In a fresh turn of events, Mumbai special Prevention of Money Laundering Act (PMLA) court on Thursday rejected Vijay Mallya's plea seeking a stay on hearing of Enforcement Directorate's (ED) application to declare him a fugitive.
The decision from the judicature came after five parties, including a family member of Mallya, sought court dossiers with regard to the ED seeking to get Mallya declared a fugitive economic offender under the new law.
The special courts, under the new law, have a right to declare a person a fugitive economic offender. The courts can order immediate confiscation of the offenders' properties and other assets. A fugitive economic offender is a person against whom an arrest warrant has been issued for committing a scheduled offence and who has left India to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution.
Mallya is also facing money-laundering charges in the United Kingdom after India initiated extradition proceedings against him. Both, ED along with Central Bureau of Investigation have filed several cases for alleged loan default against him.
On November 22, the United Kingdom (UK) High Court issued an order asking Mallya to pay a hefty amount of GBP 88,000 to UBS Investment Bank, which had issued GBP 20.4 million in the mortgage loan for his London property, and ruled in favour of UBS to take possession of Mallya's palatial Cornwall Terrace home.
Mallya is residing in the UK from the past two years. His extradition case is reportedly in its final stage at London's Westminster Magistrates' Court which is expected to deliver it ruling by the year-end.
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