(Image source from: DeccanChronicle.Com)
Vijay Mallya Declared As Fugitive Economic Offender:- A special Mumbai court today declared Vijay absconding liquor baron Vijay Mallya as a fugitive economic offender (FEO) as per the plea of the Enforcement Directorate. Vijay Mallya is the first Indian businessman to be declared as FEO after the new Fugitive Economic Offenders Act came into existence from August 2018. Special court's judge MS Azmi declared Vijay Mallya as FEO under Section 12 after hearing all the arguments of ED counsel and Vijay Mallya.
The court last month rejected Vijay Mallya's plea who wanted stay on hearing the ED's application to declare him as a fugitive. After the new law came into existence, the courts can declare a person as a FEO. Fugitive Economic Offender is one person who leaves the country and refuses to return back to the country to face criminal prosecution. Vijay Mallya is currently facing money-laundering charges in United Kingdom and the Enforcement Directorate is in plans to extradite Vijay Mallya to the country.
Over 27 businessmen from the country flew aboard in the past five years commiting various financial frauds.