Vijay Mallya has been charged with cheating for defaulting on a 900 crore.
Businessman Vijay Mallya, arrested by the UK's Scotland Yard on India's request for his extradition, has got bail by a court in London. Vijay Mallya, 61, accused of defaulting on loans worth crores, had fled from India in March last year. "Vijay Mallya was arrested on behalf of the Indian authorities in relation to accusations of fraud. He was arrested after attending a central London police station, and will appear at Westminster Magistrates' Court later today, 18 April," a statement by Scotland Yard on Vijay Mallya's arrest said.
Here are the 10 developments on Vijay Mallay's arrest in London:
India had asked the UK to extradite Vijay Mallya as per the Extradition Treaty between the two countries in February.
India, while requesting for Vijay Mallya's extradition, had asserted that it has a "legitimate" case against the business tycoon, and said that if the extradition request is honoured, it would show British "sensitivity towards our concerns".
The British government had last month certified India's request for Vijay Mallya's extradition and sent it to a district judge for further action.
Mr Mallya has been charged with cheating for defaulting on a 900 crore taken from the IDBI bank in 2009.
The Central Bureau of Investigation or CBI says Rs 250 crore of the IDBI loan, meant to buy aircraft parts for Mr Mallya's Kingfisher Airlines, was diverted outside the country. The 1000-page chargesheet, filed in a Mumbai court on January 24, also said Mr Mallya is an absconder.
After the chargesheet was filed, Vijay Mallya tweeted that there was a witch-hunt against him and that he never misused the money.
In November last year, a special PMLA court in Mumbai declared Mr Mallya a 'proclaimed offender' and directed the Enforcement Directorate to attach movable properties which were listed by the agency in its application.
The Enforcement Directorate or ED had moved the court seeking that Mr Mallya be declared a proclaimed offender and his properties be attached as he did not comply with a proclamation order issued against him in June requiring him to appear before the court.
ED had wanted Mr Mallya to join the investigation "in person" in connection with probe under the PMLA, and in cases related to a Rs 900-crore loan from IDBI Bank. It said it had exhausted other legal remedies like seeking Interpol arrest warrant and getting his passport revoked.
Mr Mallya went to Britain in March last year, as a consortium of banks were trying a recover nearly Rs 9,000 crore given as loans to Kingfisher Airlines, which had stopped flying in 2012.
With inputs from Press Trust of IndiaPost a comment