Vijay Mallya has been declared a fugitive economic offender by the Prevention of Money Laundering Act (PMLA) court in Mumbai.
A fugitive economic offender is a person against who an arrest warrant has been issued in respect for his and her involvement in economic offences involving at least Rs 100 crore and has left India so as to avoid criminal prosecution.
According to new anti-fraud law, The government is now allowed to confiscate his properties in the country.
Mallya, who is wanted for defaulting on Rs 9,000 crore in loans to his failed Kingfisher Airlines, was arrested in the United Kingdom last year and immediately granted bail. A UK court said last month said Mallya can be extradited to India to face fraud investigations.
Last month, Vijay Mallya had offered to pay back the full amount of the loan he owes multiple banks.