Mumbai court declares Vijay Mallya as fugitive economic offender
Mumbai, Jan 5 (IBNS): A Mumbai court on Saturday declared Indian business tycoon Vijay Mallya as a fugitive economic offender.
The absconding Indian businessman has become the first Indian to be named under the new law to prevent financial fraud.
Following the move, the government can now confiscate his properties present in India.
Mallya faces extradition:
A court in London last month decided that fugitive liquor baron Vijay Mallya will be extradited to India to face investigations into fraud cases against him.
In a tweet last month, Mallya also had rejected any link between his proposal to repay the debt and AgustaWestland middleman Christian Michel's extradition.
He said: "Respectfully to all commentators, I cannot understand how my extradition decision or the recent extradition from Dubai and my settlement offer are linked in any way. Wherever I am physically,my appeal is “Please take the money”. I want to stop the narrative that I stole money"
Respectfully to all commentators, I cannot understand how my extradition decision or the recent extradition from Dubai and my settlement offer are linked in any way. Wherever I am physically,my appeal is “Please take the money”. I want to stop the narrative that I stole money
— Vijay Mallya (@TheVijayMallya) December 6, 2018
The curious case of King of Good Times:
Vijay Mallya, owner of the now-defunct Kingfisher Airlines who now lives in the UK, fled India in March 2016.
He owes around Rs. 9,000 crore to banks and faces trial on different counts ranging from defaulting of loans and money syphoning.
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