A Special PMLA court on Saturday declared Vijay Mallya a fugitive economic offender under the Fugitive Economic Offenders Act, 2018.
The anti-corruption court was hearing an application by the Enforcement Directorate, seeking a direction to declare Mallya a fugitive economic offender.
This new law to catch people who flee abroad after committing financial crimes was signed by the President in August 2018. It aims to stop a growing number of high-profile economic offenders fleeing from the country to avoid legal action.
Under the new law, a fugitive economic offender is a person against whom an arrest warrant is issued for his/her involvement in economic offenses at least Rs 100 crore or more and has left India to avoid prosecution.