Published: Wed, April 19, 2017
Money | By Oscar Reynolds

Mallya Granted Bail Hours After Arrest In London, Extradition Begins

Mallya Granted Bail Hours After Arrest In London, Extradition Begins

A Metropolitan Police statement said officers from the Extradition Unit arrested Mallya on an extradition warrant from India.

Force India co-owner Vijay Mallya, wanted in his home country over fraud allegations, has been bailed after appearing in court.

His Airlines Company Kingfisher has a loan of Rs. 9,000 crores from various banks. Extradition hearing started today as expected, Mallya tweeted as he was released on bail.

The extradition process from the United Kingdom involves a number of steps including a decision by the judge whether to issue a warrant of arrest.

Asked about bringing other offenders to India, he said it is in process.

Liquor baron Vijay Mallya defaulted on Rs 8,191 crore he had borrowed from a consortium of 17 public sector banks, which have so far recovered Rs 155 crore through auction of his seized properties.

Creditors have struggled to reclaim the money, and past year they asked India's Supreme Court to ensure that Mallya remained in the country.

Vijay Mallya took Jet Airways flight on the day and had checked-in with seven baggages but it was reported that he was accompanied by a female passenger.

Mallya, who arrived in London in March a year ago and had his passport revoked later, is wanted in India for defaulting on loans worth around Rs 9,000 crore related to Kingfisher Airlines that was grounded in 2012.

Despite multiple injunctions, Mallya failed to appear before investigators.

Mr Mallya has been charged with cheating and conspiracy by the CBI that filed a 1,000-page chargesheet against him for defaulting on a 900-crore loan taken from the IDBI bank in 2009.

Mallya is the owner of a Formula One team. Reportedly, India had made it very clear to British High commission that they wanted Mallya if London wanted to continue good trading relations with India.

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