News Karnataka
Thursday, December 01 2022
India

Fugitive Economic Offender verdict on Mallya on Jan 5

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New Delhi: A Special Court in Mumbai has fixed January 5, 2019, as the date for the final verdict on the application moved by the Enforcement Directorate (ED) seeking to declare businessman Vijay Mallya a fugitive economic offender. The special court was to deliver its verdict on Wednesday, December 26 but postponed the date. Additional Sessions Judge MS Azmi, who presides over a special PMLA court, is hearing the cases against Mallya.

Mallya (62) is currently in the United Kingdom and the CBI is making all efforts to ensure he is extradited to India.

The ED had moved a special court set up under the Prevention of Money Laundering Act (PMLA) seeking to confiscate properties to the tune of Rs 12,500 crore under the recently-promulgated Fugitive Economic Offenders Act, under which special courts have powers to declare a person a fugitive economic offender and allow confiscation of properties and other assets.

The King of Good times, as he is called, is facing a money laundering case in the Kingfisher Airlines Ltd loan default of over Rs 9,000 crore.

 

 

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