TFIPOST हिन्दी
TFIPOST Global
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    A Response to Dr. Ruchika Sharma’s Reading of History

    On Truth and Taxes: A Response to Dr. Ruchika Sharma’s Reading of History

    Hinduphobic YouTuber Apologises After Hurting Hindu Sentiments

    Hinduphobic British YouTuber, Who Ate Chicken at ISKCON Restaurant, Apologises After Hurting Sentiments of Millions

    India Makes Big Jump In Henley Passport Index, Visa-Free Entry To 59 Countries Now

    Indian Passport Climbs Up to 77th in Global Ranks: Visa-Free Access to 59 Countries Now Possible

    Mine Collapse in Jharkhand: 9 Dead, State Inaction Blamed

    9 Die in Mine Collapse : Jharkhand Govt’s Failure to Tackle Illegal Mining Exposed Once Again

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Ahead of PM Modi's visit, Cabinet approves free trade agreement between India and UK

    PM Modi to Sign Landmark Free Trade Deal With UK as Cabinet Gives Green Light

    Bengal’s Business Exodus: 6,688 Companies Flee State Since Mamata Took Office

    Bengal’s Business Exodus: 6,688 Companies Flee State Since Mamata Took Office

    US Trade Officials to Visit India in August for Crucial Talks

    US Trade Officials to Visit India in August for Crucial Talks

    Importance And Value Of Brand Logos In A Competitive Market

    Importance And Value Of Brand Logos In A Competitive Market

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    BITS Students Build Kamikaze Drones, Power Indian Army

    Kamikaze Drones from Campus Hostel : This is How Two BITS Students Deliver Combat-Ready Drones to Indian Army

    Apache: World’s Most Advanced Attack Helicopter Now in Indian Hands

    Apache Choppers Near Pakistan Border: A Strategic Game Changer for India

    MiG-21 Fighter Jets to Be Retired from Indian Air Force Service by September

    MiG-21 Fighter Jets to Be Retired from Indian Air Force Service by September

    UK F-35B Stealth Jet Finally Departs Kerala Airport After Month-Long Grounding

    UK F-35B Stealth Jet Finally Departs Kerala Airport After Month-Long Grounding

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Delhi Reopens Tourist Visas for Chinese Citizens After 5 Years

    India-China Ties Back on Track? Delhi Reopens Tourist Visas for Chinese Citizens After 5 Years

    Pakistan Offers Protection—Only After 20 Chinese Nationals Die

    Pakistan’s Terror Problem Hits China, After 20 Deaths Shehbaz Makes Empty Promise on ‘Protection’

    Indian Student Seriously Injured in Adelaide, Australia In Racially Motivated Attack: 'F**K off, Indian'

    Indian Student Seriously Injured in Adelaide, Australia In Racially Motivated Attack: ‘F**K off, Indian’

    Indian Assaulted in Dublin in Suspected Racist Attack

    Indian Origin Amazon Employee Assaulted in Dublin, Ireland in Racist Attack

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    NCERT Textbook Reveals Mughal Religious Intolerance

    Ruthless Babur, Violent Akbar, Destructive Aurangzeb: NCERT Textbook Reveals Mughal Religious Intolerance

    India Built Gardens Long Before Babur Dreamt of Charbagh

    Before the Mughals: India’s Civilisation Built Gardens Long Before Babur Dreamt of Charbaghs

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Echoes of the Cholas in Today’s Bharat

    Conqueror of the Seas: Rajendra Chola and the Rise of Naval Bharat

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    India Becomes First Country to Digitally Preserve Traditional Medicine Using Artificial Intelligence

    India Becomes First Country to Digitally Preserve Traditional Medicine Using Artificial Intelligence

    Highest RTP Casino Games to Get Better Wins

    Highest RTP Casino Games to Get Better Wins

    How to Use Eyebrow Tinting Kits Like a Salon Expert

    How to Use Eyebrow Tinting Kits Like a Salon Expert

    One in Four Indian Married Couples Are Now Overweight

    ICMR Study: One in Four Indian Married Couples Are Now Overweight or Obese—Shared Lifestyle to Blame

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
Tfipost.com
  • Premium
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    A Response to Dr. Ruchika Sharma’s Reading of History

    On Truth and Taxes: A Response to Dr. Ruchika Sharma’s Reading of History

    Hinduphobic YouTuber Apologises After Hurting Hindu Sentiments

    Hinduphobic British YouTuber, Who Ate Chicken at ISKCON Restaurant, Apologises After Hurting Sentiments of Millions

    India Makes Big Jump In Henley Passport Index, Visa-Free Entry To 59 Countries Now

    Indian Passport Climbs Up to 77th in Global Ranks: Visa-Free Access to 59 Countries Now Possible

    Mine Collapse in Jharkhand: 9 Dead, State Inaction Blamed

    9 Die in Mine Collapse : Jharkhand Govt’s Failure to Tackle Illegal Mining Exposed Once Again

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Ahead of PM Modi's visit, Cabinet approves free trade agreement between India and UK

    PM Modi to Sign Landmark Free Trade Deal With UK as Cabinet Gives Green Light

    Bengal’s Business Exodus: 6,688 Companies Flee State Since Mamata Took Office

    Bengal’s Business Exodus: 6,688 Companies Flee State Since Mamata Took Office

    US Trade Officials to Visit India in August for Crucial Talks

    US Trade Officials to Visit India in August for Crucial Talks

    Importance And Value Of Brand Logos In A Competitive Market

    Importance And Value Of Brand Logos In A Competitive Market

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    BITS Students Build Kamikaze Drones, Power Indian Army

    Kamikaze Drones from Campus Hostel : This is How Two BITS Students Deliver Combat-Ready Drones to Indian Army

    Apache: World’s Most Advanced Attack Helicopter Now in Indian Hands

    Apache Choppers Near Pakistan Border: A Strategic Game Changer for India

    MiG-21 Fighter Jets to Be Retired from Indian Air Force Service by September

    MiG-21 Fighter Jets to Be Retired from Indian Air Force Service by September

    UK F-35B Stealth Jet Finally Departs Kerala Airport After Month-Long Grounding

    UK F-35B Stealth Jet Finally Departs Kerala Airport After Month-Long Grounding

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    Delhi Reopens Tourist Visas for Chinese Citizens After 5 Years

    India-China Ties Back on Track? Delhi Reopens Tourist Visas for Chinese Citizens After 5 Years

    Pakistan Offers Protection—Only After 20 Chinese Nationals Die

    Pakistan’s Terror Problem Hits China, After 20 Deaths Shehbaz Makes Empty Promise on ‘Protection’

    Indian Student Seriously Injured in Adelaide, Australia In Racially Motivated Attack: 'F**K off, Indian'

    Indian Student Seriously Injured in Adelaide, Australia In Racially Motivated Attack: ‘F**K off, Indian’

    Indian Assaulted in Dublin in Suspected Racist Attack

    Indian Origin Amazon Employee Assaulted in Dublin, Ireland in Racist Attack

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • Education
    • History
    • Indology
    NCERT Textbook Reveals Mughal Religious Intolerance

    Ruthless Babur, Violent Akbar, Destructive Aurangzeb: NCERT Textbook Reveals Mughal Religious Intolerance

    India Built Gardens Long Before Babur Dreamt of Charbagh

    Before the Mughals: India’s Civilisation Built Gardens Long Before Babur Dreamt of Charbaghs

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Revisiting the MANUSMRITI: Why India’s Youth Must Study This Ancient Epic

    Echoes of the Cholas in Today’s Bharat

    Conqueror of the Seas: Rajendra Chola and the Rise of Naval Bharat

    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • All
    • Books
    • Cinema
    • Entertainment
    • Food
    • Games
    • Health
    • Lifestyle
    • Satire
    • Sports
    • technology
    • Travel
    India Becomes First Country to Digitally Preserve Traditional Medicine Using Artificial Intelligence

    India Becomes First Country to Digitally Preserve Traditional Medicine Using Artificial Intelligence

    Highest RTP Casino Games to Get Better Wins

    Highest RTP Casino Games to Get Better Wins

    How to Use Eyebrow Tinting Kits Like a Salon Expert

    How to Use Eyebrow Tinting Kits Like a Salon Expert

    One in Four Indian Married Couples Are Now Overweight

    ICMR Study: One in Four Indian Married Couples Are Now Overweight or Obese—Shared Lifestyle to Blame

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
No Result
View All Result
Tfipost.com
Tfipost.com
No Result
View All Result
  • Premium
  • Politics
  • Economy
  • Defense
  • Geopolitics
  • Knowledge
  • Law
  • Lounge

Vijay Mallya will be first to be prosecuted under the Fugitive Economic Offendors Bill

TFI Desk by TFI Desk
18 June 2018
in Trending
vijay mallya, kingfisher
Share on FacebookShare on X

The infamous liquor baron Vijay Mallya will be the first person to face prosecution under the newly brought Fugitive Economic Offenders bill, 2018. Enforcement Directorate (ED), the law enforcement agency and economic intelligence agency responsible for enforcing economic laws and fighting economic crimes will move the special court for “immediate confiscation” of attached assets valued at over Rs 12,400 crore of Kingfisher owner Vijay Mallya under the new legislation.

The Fugitive Economic Offenders ordinance was approved by cabinet in April this year to address the issue of economic offenders like Vijay Mallya and Nirav Modi avoiding criminal prosecution. The ordinance defines a fugitive economic offender as “a person who has an arrest warrant issued in respect of a scheduled offense and who leaves or has left India so as to avoid criminal prosecution, or refuses to return to India to face criminal prosecution.” The case against Vijay Mallya was registered under the Prevention of Money Laundering Act, 2002 (PMLA) which allows for confiscation and seizure of properties obtained from the laundered money, such actions were still subject to the processes of criminal prosecution. This led to many of individuals accused of money laundering to flee the jurisdiction of Indian courts to avoid criminal prosecution under PMLA and the consequent confiscation of their properties. Therefore the new Fugitive Offenders ordinance was needed for the confiscation of properties of people like Vijay Mallya, Nirav Modi, Lalit Modi etc.

RelatedPosts

India’s Diplomatic Win: Vanuatu PM Orders Cancellation of Lalit Modi Passport

CBI and NIA have set off for the UK to bring Mallya, Nirav and Sanjay back

While liberals kept crying over scams by Mallya and others, the Indian government recovered a huge amount from scamsters

Load More

If ED wins the case in court and Vijay Mallya is declared as a fugitive then he will have to present himself before the court within a period six weeks as per the rules of the Fugitive Economic Offenders bill. If Mallya fails to do so then the agency is free to seize Mallya’s assets without the trial commencing in criminal court. The Kingfisher Airline Company run by Vijay Mallya ran into losses since its inception in 2002 and finally closed its operation in 2012. The defunct airline has a loan default case of around Rs 10,000 crore from a consortium of 17 banks. Most of the loans were from public sector banks, with State Bank of India being the largest loan provider. Vijay Mallya was a member of Rajya Sabha between the period of 2002-2008 and 2010-2016, and it is alleged that he used his political influence to get loans from public sector banks. The huge amount of loans which Vijay Mallya got from public sector banks despite his company running in losses shows the vulnerability of these banks under political influence. The major assets attracted by ED under PMLA include a farmhouse in Mandwa in Alibaug, multiple flats in Kingfisher tower in Bengaluru, fixed deposits and 25.14 lakh shares of United Spirits Ltd, 4 crore shares of United Breweries Ltd and 22 lakh shares of Mcdowell Holding Company. According to some analysts, the worth of attached assets is more than the total amount of defaulted loans, therefore, the banks could expect a complete recovery if the auction is carried out.

As per the complaint of ED “Kingfisher Airlines participated in criminal activities which led to the generation and acquisition of Rs 900 crore and was involved with the concealment, possession, acquisition, and use of the proceeds of (the) crime.” The complaint also alleges that Mallya was “an active participant in the generation of proceeds of crime and the activity of money laundering” under PMLA. The position of the company was so bad that HPCL stopped giving it fuel without a payment in cash and airports were not allowing the landing of Kingfisher aircrafts without prior payment. Nonetheless, Vijay Mallya fooled banks using his political influence and got loans. Now this new bill will teach a lesson to people like Vijay Mallya, Nirav Modi, Lalit Modi and other willful defaulters who run out of the country after robbing the money of taxpayers.

Tags: fugitive economic offendors billKingfisherVijay Mallya
Share649TweetSend
Previous Post

How a painting of Lord Krishna became tool of Secular propaganda.

Next Post

BJP to follow Gujarat model in 2019 elections for seat allocation.

Related Posts

Hinduphobic YouTuber Apologises After Hurting Hindu Sentiments
Trending

Hinduphobic British YouTuber, Who Ate Chicken at ISKCON Restaurant, Apologises After Hurting Sentiments of Millions

23 July 2025

In an age driven by clicks and shares, the line between humour and harm has never been thinner. And...

India Makes Big Jump In Henley Passport Index, Visa-Free Entry To 59 Countries Now
Trending

Indian Passport Climbs Up to 77th in Global Ranks: Visa-Free Access to 59 Countries Now Possible

23 July 2025

In a significant boost for global Indian travellers, the latest Henley Passport Index has placed India at the 77th...

Mine Collapse in Jharkhand: 9 Dead, State Inaction Blamed
Trending

9 Die in Mine Collapse : Jharkhand Govt’s Failure to Tackle Illegal Mining Exposed Once Again

23 July 2025

Nine workers were killed in a tragic mine collapse during illegal coal mining operations in Dhanbad, Jharkhand, under the...

Load More

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Currently Playing

Britain’s Million-Dollar Bird Finally Takes Off!

Britain’s Million-Dollar Bird Finally Takes Off!

00:06:43

Maharashtra targets crypto christians. fake dalit quota scam exposed.

00:04:16

The Forgotten Maratha Legacy in Tamil Nadu

00:07:37

India’s ULRA Bomber: 12,000-km Beast That Can Strike Anywhere Without Refueling

00:07:39

The Shocking Truth About Mass Conversions in Tamil Nadu

00:07:26
Facebook Twitter Instagram Youtube
tfipostTfipost.com
Right Wing | News Analysis | Indian Opinion
  • About us
  • Careers
  • Brand Partnerships
  • Terms of use
  • Privacy Policy
  • Sitemap
MASHABLE IS A GLOBAL, MULTI-PLATFORM MEDIA AND ENTERTAINMENT COMPANY. FOR MORE QUERIES AND NEWS, CONTACT US AT info@mashablepartners.com


©2025 TFI Media Private Limited

No Result
View All Result
  • Premium
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Law
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
TFIPOST हिन्दी
TFIPOST Global

©2025 TFI Media Private Limited