Under FEOO, the government can immediately confiscate all linked properties of Mallya in the country and abroad. The top sources in investigative agencies said the final details of the move are still not precise as they refused to reveal more details
Vijay Mallya, the main accused in Rs 9,000 crore alleged bank fraud case, is understood to have sounded out the Indian authorities that he is ready to come back to the country to face the law, official sources said.
Mallya, who is fighting in a London court for the Indian government's action for extradition, is said to have sent feelers to authorities that he wants to join the legal process in India and challenge the recent action against him under the Fugitive Economic Offender Ordinance (FEOO).
Under this newly published ordinance, the government can immediately confiscate all linked properties of Mallya in the country and abroad.
The top sources in investigative agencies said the final details of the move are still not precise as they refused to reveal more details.
A special Prevention of Money Laundering Act court in Mumbai had last month issued summons to Mallya to appear before the court on 27 August on the Enforcement Directorate's (ED) plea seeking action against him under FEOO in the bank fraud case.
The central probe agency, as part of this action, has also asked immediate confiscation of assets worth around Rs 12,500 crores of Mallya.
If he does not appear before the court or respond to its summons on the designated date, Mallya risks being declared a fugitive economic offender, besides properties linked to him being confiscated.
Mallya, his now-defunct venture Kingfisher Airlines Limited, and others availed loans from various banks during the tenure of the UPA-I government and the outstanding amount, including interest, against him is Rs 9,990.07 crore at present, officials had said.
He had recently said he had become the "poster boy" of bank default and a lightning rod for public anger. The liquor baron had said that he had written letters to both the prime minister and the finance minister on April 15, 2016, to explain his side of the story.
Enforcement Directorate (ED) and the Central Bureau of Investigation (CBI) have filed separate criminal cases of alleged loan default against him. A hearing in the extradition case is expected to be heard in London this month-end where a team of Indian investigators will be present.
Read Exclusive COVID-19 Coronavirus News updates, at MyNation.
Last Updated 25, Jul 2018, 4:05 PM