Vijay Mallya was accused of cheating in IDBI loan default case and called an absconder.
The process to extradite business tycoon Vijay Mallya from the UK -- where he had gone last year after facing heat for defaulting on loans worth Rs 9000 crore -- has started. The External Affairs Ministry is currently processing the formal request for it from the Central Bureau of Investigation, which will be sent to the authorities in UK. The liquor baron is wanted for trial in the Rs 900 crore IDBI loans -- a chargesheet was filed against him last month that calls him an absconder.
Under the laws of extradition, a host country is expected to ship back a man wanted for crime in his own country. The Centre has signalled its intention to frame a law that stops loan defaulters from fleeing the country and another to seize the assets they leave behind.
Mr Mallya -- who has called his stay in the UK since last April a "forced exile" -- has denied the charges against him.
"Am shocked at CBI allegations. All false and misconceived to say the least. What do a bunch of elite police know about business and economics?" Mr Mallya had tweeted last week. He even said the allegations against him had taken a political turn. "I am the football. Two fiercely competitive teams NDA versus UPA playing. Unfortunately no Referees," he had tweeted.
The chief of the now-defuct Kingfisher Airlines has been charged with cheating and conspiracy. The 1000-page chargesheet against him says he defaulted on a Rs 900 crore loan taken from the IDBI bank in 2009. Of this money, Rs. 250 crore, meant to buy aircraft parts, was diverted out of the country.