Fugitive Liquor baron Vijay Mallya is said to have informed the Enforcement Directorate (ED) that he was willing to come back to India to face the law. Mallya’s change in stance has come after the agency moved to confiscate his assets in India and abroad under the Fugitive Economic Offenders Ordinance.
Centre had promulgated the Fugitive Economic Offenders ordinance which empowered the ED to confiscate all linked properties of Mallya in the country and abroad.
However, the details are not clear as the investigative officers have refused to divulge more details.
Last month, a special Prevention of Money Laundering Act court in Mumbai had issued summons to Mallya to appear before it on August 27 on the Enforcement Directorate’s plea seeking action against him under the Fugitive Economic Offenders Ordinance in the over Rs. 9,000 crore bank fraud case.
The ED had sought immediate confiscation of his assets worth around Rs. 12,500 crores.
If Mallya does not appear before the court then he might be declared a fugitive economic offender and properties linked to him being confiscated.
Mallya through Kingfisher had taken loans from various banks during the tenure of the UPA-I government and the outstanding amount, including interest, against him is Rs. 9,990.07 crore at present, as per reports.
Recently Mallya had released a letter written to PM Modi in 2016, saying he has become a poster boy of bank defaults and a lightning rod for public anger.
Mallya is facing separate cases filed by the Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) for alleged loan default against him.