Finance

Vijay Mallya arrested in UK by Scotland Yard, gets bail

Vijay Mallya arrested in UK by Scotland Yard, gets bail”

The liquor baron was arrested at 9.30 am London local time and produced in the Westminster court.

British authorities have informed the Central Bureau of Investigation (CBI) about the arrest.

Taking to Twitter after getting bail, Mallya took a swing at the media accusing them of "hyping" the development.

A 1000 page chargesheet has been filed against him for defaulting the 900 crore loan taken from IDBI bank alone in 2009.

"Officers from the Metropolitan Police's Extradition Unit have this morning, Tuesday 18 April arrested a man on an extradition warrant".

He was granted bail nearly three hours after his arrest as the beleaguered liquor baron was produced in Westminster Magistrates Court later in the day.

Vijay Mallya the famous businessman and politician of India is surely not going from his good days. In the year 2016, a court in Hyderabad has issued a non-bailable warrant for Mallya's arrest.

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The arrest comes weeks after Indian Finance Minister Arun Jaitley had indicated that Mallya's extradition would feature in his talks during his visit to the UK.

An India-based spokesman for Mallya's UB Group did not offer an immediate comment, said Reuters.

At a preliminary hearing at Westminster Magistrates' Court later on Tuesday, Mallya was released on conditional bail, with the case adjourned until May 17.

The 61-year-old business tycoon fled to Britain in March 2016 after being pursued in courts by the Indian banks, led by the State Bank of India, seeking to recover the loans owed by his now-defunct Kingfisher Airline.

Earlier in February, the Indian government had handed over a formal request for the fugitive industrialist's extradition to the UK High Commission, saying it had a legitimate case against him in on charges of financial irregularities and loan default. As Mallya is fighting the extradition order, he will have the right to appeal and the case can go up to the UK Supreme Court.

Mallya, who has thrown lavish parties attended by fashion models and Bollywood stars - and was once hailed as India's Sir Richard Branson - co-owns the Sahara Force India Formula One team.



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