Declare Mallya fugitive: ED

Mumbai/New Delhi, June 22

India on Friday made its first move to clamp down on big bank loan defaulters under a new law as the Enforcement Directorate (ED) moved court against liquor baron Vijay Mallya seeking to declare him a “fugitive offender” and to confiscate his assets worth Rs 12,500 crore.

Officials said the central probe agency filed an application in a special court in Mumbai under the recently promulgated Fugitive Economic Offenders Ordinance that empowers it to confiscate “all linked assets” of an absconding loan defaulter.

The application says the ED seeks to “confiscate all properties of Vijay Mallya, including those indirectly controlled by him”. 

It said the “estimated value of properties proposed for confiscation was around Rs 12,500 crore. — PTI