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Indian court declares debt ridden businessman Vijay Mallya proclaimed offender

Xinhua, June 15, 2016 Adjust font size:

A local court in India Tuesday declared the indebted businessman Vijay Mallya as proclaimed offender in money laundering case, officials said.

"Special court designated to hear prevention of money laundering case in Mumbai today declared businessman Vijay Mallya a proclaimed offender in connection with its money laundering probe against him in an alleged bank loan fraud case," an official said.

The petition was filed by Enforcement Directorate (ED), the agency that probes financial crimes in India.

"The agency had moved to the court to issue such an order as he (Mallya) has multiple arrest warrants pending against him, including a non-bailable warrant under the Prevention of Money Laundering Act (PMLA)," the official said.

Mallya is currently believed to be in London and so far has ignored a series of orders to return to India to face creditors and cooperate in investigations.

As per Indian law, declaring a person proclaimed offender requires him or her to appear at a specified place and at a specified time in not less than 30 days from the date of declaration by the court.

Analysts say, the ED can attach and subsequently sold Mallya's properties in case he fails to turn up.

New Delhi has revoked Mallya's passport and formally sought his extradition from UK government. Britain has made it clear that it cannot deport Mallya for he has entered in the country on a valid passport.

Mallya who was an independent lawmaker in the upper house of Indian parliament resigned last month.

The former head of collapsed Kingfisher Airline and liquor baron is wanted in India for over a billion dollars in unpaid loans.

Mallya's resignation from parliament was seen as an indication that he has no intention to return to India.

Describing himself as victim of "media witch hunt", Mallya denies any "wrongdoing" and insists that he was not absconding.

Mallya made his fortune selling beer and subsequently invested in aviation and sporting arenas including Formula One racing and Indian Premier League cricket.

Reports said his debts were mainly incurred by the failure of his airline. Endit