Beleagured businesman Vijay Mallya was arrested in London on Tuesday, Scotland Yard confirmed. "Extradition hearing in Court started today as expected", Mallya tweeted soon after getting the bail. Mallya will be produced in Court in Westminster on Wednesday (April 19).
Mallya owes more than £1.1bn to state-owned banks, say Indian officials, who have charged him with cheating and conspiracy for defaulting on the loans. The arrest was a result of relentless requests from Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) to arrest the absconding man, who would be brought to Westminster's magistrate court.
About two months back, the British authorities initiated the legal process of allowing Mr. Mallya's extradition. Mallya was termed a "wilful defaulter" previous year, after evading loans worth over Rs 9,000 to a consortium of banks led by the State Bank of India, aside from other economic offences against him, including a money laundering case. But, the United Kingdom government said deportation request of India is not covered by United Kingdom laws.
Vijay Mallya, the "King of Good Times". Vijay Mallya was asked to appear before the law but he fled India in March 2016.
India subsequently lodged a formal request for Mallya's extradition under the Extradition Treaty between India and the UK.
The flamboyant entrepreneur left India a year ago amid attempts by a group of banks to recover around Rs. 9,000 crores in loans to his collapsed Kingfisher Airlines. Later in January 2017, in IDBI loan default case, the CBI court has also issued a non-bailable warrant against him. He was once hailed as the country's equivalent to Sir Richard Branson due to his success, which included brewing and liquor companies, an airline, Force India F1 team and an Indian Premier League cricket team.