Vijay Mallya First Tycoon To Be Named “Fugitive Economic Offender”

Vijay Mallya became the first tycoon to be charged under a new anti-fraud law, with a court in Mumbai naming him as an offender under the Fugitive Economic Offenders Act, 2018. The anti-corruption court was hearing an application by the Enforcement Directorate, seeking a direction to declare Mr. Mallya a fugitive economic offender.

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 offenses involving at least Rs. 100 crore or more and has left India to avoid prosecution.

Source: NDTV

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