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Big blow for Vijay Mallya, India to soon acquire details of absconding tycoon’s Swiss bank accounts

Mallya Is Accused Of Defrauding Indian Banks To The Tune Of Rs 9,000 Crore.

News Nation Bureau | Edited By : Surabhi Pandey | Updated on: 31 Jan 2019, 10:55:44 AM

New Delhi:

Troubles are mounting for embattled business tycoon Vijya Mallya as latest reports suggest that India may soon acquire details of his Swiss bank accounts. The latest move means that India will be able to know the extent of money stashed by the liquor baron in the secret account. According to a Hindustan Times report, the development came after the top court of Switzerland agreed to share the information with Indian authorities. The accounts are held at Edmond de Rothschild (Switzerland) SA and Compagnie Bancaire Helvétique (CBH) in names of Mallya and his companies, Drayton Resources, Black Forest Holdings and Harrison Finance, the HT report quoted a CBI official as saying.

The move comes days after India declared Mallya as a fugitive economic offender. This means that the Indian government can now confiscate Mallya’s properties. Special Prevention of Money Laundering Act (PMLA) court had announced its verdict on the Enforcement Directorate’s plea. The order, which was scheduled to be pronounced on December 26, 2018, had been adjourned till January 5 as the judge was not ready with his ruling. “This law will help the agency confiscate all properties of Vijay Mallya whether they are within the proceeds of crime or outside and will be disposed off. This will be an added advantage for extradition matter which is pending before the UK ministry,” India Today quoted ED counsel Hiten Venegaonkar as saying.

Under the Section 2F of the Fugitive Economic Offenders Act, people who have fled the country after committing the crime and have refused to face the trial or those against whom non-bailable warrants (NBA) have been issued but can’t be executed as they are not in the country, could be declared a 'fugitive economic offender'.

Business tycoon Vijay Mallya is absconding the country in a loan default case. He is accused of defrauding Indian banks to the tune of Rs 9,000 crore. He fled the country on March 2, 2016 after banks initiated legal proceedings to recover the outstanding loan amount. For the last two and half years, he has been residing in the UK.

Recently, he lost an extradition case filed by India. On December 11, the Westminster Magistrates’ Court in London had pronounced its verdict in the case and ordered authorities to extradite Vijay Mallya to India to face the trail.

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First Published : 31 Jan 2019, 10:42:04 AM