Indian court declares tycoon Vijay Mallya economic offender

An Indian court has declared tycoon Vijay Mallya a fugitive economic offender, a ruling that empowers authorities to confiscate his properties and assets.

Judge M.S. Azmi’s decision on Saturday comes less than a month after a British Court ruled that Mallya should be extradited to India to face financial fraud allegations. Mallya remains free on bail in London and can appeal the ruling.

Mallya, who left India in 2016, is accused of money laundering and cheating Indian banks out of hundreds of millions of dollars. He has denied wrongdoing.

He was declared a fugitive economic offender under a new Indian law that applies to a person accused of financial fraud of over 1 billion rupees ($14.2 million) and who has fled India to avoid prosecution.

AP

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.