MUMBAI (Reuters) - A court in India set up under anti-money laundering laws declared liquor and aviation tycoon Vijay Mallya a "fugitive economic offender" on Saturday, paving the way for the government to seize his assets, according to Reuters partner ANI. India recently approved a bill empowering authorities to seize assets of super-rich fugitives whose economic offences or crimes involve sums over 1 billion rupees (11.3 million pounds). The financial crime fighting agency Enforcement Directorate had sought to declare Mallya a "fugitive economic offender" and to confiscate 125 billion rupees worth of his assets. On Saturday, Mallya became the first person to be declared fugitive under the new law. India has been trying to extradite Mallya from Britain after the collapse of his defunct Kingfisher Airlines.

Source: The Star January 05, 2019 11:37 UTC