Friday, January 24, 2020

Vijay Mallya declared a ‘fugitive economic offender’by PMLA court

TSL News Network

Mumbai, Jan 06: A special court Saturday declared Vijay Mallya a “fugitive economic offender”, the first such designation under the Fugitive Economic Offenders (FEO) Act, 2018. Special judge M S Azmi allowed in part a plea filed by the Enforcement Directorate (ED) last year asking that the businessman be declared a fugitive economic offender.

The Enforcement Directorate (ED) had last year moved the Prevention of Money Laundering Act Court for this purpose. The agency had requested the court that Mallya, now in the UK, be declared a fugitive and his properties be confiscated and brought under the control of the Union government as provided under the Act.

Special judge M.S. Azmi declared Mallya an FEO under Section 12 of the Act after hearing extensive arguments from Mallya’s lawyer and the ED counsel.

“The hearing on the second part of the application that is for confiscation of properties mentioned in the application and the list annexed to the central government would be commenced from the next date,” the operative part of the order said.

The ‘second part’ will be heard on February 5. The court will hear Mallya, ED, as well as several intervention applications, including by banks, on the confiscation of properties under the Act.

The court rejected a request from advocates representing Mallya that the order be stayed for four weeks, saying it did not have the power under the FEO Act to stay its own order.


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