NEW DELHI: Armed with powers provided in the just promulgated Fugitive Economic Offenders Ordinance, the Enforcement Directorate has swiftly moved to confiscate properties of businessmen Vijay Mallya, Nirav Modi and Mehul Choksi.Sources said after deliberations which stretched over 48 hours, the ED decided to approach the Prevention of Money Laundering Act (PMLA) court to seek that Mallya, Modi and Choksi be declared ‘fugitives’ who had defied non-bailable arrest warrants to stay put abroad. It will argue that they are liable to be covered under the stringent provisions of the new law against economic offenders.Mallya’s assets, estimated to be worth Rs 9,000 crore, have been provisionally attached under PMLA. He is still the legal owner of the assets but cannot sell them.After a nod from the PMLA court, he will be dispossessed of properties and assets which will then be vested with the central government. The government, under the new law, will be free to dispose of the assets of “fugitives” like Mallya.Permission from the PMLA court will set the ED free to confiscate Mallya’s assets, in what will easily be the biggest blow to the flamboyant businessman even if it does not necessarily lead him to revisit his decision to stay ensconsed in a London suburb.Mallya will be among the first targets of the fresh law because in his case, two essential conditions for confiscation of property — arrest warrant and filing of chargesheet in court — have been met.No chargesheet has been filed against diamond merchants Nirav Modi and Mehul Choksi but the reprieve for them could be shortlived with the ED just days away from completing the process against them. The duo runs a real risk of being disentitled of properties and assets worth over Rs 3,000 crore.The ED has identified assets worth over Rs 12,000 crore belonging to a few economic offenders who have fled the country and which can be confiscated.Other fugitives against whom the agency is likely to move include former deputy collector of Maharashtra Housing Area Development Authority Nitish Thakur and the promoters of Speak Asia. The confiscation of assets will include all properties of the accused identified in India and abroad.The confiscated properties will be owned by the central government which will appoint an administrator to dispose them of.No case related to these confiscations will be entertained by any court or tribunal anywhere as per the ordinance once the PMLA court declares an accused ‘fugitive economic offender’ and orders confiscation of assets equivalent to the proceeds of crime.The agency has attached assets worth over Rs 100 crore in the Nitish Thakur case and more than Rs 100 crore in bank balance in the Speak Asia case. “Fugitive economic offender means any individual against whom a warrant for arrest in relation to a scheduled offence has been issued by any court in India, who has left India so as to avoid criminal prosecution, or being abroad, refuses to return to India to face criminal prosecution,” the ordinance says.