SC issues notice to ED on Vijay Mallya's plea against fugitive economic offender tag - watsupptoday.com
SC issues notice to ED on Vijay Mallya's plea against fugitive economic offender tag
Posted 07 Dec 2018 12:43 PM

Agencies
The Supreme Court on Friday issued notice to the Enforcement Directorate (ED) on industrialist Vijay Mallya's plea challenging the ongoing proceedings in a Mumbai court to declare him fugitive economic offender.

Mallya is facing money-laundering charges in the United Kingdom after India initiated extradition proceedings against him. Both ED and the Central Bureau of Investigation (CBI) have filed several cases for alleged loan default against him.

The apex court issued notice on Mallya's plea but refused to stay the proceedings before the Mumbai special court. The Bombay High Court recently dismissed Mallya's appeal. The industrialist has filed an appeal against the high court order.


Two months ago, Mallya had told the Prevention of Money Laundering Act (PMLA) court that “he was not a fugitive economic offender” (FEO) under the Act and not involved in the scheduled offence of money laundering.

A day ago, the liquor baron, while refuting all allegations levelled against him, offered to pay back the full amount of the principal loan he owed to multiple banks.

"Respectfully to all commentators, I cannot understand how my extradition decision or the recent extradition from Dubai and my settlement offer are linked in any way. Wherever I am physically, my appeal is 'Please take the money'. I want to stop the narrative that I stole money," he tweeted.

"The Airlines struggled financially partly because of high ATF prices. Kingfisher was a fab airline that faced the highest ever crude prices of $ 140/barrel. Losses mounted and that's where Banks money went. I have offered to repay 100 % of the Principal amount to them. Please take it," he had tweeted.

Last month, a special Prevention of Money Laundering Act (PMLA) court had rejected Mallya's plea seeking a stay on hearing of Enforcement Directorate's (ED) application to declare him a fugitive.

The decision from the judicature came after five parties, including a family member of Mallya, sought court dossiers with regard to the ED seeking to get Mallya declared a fugitive economic offender under the new law.

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