Trouble is mounting for beleaguered billionaire Vijay Mallya, the erstwhile chief of Kingfisher Airlines, as the Enforcement Directorate (ED) will soon file its first chargesheet against him. The Enforcement Directorate wants Mallya to list money trail from 15 bank accounts, according to news channel Times Now. Hearing on the issue of Mallya’s extradition from the UK to India is scheduled for June 13 by Britain’s Crown Prosecution Service (CPS). A four-member joint team comprising of officers from the Central Bureau of Investigation (CBI) and the ED had arrived in London in early May to build a strong case for Mallya’s extradition, according to an Indian Express report.
Vijay Mallya’s Kingfisher owes over Rs 9,000 crore to various banks in India and he had fled to the United Kingdom in March last year. Mallya was briefly arrested by the Scotland Yard in April this year. His arrest led to the triggering of an official extradition process in the British courts. Mallya was released on conditional bail hours after his arrest on a bail bond of 6,50,000 pounds. Mallya had assured the court that he will abide by all conditions associated with the extradition process. Mallya had surrendered his passport to the court, according to an Indian Express report.
Back in India, Centre unveiled the draft Fugitive Economic Offenders Bill, 2017. The bill will empower the government to confiscate any property owned by such a person in India. The bill was introduced in an effort to tighten the noose around those accused of economic offences such as defaulting on loans. People who owe the banks funds in excess of Rs 100 crore will come under the ambit of the bill.