Vijay Mallya declared ‘fugitive economic offender’ by Mumbai Court

Vijay Mallya was declared 'fugitive economic offender' by Mumbai court on Saturday. This means that the government can now seize Mallya's properties. This is Mallya's second setback in the last one month. In December, a UK court had allowed his extradition to India to face trial for fraud and money laundering.The special PMLA court and the Bombay High Court had dismissed Mallya's pleas that “he was not a fugitive economic offender” and not involved in the scheduled offence of money laundering. The businessman is facing extradition from the United Kingdom to India to face charges of financial irregularities running into thousands of crores. Mallya fled India in March 2016 even as a debt court in Bengaluru was set to act against him for defaulting on loans issued by several banks led by the state-owned State Bank of India.