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videos | IST

Enforcement Directorate to move special court seeking fugitive tag for Vijay Mallya

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The Enforcement Directorate (ED) is set to move a special court in Mumbai tomorrow to confiscate more than Rs 9,000 crore worth assets of the beleaguered businessman Vijay Mallya and his firms under the recently promulgated Fugitive Economic Offenders Ordinance.

The Enforcement Directorate (ED) is set to move a special court in Mumbai tomorrow to confiscate more than Rs 9,000 crore worth assets of the beleaguered businessman Vijay Mallya and his firms under the recently promulgated Fugitive Economic Offenders Ordinance.
The central agency will also ask the court to categorise Mallya as a fugitive on the basis of the cognisance of the prosecution complaint.
The Fugitive Economic Offenders Bill, 2018 was introduced in the Lok Sabha on March 12 but couldn't be taken up due to logjam in Parliament over different issues.
With parliament being adjourned sine die, an ordinance was proposed.
The union cabinet on April 21 approved the ordinance and the president gave his assent to promulgation of the same a day later.
The ordinance makes provisions for special courts under the Prevention of Money Laundering Act, 2002 to declare a person as a fugitive economic offender and order immediate confiscation of assets.
(With PTI inputs)