Friday, 26 May, 2017

Indian tycoon Vijay Mallya arrested in UK on fraud charges

Vijay Mallya's arrest in London Key developments you must know The King of Good Times Arrested in London!
Juana Turner | 19 April, 2017, 01:35

It is Scotland Yard Police that was able to track Vijay Mallya and finally arrested him today morning. Later in January 2017, in IDBI loan default case, the CBI court has also issued a non-bailable warrant against him.

The 61-year-old appeared before Westminster Magistrates' Court later on Tuesday. "Vijay Mallya was arrested on behalf of the Indian authorities in relation to accusations of fraud", Scotland Yard told PTI.

Soon after he was bailed out, Mallya tweeted raising yet another offensive against Indian media, calling all the reports on his arrest as 'over-hype'.

Indian investigators said Mallya had not been cooperating and had on three occasions ignored their summons to give evidence.

His arrest triggers a long-drawn legal process, which will involve the UK's Crown Prosecution Service (CPS) arguing that Mallya must be extradited to India to stand trial on charges of fraud.

Mallya had fled India on March 2, 2016 for evading a consortium of Indian banks who were seeking to recover over Rs 9,000 crore which his now defunct Kingfisher Airline owed them in loans.

Talking to news agency ANI, he said, "But within 1 hour, Vijay Mallya got bail".

Back in February, India was asked the United Kingdom officials to deport Mr. Mallya as he is facing several charges and many arrest warrants.

Mallya, former head of collapsed Kingfisher Airline and liquor baron, is wanted in India for over a billion dollars in unpaid loans.

Vijay Mallya the famous businessman and politician of India is surely not going from his good days. Under this process, the accused person has right to go higher courts to defend himself against any charge.

Mallya, chairman of the UB Group and co-owner of the Silverstone-based F1 team, was released from Westminster Magistrates' Court after paying a £650,000 security, court officials said.

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