Vijay Mallya becomes the first fugitive economic offender

A special anti-corruption court hearing a plea by the Enforcement Directorate has declared Vijay Mallya a fugitive economic offender under a newly formed law. This means the ED can now confiscate all his properties even if they were not purchased with proceeds of his crimes. This includes his properties in Karnataka and the UK. Vijay Mallya is wanted in India for alleged default on Rs. 9,000 crore loans, he fled the country in March last year.