Mumbai, Jan 5: A Special Prevention of Money Laundering Act (PMLA) court in Mumbai on Saturday declared liquor baron Vijay Mallya a fugitive economic offender.
With this latest development, the central government can now confiscate his properties.
The Court also refused his application to stay the order to give him some time to appeal.
The Enforcement Directorate (ED) in June 2018 moved the Special PMLA Court seeking to declare Mallya a ‘fugitive economic offender’ under the new act, to enable confiscation of all his properties, estimated at around Rs 12,000 crore.
Special PMLA Court Judge M.S. Azmi will start hearing arguments on the properties of Vijay Mallya from February.
Mallya, 63, was summoned by the Special Court here to appear before it on August 27, but he failed to honour the court summons, besides other notices, summons and arrest warrants by the ED wanting to interogate him.
He left the country in March 2016 even as a consortium of 13 banks — led by the State Bank of India (SBI) — was preparing to initiate loan recovery proceedings against him for over Rs 9,000 crore.
Late last year, Indian government had filed extradition proceedings against him which he has contested.
The final verdict in the case is pending and currently he is out on bail in London.