Vijay Mallya could be charged under new anti-fraud law, heres why

Having escaped India to London, Vijay Mallya may become the first tycoon to be charged under a new anti-fraud law.

It is said that this may be realized if a court in Mumbai today names him as an offender under the Fugitive Economic Offenders Act, 2018.

The anti-corruption court is hearing an application by the Enforcement Directorate and seeking a direction to declare Mr Mallya a fugitive economic offender.

Over the last few months, 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.

The court had said it was satisfied with the assurances provided by the Indian government, including a video of the jail cell, which had not only been recently redecorated but was also far larger than the minimum requirement threshold.

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