The special court of Prevention of Money Laundering Act (PMLA) declared the former king of good times a ‘fugitive economic offender’, reported ANI.
The former king of good times is on bail right from when he was confiscated. The court reportedly refused his application to give him order for some time to appeal in the court. The court dismissed the order and declared him the ‘fugitive economic offender’. The new law states that when the person is termed fugitive, his personal assets and other belongings can be confiscated.
Earlier the Westminster Court had refused his order to stay the order for some time and allow him some time to give time to appeal. The fugitive economic offender refers to a person against whom the arrest warrant has been issued for doing some scheduled offence and has left India to avoid criminal prosecution or being abroad and refuses to return to India to face criminal prosecution.
Mallya is also facing money-laundering charges in the United Kingdom after India initiated extradition process. Both ED along with Central Bureau Investigation department has faced several files of cases for alleged loan default against him.
The Westminster Magistrate Court in London in December 10 ordered his extradition to India against Mallya who is facing allegations in case of Rs. 9000 crore. Mallya left India in the year 2016 and after which India had filed extradition proceedings against him. The matter of Mallya’s extradition has been now moved to the UK’s secretary of state.
On Friday, it was informed that 27 defaulting businessmen and economic offenders have fled from the country in the past 5 years. As per ED, seven cases has been filed out of these 27 defaulting businessmen in the Fugitive Economic Offender Act,2018. The Westminster Magistrate Court in London has recommended extradition of Mallya from UK to India.
(With inputs from sources)