After months of Absconding, reports are that fugitive billionaire Vijay Mallya is willing to come back to India. As per reports, Mallya is worried that Indian government could confiscate all his assets in India, value of which may be higher than total amount of bank fraud,
and that is why he now wants to return.
Lok Sabha passed the Fugitive Economic Offenders Bill last week, and Enforcement Directorate (ED) has moved to a special Prevention of Money Laundering Act (PMLA) court, seeking order to confiscate Mallya’s assets.
The ED sought to seize Vijay Mallya’s properties approximately worth Rs 12,500 crore including movable assets in the form of shares. Vijay Mallya is the first economic offender facing action under the Fugitive Economic Offenders Ordinance.
The Mumbai PMLA court issued summons to Vijay Mallya directing him to appear before it on August 27. On the other hand, the UK Metropolitan Magistrate’s Court has not yet decided on the extradition plea against Mallya. But, the Indian agencies are hopeful of a favourable order later this month when the London court hears the matter. Indian officials are likely to be present in the court.
So, Vijay Mallya faces a prospect when his assets worth Rs 12,500 crore could be confiscated. Over and above, he may be extradited to India from the UK. His London base seems to be cracking and his asset loss could be far greater than the amount of bank loan fraud.
Against this background, Vijay Mallya approached the ED officials expressing his wish and will to help Indian agency in the legal processes against him in the country. Vijay Mallya may expect to arrive at an out-of-court settlement for loan payback.
(With inputs fromIndia today)