The Supreme Court today gave a shocker to Vijay Mallya as it refused to stay the proceedings of the Enforcement Directorate (ED) against him in the money laundering tribunal in Mumbai.
It is known news that Enforcement Directorate earlier filed an application before Prevention of Money Laundering Act (PMLA) court seeking the “fugitive economic offender” tag for Mallya under the Fugitive Economic Offenders’ Act, 2018. It had also sought immediate confiscation of around Rs 12,500 crore worth of assets. However, Vijay Mallya has moved the Supreme Court seeking to ward off the “fugitive” tag against his name by the Enforcement Directorate as he appealed that he was not a fugitive economic offender (FEO) under the Act and not involved in the scheduled offence of money laundering.
His latest petition was to stop ED proceeding further on his cases. Supreme court accepted his petition and inquired into the matter today. But SC finally refused to stay the proceedings of the Enforcement Directorate (ED). This comes as a shocker to Mallya as London court is about to give its verdict on 10th of this month. He already proposed to banks that he will pay entire principal amount but banks did not concede to his request.
As per the latest developments, it seems there are very tough times ahead for Mallya.
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