Monday, 11 December, 2017

Vijay Mallya arrested in London and let out on bail again

Vijay Mallya court Liquor baron Vijay Mallya arrested in London in money laundering case
Heather Davidson | 04 October, 2017, 00:30

He managed to leave India in March previous year, when a group of banks attempted to recover more than 90 billion rupees in loans taken for his now collapsed Kingfisher Airlines.

The former "King of good times" fled to London in March 2016 after he was accused of defaulting on payment of multiple loans.

Mallya has been granted bail by the London court.

"I have not eluded any court". Speaking to PTI outside the court room, Mallya said that has "done nothing wrong" and described the allegations against him as "fabricated". CPS in a statement has confirmed the liquor baron has been arrested under Prevention of Money Laundering Act (PMA) in relation to ongoing proceedings. The flamboyant financier, who co-owns F1 team Force India, was expected to appear in a London courtroom later on Tuesday to face additional charges.

The Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) have filed two separate charge-sheets in the United Kingdom over Mallya's alleged money laundering.

Mallya's trial in that case is scheduled for two weeks, starting 4 December. Mallya's April arrest was in connection with the CBI charge-sheet while Tuesday's arrest was in connection with the ED's application. The UK investigators also suspect that he was also involved in laundering money to Switzerland and other countries.

Mallya had been arrested by Scotland Yard on an extradition warrant on behalf of Indian authorities on April 18.

According to Reuters, the next hearing in the case will take place on 20 November with a full eight-day extradition hearing due to start on 4 December.

Indian drinks tycoon Vijay Mallya, who is charged with committing fraud in India, has been re-arrested in London.

Remember, Modi government has been pushing for Mallya's arrest and extradition for long, asking various investigative agencies to plug the loopholes as the government seeks Mallya's extradition from the UK.

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