Vijay Mallya first businessman to be declared 'fugitive economic offender'

Mallya's properties can now be confiscated by the government

Weeks after a UK court ordered his extradition, former liquor baron Vijay Mallya, accused of defaulting on loans of over Rs 9,000 crore, received another blow as a Mumbai court on Saturday declared him a “fugitive economic offender” (FEO).

Mallya became the first businessman to be declared an FEO under the Fugitive Economic Offenders Act, which came into existence in August 2018.

The Enforcement Directorate had moved the special court for FEOA for this purpose.

The agency had requested the court that Mallya, currently in the UK, be declared a fugitive and his properties be confiscated and brought under the control