In a big win for the Government, the Special PMLA (Prevention of Money Laundering Act) court yesterday has declared liquor tycoon Vijay Mallya a ‘fugitive economic offender’.
Now with the passage of this order, Government has got more power to deal with the fugitive liquor baron Mallya. The government now has got the right to confiscate his properties.
Not only the Court has declared him a ‘fugitive economic offender’ but also has refused his application to stay the order to give him some time to appeal.
Few days back only in the month of December, last year a court in the UK ordered that absconding Vijay Mallya can be extradited to India to face fraud investigations. During the hearing, Chief Magistrate Judge Emma Arbuthnot had found prima facie a case against Mallya for fraud, conspiracy and money laundering.
“There is clear evidence of dispersal and misapplication of the loan funds and I find a prima facie case the Dr Mallya was involved in a conspiracy to launder money,” the ruling noted
The liquor baron had been accused of defrauding Indian banks to a tune of Rs 9000 crore. The 62-year-old former Kingfisher Airlines boss has been on bail since his arrest on an extradition warrant in April last year. He contested his extradition on the grounds that the case against him is “politically motivated” and the loans he has been accused of defrauding on were sought to keep his now-defunct airline afloat.
As per recent PTI report, Vijay Mallya is set to face bankruptcy proceedings in the UK High Court this year after the attempt by a consortium of Indian banks to recoup unpaid debt worth nearly 1.145 billion pounds.The process for the extradition of Vijay Mallya has already started by PM Modi Government and it has achieved tremendous success in it also with the UK ordering Vijay Mallya’s extradition to India. Now the time is not far when the liquor king will be brought back to India and will not only have to pay the money which he looted from banks but also will make stunning revelations about the deals he locked with the Congress party and will spill the beans on wrongdoings of the party.
It is a big blow to Congress party & opposition which was attacking PM Modi Government and blaming him for letting the baron Vijay Mallya run from India. When in reality they are actually responsible for letting them run and creating the NPA mess in the country.And the offenders like Mallya now can’t run from the PM Modi Government. They have to face the wrath for wrong doings and looting the nation along with Congress and Gandhi family.