PMLA court declares : Vijay Mallya absconding in bank loan case
After being declared financially runaway of Mallya, his property can be seized with immediate effect.
The liquor businessman Vijay Mallya, who has been absconding with the loans of the banks, has been declared a runaway by the PMLA court. To declare Vijay Mallya a fugitive economic offender, the Enforcement Directorate had filed a petition in the court.
The petition has come to the decision today. After the PMLA court, Mallya became the country’s first economic fugitive under the new law. Please state that the court had reserved this decision on December 26, 2018 till 5 January 2019. Mallya had argued that the PMLA Court was not a fugitive criminal nor involved in the crime of money laundering.
Earlier, in the month of December, Vijay Mallya had requested that the action taken initiated by the Enforcement Directorate to ban him as an economic fugitive criminal has been banned. The court dismissed Mallya’s application.
Explain that Vijay Mallya had challenged the Bombay High Court’s decision in the Supreme Court. At the same time, Mallya had demanded that the court also banned the action of seizing its properties. Enforcement Directorate (ED) in its petition sought to declare Mallya a fugitive in economic offenses. As well as his property should be seized and brought under the control of the Center under the provisions of the new FoO law. The special thing is that the ED had said in its earlier application that Mallya had no intention of repaying the loan from the beginning, whereas its MS UBHL (United Breweries Holdings Limited) had enough assets which were sufficient to repay the loan Mallya has deliberately done this. Therefore, Maliya should be declared a financial fugitive criminal and his property should be confiscated.