- Enforcement Directorate files prosecution complaint against Vijay Mallya
- Special PMLA court will begin process to declare Vijay Mallya "fugitive"
- All attached assets of Mallya can be auctioned under new law, says agency
The Fugitive Economic Offenders Ordinance, 2018 aims to deter economic offenders from evading the law by remaining outside the jurisdiction of Indian courts.
With several people accused in financial cases such as Lalit Modi, Nirav Modi and Vijay Mallya living abroad, the government hopes this law will give the enforcement agencies more teeth to go after offenders who have fled the country.
Vijay Mallya is the first person to be booked under the new law to deal with those who commit financial crimes and leave the country. The special PMLA court will now begin the process to declare Vijay Mallya a "fugitive".
The ED has already attached assets worth over Rs 6,000 crore belonging to Vijay Mallya, who is living in the UK and has not appeared before the ED, despite summoning him.
In April, President Ram Nath Kovind gave his assent to promulgate the Fugitive Economic Offenders Ordinance, 2018, giving the authorities powers to attach and confiscate the proceeds of crime and properties of economic offenders such as bank fraudsters or loan defaulters fleeing the country.
Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.