Vijay Mallya hasn’t had a change of heart that is making him mull over returning to India to face the law. Rather, it is the impending fear of attachment of his properties worth Rs 13,000 crore that is likely to bring him back to India. By promulgating the fugitive economic offenders ordinance, the Modi government has made it tough for the embattled liquor baron to escape the action against him under Indian laws. Mallya is the main accused in a Rs 9,000-crore alleged bank fraud case.
With the fugitive economic offenders bill being passed by Parliament, it is now set to become a law after the President’s assent. The law empowers the government to attach properties of fugitives who flee the country after committing tax and loan related offences like loan default , fraud, tax evasion, benami properties and black money. The Enforcement Directorate is the lead agency to implement the law .
An application was filed on June 22 by the Directorate of Enforcement before the designated court under Fugitive Economic Offenders Ordinance, 2018 against Vijay Mallya for declaring him as a fugitive economic offender and to confiscate his properties. The estimated properties involved for confiscation is to the tune of Rs 12,500 crore, ED sources said.
On July 30, the court took cognisance of the application and ordered for issuance of notice against Mallya and other interest persons for their appearance on August 27.
The sources said the new law gives the agency more teeth as it can confiscate properties of fugitives of white collar crime even before they are convicted. This is the highest amount the ED would attach of an alleged fugitive if Mallya does not return.
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But if Mallya returns, he will have a chance to try and save himself from the biggest loss in terms of foregoing all his assets in the country. What he would have to go through, however, is an impending arrest and face trial in the case.
Government officials said that while they are hopeful that the new law will draw Mallya to the country, there has been no official word from the man himself or his legal team to the Indian agencies on his possible return.
The ED had already informed Mallya at the time of revocation of his Indian passport that if he decides to return to India, he would be provided a temporary travel document by the Indian Embassy in London. So far, Mallya hasn’t approached the embassy expressing his wish to return.