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Vijay Mallya Arrested By In London By Scotland Yard

18 April, 2017 10:02 AM
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Vijay Mallya Arrested By In London By Scotland Yard

New Delhi: Business tycoon Vijay Mallya, accused of defaulting on loans worth crores, has been arrested in London and will be produced at a metropolitan court.

India had asked the UK to extradite Mr Mallya, who is facing charges of money laundering and faces several arrest warrants.

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 crores 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.

Also read: United Bank sinks into red with ₹344 cr. loss

Source: ndtv.com

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