You won't believe what Vijay Mallya has done now!

The liquor baron, who is the main accused in a Rs 9,000 crore alleged bank fraud case, is contesting in a London court the Indian government's action for extradition. He is said to have sent feelers to authorities that he would like to join the legal process in India and contest the recent action against him under the Fugitive Economic Offender Ordinance, said a PTI report.

You won't believe what Vijay Mallya has done now!
Vijay Mallya appears to be yielding under the pressure of India’s investigating agencies, as he is learnt to have sounded out authorities that he was willing to come back home to face the law. Image source: Reuters
By ZeeBiz WebTeam
Updated: Wed, Jul 25, 2018
11:51 am
New Delhi, ZeeBiz WebDesk
RELATED NEWS
Vijay Mallya's extradition to India will take months: Lawyer Vijay Mallya's extradition to India will take months: Lawyer
Vijay Mallya's extradition: Check out the chronology of the case and its origin Vijay Mallya's extradition: Check out the chronology of the case and its origin
Big victory for Modi government! UK court rules in favour, orders Vijay Mallya's extradition Big victory for Modi government! UK court rules in favour, orders Vijay Mallya's extradition
Vijay Mallya extradition case edges towards ruling Vijay Mallya extradition case edges towards ruling
Aviation fuel cost gets cheaper by over Rs 8,000! Guess what Vijay Mallya has blamed for Indian airlines distress? Aviation fuel cost gets cheaper by over Rs 8,000! Guess what Vijay Mallya has blamed for Indian airlines distress?

Embattled liquor baron Vijay Mallya appears to be yielding under the pressure of India’s investigating agencies, as the fugitive industrialist is learnt to have sounded out authorities that he was willing to come back home to face the law. “The fugitive businessman has apparently approached Enforcement Directorate but nothing has been guaranteed to him. Even if he comes back, it doesn’t mean he will not be prosecuted,” a Times of India report said, citing a reliable source.
 
The liquor baron, who is the main accused in a Rs 9,000 crore alleged bank fraud case, is contesting in a London court the Indian government's action for extradition. He is said to have sent feelers to authorities that he would like to join the legal process in India and contest the recent action against him under the Fugitive Economic Offender Ordinance, said a PTI report. However, top sources in investigative agencies reportedly said the final contours of the move are still not clear as they refused to divulge more details.
 
Notably, under this recently promulgated Fugitive Economic Offender Ordinance, the government can immediately confiscate all linked properties of Mallya in the country and abroad.
 
Last month, a special Prevention of Money Laundering Act court in Mumbai had issued summons to Vijaya Mallya to appear before it on August 27, on the Enforcement Directorate's plea seeking action against him under the Fugitive Economic Offenders Ordinance in the over Rs 9,000 crore bank fraud case. 
 
The central probe agency, as part of this action, has reportedly sought immediate confiscation of assets worth around Rs 12,500 crore of Mallya. 
 
According to the report, if the fugitive liquor baron does not appear before the court or respond to its summons on the designated date, he risks being declared a fugitive economic offender, besides properties linked to him being confiscated.
 
Mallya, his now defunct venture Kingfisher Airlines Limited and others availed loans from various banks during the tenure of the UPA-I government and the outstanding amount, including interest, against him is Rs 9,990.07 crore at present, officials had reportedly said. 
 
Recently, Mallya stated that he has become the "poster boy" of bank default and a lightning rod for public anger, and had written letters to both the prime minister and the finance minister on April 15, 2016, to explain his side of the story.
 
Both the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have filed separate criminal cases of alleged loan default against him.
 
Watch this Zee Business video

 In the extradition case, a hearing is expected to take place in London this month end where a team of Indian investigators will reportedly remain present.

 

By continuing to use the site, you agree to the use of cookies. You can find out more by clicking this link

Close