Liquor baron Vijay Mallya arrested in London

Marco Green
October 3, 2017

Business tycoon Vijay Mallya on Tuesday was arrested in London in for his alleged role in a money laundering case.

He has been arrested under the Prevention of Money Laundering Act, said sources. He was arrested by Scotland Yard on an extradition warrant on 18 April and is now out on bail. He was released on bail shortly afterwards.

This is Mallya's second arrest in the United Kingdom since he fled India. This includes loan taken from IDBI Bank for Kingfisher Airlines.

Known for his lavish lifestyle, Vijay Mallya has repeatedly defied summons by courts and investigators in India but has been a regular at public events in Britain, especially for the Formula One team that he owns.

The Indian government had given additional papers to Britain for extradition of the fugitive businessman after a British court had observed in June that Indian investigation agencies had delayed evidence against him.

Previously in July, the Supreme Court had adjourned the hearing on contempt case proceeding against the loan defaulter and further added that the hearing in case will be preceded further only when Vijay Mallya is produced before it.

India has been pushing for Mallya's extradition, with even the Prime Minister's Office getting involved. 'Prime Minister Narendra Modi had raised the matter with British Prime Minister (Theresa May) during their meeting on the sidelines of G-20, ' Baglay said.

August, 2014: CBI starts preliminary enquiry into the Rs 800 crore bad loan given by IDBI Bank to Kingfisher Airlines ignoring company's negative credit ratings.

Explaining the systematic way in which Mallya duped the banks, the official said he used to pay back some part of the loan to the banks to gain their confidence to get more funds from them.

March, 2016: Mallya flees India.

Other reports by Click Lancashire

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