Wednesday, 8 December 2021

Vijay Mallya Arrested In UK In Money Laundering Case


LONDON: Liquor baron Vijay Mallya was arrested in London for the second time this year, in a case of money laundering. Mr Mallya is out on bail after his arrest in April following India’s extradition request.

The 61-year-old tycoon, who has been staying in the UK for over a year now, is accused of defaulting on loans worth thousands of crores in India. He slipped out of the country on March 2 last year, in the middle of attempts by a group of banks to recover more than Rs. 9,000 crore loaned to him for his now collapsed Kingfisher Airlines.

India made an extradition request in February to Britain to send back the businessman to face trial. Indian agencies followed up their request with a 2,000-page dossier as evidence against Mr Mallya.

Last month, the fugitive submitted his response to India’s request in a large box which had four reports. The extradition case will be taken up in December.

Mr Mallya is in Britain on an “indefinite leave to remain” visa or on permanent residence after India cancelled his passport.

The businessman faces at least half a dozen arrest warrants back in India.

Known for his lavish lifestyle, Mr Mallya has repeatedly defied summons by courts and investigators in India but has been a regular at public events in Britain, especially for the Formula One team that he owns.

On Twitter, he has dismissed the charges against him and targeted the media and politicians.

Cases against him are being investigated by the Central Bureau of Investigation and the Enforcement Directorate, which handles financial crimes.

Mr Mallya was earlier this year sacked from the board of United Breweries, the firm which was at the core of his business empire. He made Kingfisher beer a global brand and ran an airline of the same name.

In January, the Debt Recovery Tribunal ordered the banks to start the process of recovering the loans he owns by seizing his properties.

Check Also

Cryptocurrencies tumble amid China crackdown

REUTERS/Dado Ruvic/Illustration/File Photo TOKYO – Cryptocurrencies tumbled on Monday as China’s crackdown on bitcoin mining ...

Leave a Reply