The Cabinet on Thursday approved the Fugitive Economic Offenders Bill. The move comes in the wake of several alleged economic offenders like Nirav Modi and Vijay Mallya fleeing the country to avoid trial and prosecution.
With the likes of Nirav Modi and Vijay Mallya fleeing the country after defrauding banks, the Fugitive Economic Bill is likely to be brought about by the Centre.
There were three chapters of dishonesty that was unveiled by the prosecution which is seeking the extradition of former liquor baron Vijay Mallya.
Rs 500 crore of the Rs 900 crore loan taken from the IDBI bank by former liquor baron Vijay Mallya had been laundered the Enforcement Directorate has said. This was stated in the affidavit filed by the ED in the UK before the Crown Prosecution Service.
Former liquor baron, Vijay Mallya who was arrested in London has been granted bail. He was earlier arrested in connection with a a money laundering case.
In a bid to extradite former liquor baron Vijay Mallya, India has submitted relevant papers before the Westminster Magistrates’ Court. The court is expected to hear the matter today.
In a bid to dig out more details on the financial transactions of former liquor baron, Vijay Mallya, the Enforcement Directorate will approach six countries. The ED has decided to approach the United Arab Emirates (UAE), the US, France, Singapore, Ireland and Mauritius for details on Mallya’s properties, bank accounts and shell companies.
The Enforcement Directorate has filed a chargesheet against liquor baron Vijay Mallya. The ED has been probing several cases against Mallya under various sections of the Prevention of Money Laundering Act.
Home Ministry officials have expressed concern over the media trial of liquor baron Vijay Mallya. Home Ministry officials say that the media trial could affect the extradition proceedings that are on in London.
Many in India are hoping that liquor baron Vijay Mallya would be extradited from the United Kingdom soon. While many claimed his brief arrest in the month of April as a major diplomatic victory for India, the fact of the matter is that the process from the Indian side has been delayed.
Chief magistrate Emma Arbuthnot at Westminster magistrates’ court noted that there were delays in the evidence arriving from the government of India. This observation was made after Aaron Watkins representing India said that the Crown Prosecution Service needed 4 weeks times to receive the rest of the evidence India and also to review it.