Mallya on Mind? Jaitley Says New Law to Seize Assets of Offenders

File image of Vijay Mallya. (Photo Courtesy: Wikimedia Commons)

With attempts to extradite loan defaulter Vijay Mallya from the UK, Finance Minister Arun Jaitley, while presenting the Union Budget on Wednesday, said the Centre will be mulling over a law that will confiscate the assets of offenders who escape the country.

Liquor baron Mallya fled to Britain in March 2016 as various banks attempted to recover Rs 9,000 crore worth of dues which his now-defunct Kingfisher airlines owes them.

He had said that he was in “forced exile”.

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On Tuesday, the Central Bureau of Investigation filled an affidavit in the court stating that Mallya is a “wanted criminal”. The court on Tuesday issued a non-bailable warrant against him in the IDBI Bank loan default case as the agency sought his extradition.

On 23 January, the Stock and Exchange Board of India (SEBI) barred Mallya and six others from the securities market and also from “buying, selling or otherwise dealing in securities in any manner whatsoever, either directly or indirectly” till further directions.

(With inputs from NDTV Profit)