Economy

Vijay Mallya arrested in London in money laundering case, released on bail

Vijay Mallya arrested in London in money laundering case, released on bail”

Absconding liquor baron Vijay Mallya has been arrested in connection with an ongoing money laundering case in London.

The Enforcement Directorate of India also filed a money laundering case against Mallya in March 2016 for allegedly sending overseas some Rs 900 crore (US$130 million) that had been loaned to his airline. Mallya, the 61-year-old chief of the erstwhile Kingfisher Airlines who owes over Rs 9,000 crore to various Indian banks, has been living in self-imposed exile in Britain since March 2016.

If Vijay Mallya is found guilty in the money laundering probe by UK's Serious Fraud Office, his extradition to India will likely be easier.

Setting up a major setback for the Liquor baron, the Central Bureau of Investigation (CBI) and Enforcement Directorate (ED) were preparing a charge sheet alleging that the business tycoon diverted a major chuck of the Rs 6,000 crore bank loans to shell companies. He fled to Britain in March last.

The latest evidence will be submitted before the London court where the final extradition hearing will take place in December. Mallya was earlier arrested in April this year and was released on bail.

The flamboyant businessman, known for his lavish lifestyle, was arrested by the Scotland Yard on an extradition warrant on April 18.

July, 2015: IDBI Bank lodges complaint against Mallya accusing him of cheating and conspiracy to misuse bank's funds in connivance with public servants.

As of now, Mallya is charged only in the Rs 900 crore IDBI loan case.

2016: Vijay Mallya in discussion with banks to settle debt.

As per the extradition treaty between India and the United Kingdom, to secure Mallya's extradition, a "dual criminality" clause must be proven, according to which Mallya must be proven to have committed a crime according to British laws as well.



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