23 C
New Delhi
Friday 6 December 2019
India Vijay Mallya sends feelers about return: Officials

Vijay Mallya sends feelers about return: Officials

The central probe agency, as part of this action, has also sought immediate confiscation of assets worth around Rs. 12,500 crore of Mallya

New Delhi: Vijay Mallya, the embattled tycoon wanted in India on loan default and money-laundering charges, is reported to have sent feelers to central agencies and the government that he is willing to come back to the country to face the law, sources in the Enforcement Directorate, which fights financial crimes, have said.

Officials have indicated that the offer was prompted by the government’s decision to invoke a brand-new law to confiscate his assets in Delhi.

The former liquor baron is the first person to face a case in a Mumbai court under the country’s brand-new law that empowers courts to order seizure of properties left behind by fugitives who flee the country. The Enforcement Directorate had last month asked a Mumbai court to declare Vijay Mallya as a fugitive under this law.

There has been no comment from Vijay Mallya to reports of his offer to return.

The 62-year-old former liquor baron had earlier contested India’s request to extradite him from Britain to face charges of fraud and money laundering in India.

A court in London is hearing the case of Indian investigators for the liquor tycoon’s extradition to face trial in India.

The flamboyant businessman left India in 2016 when the banks were attempting to recover nearly Rs. 9,000 crores in unpaid loans to Kingfisher Airlines, a premium airline he started in 2005 and shut down seven years later.

Last month, he had offered to settle all his outstanding dues in a case being heard by the Karnataka High Court. He later told news agency Reuters that the assets placed before the high court were worth $ 2 billion which was much more than sufficient to repay creditors.

He had also rejected suggestions that it was linked to moves to declare him a fugitive under the new law.

A special Prevention of Money Laundering Act court in Mumbai had last month issued summons to the beleaguered businessman to appear before it on 27 August on the Enforcement Directorate’s plea seeking action against him under the Fugitive Economic Offenders Ordinance in the over Rs. 9,000 crore bank fraud case.

The central probe agency, as part of this action, has also sought immediate confiscation of assets worth around Rs. 12,500 crore of Mallya.

If he does not appear before the court or respond to its summons on the designated date, Mallya risks being declared a fugitive economic offender, besides properties linked to him being confiscated.

Subscribe to our newsletter

You will get all our latest news and articles via email when you subscribe

The email despatches will be non-commercial in nature
Disputes, if any, subject to jurisdiction in New Delhi

Leave a Reply


Trump Drives Democrats And Media Crazy

America can never be the same again, even after Trump leaves the White House,” say many, and you can read that anywhere

Balasaheb Thackeray’s Legacy Up For Grabs

The Uddhav Thackeray-led Shiv Sena has failed to live up to the ideals of Balasaheb, leaving a void that the BJP alone can fill

How BJP Pulled Off Maha Coup With Nobody Watching

As Devendra Fadnavis desisted from contradicting Uddhav Thackeray everyday, the media attention moved from the BJP to its noisy rivals

Anil Ambani: From Status Of Tycoon To Insolvency

Study the career of Anil Ambani, and you will get a classic case of decisions you ought not take as a businessman and time you better utilise

तवलीन सिंह, यह कैसा स्वाभिमान?

‘जिस मोदी सरकार का पांच साल सपोर्ट किया उसी ने मेरे बेटे को देश निकाला दे दिया,’ तवलीन सिंह ने लिखा। क्या आपने किसी क़ीमत के बदले समर्थन किया?
- Advertisement -


Nirav declared 2nd fugitive economic offender

Nirav Modi, fighting his extradition case in England, was further remanded, unable to convince the court he wouldn't intimidate witnesses

RBI policy rates intact; SBI disapproves status quo

The 6-member MPC headed by the RBI governor unanimously decided to maintain the repo rate at 5.15% and the reverse repo rate at 4.90%

Parliament canteen to stop offering subsidised food

The Narendra Modi government had been reducing the subsidy for food at the Parliament canteen gradually since 2016; it will now be eliminated

Burnt body found again: Bengal after Telangana, Bihar, UP

Bengal Police confirmed that the woman was burnt and killed on 4 December in Malda while they could confirm rape after the autopsy report

Citizenship, Dabholkar, Bhima-Koregaon divide Maha govt

The INC not only disagrees with the Shiv Sena on the Citizenship Amendment Bill but also questions the NCP for the Bhima-Koregaon riots

You might also likeRELATED
Recommended to you

For fearless journalism

%d bloggers like this:
Skip to toolbar