SC agrees to hear Vijay Mallya plea against fugitive economic offender tag

Vijay MallyaThe Supreme Court on Friday agreed to hear liquor baron Vijay Mallya’s plea against the Enforcement Directorate (ED) tagging him a “fugitive economic offender”.The top court issued notice to ED seeking its reply on the same, but refused to stay proceedings against Mallya in the Prevention of Money Laundering Act (PMLA) court in Mumbai.ED had in June moved an application in the PMLA court seeking to declare Mallya a fugitive economic offender. The probe agency also sought to confiscate his properties estimated to be worth Rs 125 billion.Billionaire businessman Mallya, who had left India in 2016, faces charges of defrauding Indian banks to the tune of up to Rs 90 billion.
Source: Business Standard