Indian business tycoon Vijay Mallya arrested in London

Indian business tycoon Vijay Mallya arrested in London

Indian business tycoon Vijay Mallya arrested in London

Written by Staff Writer

18 Apr, 2017 | 5:30 pm

Business tycoon and owner of Force India Formula One team Vijay Mallya was arrested in London on Tuesday (April 18) and is set to be produced before Westminster Magistrates’ Court later in the day.

According to the statement by Metropolitan Police, Vijay Mallya, 61, was arrested on behalf of the Indian authorities in relation to accusations of fraud.

He will be produced in a metropolitan court as the first step in what could be a long legal battle to prove New Delhi’s case for extradition.

India had requested the UK in February to extradite the flamboyant entrepreneur, who left India a year ago amid attempts by a group of banks to recover around Rs. 9,000 crore (INR)  in loans to his collapsed Kingfisher Airlines.

In March, UK informed India that its request had been certified by the Secretary of State.

A Delhi Court has released an open-ended non-bailable warrant against 61-year-old Mallya in a case of alleged violation of foreign exchange rules.

Earlier, when New Delhi cancelled Mr Mallya’s passport and asked the UK government to deport him, British officials said he could legally stay on in London as he had a UK visa.

But last month, the UK told India that its request had been certified by the Secretary of State.

Mallya has been charged with cheating and conspiracy by the CBI that filed a 1,000-page chargesheet against him for defaulting on a 9000 crore loan taken from the IDBI bank in 2009. The CBI probe found that 250 crore of this – given to buy aircraft parts – was diverted abroad.

Amid multiple attempts to extradite him, Mallya was seen at events in the UK linked to his formula one team Sahara Force India.

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