ED MOVES COURT TO TAG MALLYA AS FUGITIVE

The Enforcement Directorate (ED) on Friday moved a special court to declare Vijay Mallya as ‘fugitive offender’ and confiscate his assets worth `12,500 crore under new legislation.

According to sources, the agency filed an application before a special court in Mumbai, under the recently promulgated Fugitive Economic Offenders Ordinance, that empowers it to confiscate “all linked assets” of an absconding loan defaulter.

The agency in its application has sought permission from the court to confiscate all the properties of Mr Mallya including those properties indirectly controlled by him, they added.

The application said that the estimated value of properties proposed for confiscation is to the tune of `12,500 crore approximately, sources said.