<div><span style="font-size: 13.3333px;">India today made its first move to clampdown on big bank loan defaulters under a new law as the Enforcement Directorate (ED) moved court against liquor baron Vijay Mallya seeking to declare him a 'fugitive offender'.</span></div>''<div><span style="font-size: 13.3333px;"><br />''</span></div>''<div><span style="font-size: 13.3333px;">Officials said, ED filed an application before a special court in Mumbai, under the recently promulgated Fugitive Economic Offenders Ordinance, that empowers it to confiscate "all linked assets" of an absconding loan defaulter. </span></div>''<div><span style="font-size: 13.3333px;"><br />''</span></div>''<div><span style="font-size: 13.3333px;">ED sought to confiscate all the properties of Vijay Mallya including those properties indirectly controlled by him, the estimated value of which is approximately 12,500 crore rupees. </span></div>''<div><span style="font-size: 13.3333px;"><br />''</span></div>''<div><span style="font-size: 13.3333px;">As per the existing process of law under the PMLA, the ED could confiscate the assets only after the trial in a case finishes which usually takes many years.</span></div>