Indian court declares tycoon Vijay Mallya economic offender
Ruling empowers authorities to confiscate his properties and assets
New Delhi: An Indian court has declared tycoon Vijay Mallya a fugitive economic offender, a ruling that empowers authorities to confiscate his properties and assets.
Judge M.S. Azmi’s decision on Saturday comes less than a month after a British Court ruled that Mallya should be extradited to India to face financial fraud allegations. Mallya remains free on bail in London and can appeal the ruling.
Mallya, who left India in 2016, is accused of money laundering and cheating Indian banks out of hundreds of millions of dollars. He has denied wrongdoing.
He was declared a fugitive economic offender under a new Indian law that applies to a person accused of financial fraud of over Rs1 billion (Dh52.1 million or $14.2 million) and who has fled India to avoid prosecution.