Vijay Mallya Arrested In Rs 9,000 Cr Money Laundering Case In London; Granted Bail
India had asked Britain to extradite Mallya to face trial after the liquor and aviation tycoon fled there last March after banks sued to recover about $1.4 billion that Indian authorities say Kingfisher owes
Photo Credit : PTI,
Liquor baron Vijay Mallya on Monday (3 October) has been arrested by London police in money laundering case. He is wanted in India for defaulting on loans worth Rs 9,000 crore. However, within minutes of arrest he was granted bail by the court.
Earlier, he was arrested in April 2017 in London. He was given bail at the hearing.
India had asked Britain to extradite Mallya to face trial after the liquor and aviation tycoon fled there last March after banks sued to recover about $1.4 billion that Indian authorities say Kingfisher owes.
Mallya has repeatedly dismissed the charges against him and defended himself in messages on Twitter.
Mallya co-owns the Force India Formula One team. He has a base in London and a country home bought from the father of triple Formula One world champion Lewis Hamilton.
India's top brewer, United Breweries, part-owned by global giant Heineken, this year asked Mallya, its non-executive chairman, to step down from the board, following a regulatory order.
India's capital markets regulator has barred Mallya from participating in the securities market for having allegedly diverted funds from whisky maker United Spirits.
(With inputs from Reuters)
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