A special Prevention of Money Laundering Act (PMLA) court in
Mumbai declared absconding liquor and aviation tycoon Vijay Mallya a fugitive
economic offender (FEO) on a plea of the Enforcement Directorate. Mallya has
become the first businessman to be declared EFO under the provisions of the new
Fugitive Economic Offenders Act which came into existence in August last year. Under
the Fugitive Economic Offenders Act (FEOA), a person can be declared a fugitive
economic offender if a warrant has been issued against him for an offence
involving an amount of at least Rs 100 crore and he has left the country and
refuses to return.
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DECCAN CHRONICLE NEWSPAPER
TIMES OF INDIA NEWSPAPER
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