22
NEW DELHI: The Supreme Court has dismissed a plea seeking quashing of the pending case in a Mumbai court to declare businessman Vijay Mallya a fugitive economic offender and confiscate his assets.
Karnataka-based businessman Vijay Mallya, 67, took a loan of Rs 9,000 crore from various banks for his ‘King Fisher’ airline and fled abroad without repaying it.
The Enforcement Directorate petitioned the Money Transfer Fraud Prevention Court in Mumbai to declare him as a fugitive economic offender based in London, the capital of Britain.
If he is declared a fugitive economic offender, there is room in the law to confiscate his assets. Therefore, Mallya’s side filed a petition in the Bombay High Court seeking a stay on the investigation.
The High Court dismissed the petition. This was appealed to the Supreme Court. The Supreme Court dismissed the petition.