Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.


Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence


Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » India
1-min read

Vijay Mallya First Tycoon to be Declared Fugitive Economic Offender, Properties to be Confiscated

A court in the United Kingdom, where the liquor baron fled to in 2016, had on December 10 ordered his extradition to India to face fraud charges.


Updated:January 5, 2019, 5:24 PM IST
facebookTwitter Pocket whatsapp

New Delhi: Absconding tycoon Vijay Mallya has been declared a fugitive economic offender by a special anti-money laundering court in Mumbai, the first tycoon to be named under the new law to prevent financial fraud.

The tag now allows the government to confiscate his properties in the country.

Mallya currently faces extradition from the United Kingdom, where the liquor baron fled to in 2016, after a court ordered his return to India to face fraud charges resulting from the collapse of his defunct Kingfisher Airlines.

Mallya left India in March 2016 owing more than $1 billion after defaulting on loan payments to state-owned banks and allegedly misusing the funds. The loans from the state-owned IDBI bank were intended to bail out his failed carrier Kingfisher Airlines.

Mallya said in July that he had made an "unconditional offer" to an Indian court in a bid to settle the charges, but denies that was an admission of guilt.

"I cannot understand how my extradition decision... and my settlement offer are linked in any way," he had tweeted on December 10.

"Wherever I am physically, my appeal is 'please take the money'. I want to stop the narrative that I stole money," he added.

Known for his lavish lifestyle, Mallya made Kingfisher beer a global brand. He stepped down as the director of the IPL team Royal Challengers Bangalore in 2017.

His financial dealings are being investigated by the Central Bureau of Investigation and the Enforcement Directorate.

Mallya was once known as the "King of Good Times" but dropped off India's most wealthy list in 2014, engulfed by Kingfisher Airlines' massive debts.

He has been living in a sprawling $15 million mansion in southeast England but has denied absconding.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Read full article
Next Story
Next Story

facebookTwitter Pocket whatsapp

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results