Vijay Mallya ‘willing’ to return to India as ED moves to seize property
The Enforcement Directorate is confiscating Vijay Mallya’s properties in India and abroad under the Fugitive Economic Offenders Ordinance
New Delhi: In what could potentially spell victory for India’s investigating agencies, liquor baron Vijay Mallya has informed the Enforcement Directorate (ED) of his “willingness to return,” a person familiar with the development confirmed. Mallya’s change of heart, this person confirmed, happened after the agency had moved to confiscate his assets in India and abroad under the Fugitive Economic Offenders Ordinance.
In June, the ED had moved a special Prevention of Money Laundering Act (PMLA) court to declare the now defunct Kingfisher Airlines’s chief Vijay Mallya a “fugitive economic offender” and confiscate all his properties. The agency had filed an application before a court in Mumbai to declare Mallya, a fugitive economic offender under the newly promulgated Fugitive Economic Offenders Ordinance.
The ED had also sought court orders to seize all of Mallya’s properties amounting to approximately ₹ 12,500 crore, including all immovable properties as well as movable properties in the form of shares.
Mallya is the first person against whom action is proposed under the Fugitive Economic Offenders Ordinance. The UK Metropolitan Magistrate’s Court, however, has yet to decide on the extradition plea against Mallya.
Editor's Picks »
- What to expect from Q3 results of IndiGo, SpiceJet, Jet Airways
- Forget privatisation, govt has hugged its banks tighter
- Flat profit, rising debt are growing worries for Reliance
- Q3 results: HUL growth off a high base shows it’s on a roll
- DCB Bank Q3 results: Small loans give big pain as farm, mortgages lift delinquencies