Vijay Mallya, popular loan defaulter and business tycoon, was arrested by Scotland Yard in London earlier today. The arrest comes after India’s long process in extraditing him to India, who is facing several charges of money laundering and loan fraud worth crores. But sources familiar with the matter has revealed that it was a formal arrest and he was granted bail within 3 hours of arrest.
The 61-year old flamboyant entrepreneur fled to Britain in March 2016 after consortium of Indian banks attempted to recover the debt worth 9000 crores in loans that was given to Kingfisher Airlines. When Vijay Mallya escaped from India, it became a heat sensational debate among netizens for past several months now.
After Vijay Mallya’s arrest, he Scotland Yard said in a statement: “Vijay Mallya was arrested on behalf of the Indian authorities in relation to accusations of fraud…” He has been granted conditional bail pending a deposit of 650,000 pounds or Rs. 5.3 crore, say sources.
Indian government requested the UK back in February to extradite Vijay Mallya and today’s arrest is the first step in long battle to bring him back to the country to face trail. However, Vijay Mallya can challenge his extradition in the courts of the United Kingdom, which may take months to settle. India asked UK to deport him to India as his passport was canceled, the UK government said that he can legally stay in London as long as he has valid visa.