Mallya's fugitive economic offender verdict on Jan 5

A special court in Mumbai, fixed 5 January next year for the final verdict on the application moved by the Enforcement Directorate (ED) seeking to declare businessman Vijay Mallya a fugitive economic offender.

The special court set up under the Prevention of Money Laundering Act (PMLA), that has heard the arguments of the ED and Mallya’s defence was to deliver the order on Wednesday, however, it has now been fixed for 5 January 2019.

Additional Sessions Judge MS Azmi, who presides over a special PMLA court, is hearing the cases against Mallya.

Mallya (62), known as 'The King of Good Times', is currently in the United Kingdom - and the CBI is making secured his extradition to India, but he has the right to appeal.

Under the new laws, special courts have powers to declare a person a fugitive economic offender and allow confiscation of properties and other assets.

The ED had moved a special court set up under the Prevention of Money Laundering Act (PMLA) seeking to confiscate properties to the tune of Rs 12,500 crore under the recently-promulgated Fugitive Economic Offenders Act.

The liquor baron is facing a money laundering case in the Kingfisher Airlines Ltd loan default of over Rs 9,000 crore.

So far, the ED had filed two charge-sheets against Mallya and others - and the businessman-politician faces a non-bailable arrest warrant.

Under the provisions of the Act, once a person is declared a “fugitive economic offender”, the prosecuting agency has the powers to confiscate his properties. Mallya, through senior counsel Amit Desai, had sought dismissal of the plea and termed the new Act as “draconian” in nature.