Tuesday, 18 April 2017

Vijay Mallya Arrested In London

Liquor baron and business tycoon Vijay Mallya has been arrested in London by the Scotland Yard. He will be produced in the metropolitan court.

India had asked the UK to extradite Mr Mallya, who is accused of defaulting on bank loans worth 9,000 crores and facing charges of money laundering. The flamboyant entrepreneur left India last year amid attempts by a group of banks to recover the unpaid loans.

New Delhi had cancelled Mr Mallya’s passport and asked the UK government to deport him to India. But the foreign ministry was told that India’s deportation request was not covered under UK laws that allowed visitors to stay back even if their passport wasn’t valid any longer.

Mr Mallya, who had launched the now-defunct Kingfisher Airlines that owes over 9,000 crore to various banks, 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. The CBI probe found that 250 crore of this – given to buy aircraft parts – was diverted abroad.