Confiscating properties draconian, won’t help creditors: Vijay Mallya to Bombay HC

Fugitive businessman Vijay Mallya Monday told the Bombay High Court that confiscation of his properties under the newly-enacted Fugitive Economic Offenders Act (FEOA) was draconian and it will not help the creditors.

Mallya had last month approached the high court challenging a January 5 order of a special Prevention of Money Laundering Act (PMLA) court declaring him a fugitive economic offender under the FEO Act.

As per provisions of the Act, once a person is declared a fugitive, his properties can be confiscated by the prosecuting agency, Enforcement Directorate (ED).

Mallya’s counsel Amit Desai on Monday told a division bench of Justices I A Mahanty and A M Badar that the ED confiscating the properties will not help the creditors.