On Tuesday, London’s Westminster Court extended the bail for liquor baron Vijay Mallya. After the hearing, Mallya stated he was ready to settle his dues.
He was quoted saying, “I have not applied for any clemency. But, I am ready to settle my dues.” The liquor baron confidently added, “My assets can’t be attached for the complaints filed by the banks. They can’t be sold. Let the judiciary decide what’s right.”
The bail for Mallya was extended to the 12th of September which is also the date for the next hearing. The 62 year old is facing trial in London on whether or not to extradite him. He is accused of financial irregularities to the sum of Rs. 9,000 crores.
The liquor baron Mallya is facing investigation by the CBI and ED and is accused of defrauding Indian banks. The CBI claims a total of Rs. 9,000 crores was swindled by Mallya.
Mr. Mallya left India in 2016 and was arrested in 2017 by the Scotland Yard on an extradition warrant. He was later let out after the Court accepted his bail plea.
During the Parliament Monsoon session the Fugitive Economic Offenders Bill was passed which allows confiscation of assets without conviction of fugitives. This bill was targeted at the recent scams where the accused fled the country like Vijay Mallya and Nirav Modi.
The Bill aims at deterring economic offenders from fleeing India and not returning to face trial. This Bill will be effective and the Government will have a quicker recovery of the dues.
The Bill will describe the benchmark for a fugitive economic offender. The law would be applicable to the offenders involved in cases with more than Rs. 100 crores. This act will constitute a National Financial Reporting Authority (NAFRA.) This authority will decide which cases are applicable under the act.
The overseas assets of the fugitive will also be liable for confiscation depending on the country’s cooperation. This Bill will also prevent a convicted Fugitive Economic Offender from making an civil claim in the Country