallya

Budget 2017: New law to freeze assets of offenders who flee, bad news for Mallya

India Blooms News Service | | 01 Feb 2017, 12:42 pm
New Delhi, Feb 1 (IBNS): Union Finance Minister Arun Jaitley, while presenting the Budget 2017 on Wednesday, said that the government proposes to freeze the assets of offenders who flee the country, according to media reports.

He said, "We have seen economic offenders flee the country. We will strengthen the legislative framework to freeze assets of such persons."

This piece of legislation is likely to affect former liquor baron Vijay Mallya who has allegedly fled from India and against whom a number of charges have been framed, media reported.

A special CBI court last week issued a non bailable warrant against Vijay Mallya in a loan default case after it moved an extradition plea against the liquor baron. The CBI in its charge-sheet had accused Mallya’s Kingfisher Airlines of diverting Rs 263 crore from Rs 900 crore IDBI loan for “personal use”, reported the Indian Express.