Vijay Mallya Named as Fugitive Economic Offender

Mumbai, January 05: Here is the breaking news that, Vijay Mallya became the first tycoon to be charged under a new anti-fraud law, with a court in Mumbai today naming him as an offender under the Fugitive Economic Offenders Act, 2018.

Coming to more detailes, The anti-corruption court was hearing an application by the Enforcement Directorate, seeking a direction to declare Mr Mallya a fugitive economic offender.

Over the last few days, several high-profile businessmen including Nirav Modi and Mehul Choksi have been under the government s radar for alleged financial crimes running into thousands of crores.

The new law to catch people who flee abroad after committing financial crimes was signed by the President in August last year. It was aimed at stopping a growing number of high-profile economic offenders feeling the country to avoid legal action.

According to the new law, a fugitive economic offender is a person against whom an arrest warrant has been issued for his or her involvement in economic offences involving at least Rs. 100 crore or more and has left India to avoid prosecution.