Liquor baron Vijay Mallya has become the first businessman to be declared fugitive economic offender (FEO) under the provisions of the new Fugitive Economic Offenders Act which came into existence in August last year. Mallya, accused of defaulting on loan repayments and money laundering, had left India in March 2016.
A special court in Mumbai declared absconding liquor baron Vijay Mallya an FEO on a plea of the Enforcement Directorate.
The ED had requested the Prevention of Money Laundering Act (PMLA) court that Mallya, who is currently in the UK, be declared a fugitive and his properties be confiscated and brought under the control of the Union government as per the provisions of the new FEO Act.
Special judge MS Azmi declared Mallya an FEO under Section 12 of the Act after hearing extensive arguments from the lawyer of Mallya and the ED counsel.