Mallya declared fugitive economic offender!

Business tycoon Vijay Mallya, the man behind united breweries and the Kingfisher brand, who had fled India to London, after failing to repay the loans he had taken from Indian public sector union banks, has been declared as a fugitive economic offender by a special court, which comes across as a setback for him.

It was before a month that Mallya, whose extradition had been sought by the Indian government, was given permission by a British court to be extradited, in favor of the Indian government. Earlier, Mallya was seen accusing that there were plans to frame and defame him though he had expressed that he’s willing to repay the loans.

Today, in a new twist to his case, a special Prevention of Money Laundering Act(PMLA) court had declared Vijay Mallya as a fugitive economic offender, following the move by Enforcement Directorate. Following this verdict from the PMLA court, his properties can be confiscated by the government.