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.

Like this


03 October 2017
Ranveer Singh intimidates as Alauddin Khilji
Or perhaps it alludes to the moment Alauddin Khilji saw Rani Padmini's reflection in a mirror and was enchanted by her beauty. The movie is scheduled to release on December 1, and the fans still await for the promotion and trailer of the epic film.

03 October 2017
'Amazing' mom from Tewksbury among 58 killed in Vegas
She always took time for all of us". "She didn't deserve this", she said. She said LeRocque was standing next to her husband when she was killed.

03 October 2017
Scientific Games appoints Shawn Dennis as chief marketing officer
Looking at some alternate time periods, the 12 month price index is 1.08482, the 24 month is 0.89498, and the 36 month is 1.13293. It has outperformed by 169.62% the S&P500.The move comes after 6 months negative chart setup for the $4.06 billion company.

03 October 2017
Hunt announces raft of changes to plug shrinking workforce
This will initially see the number of student nurses at university rise from 20,680 this year to 25,850 in 2018. Meanwhile, the health secretary was due to announce a package of measures to improve retention of NHS staff.

03 October 2017
Ireland refers Facebook data case to ECJ
Neither did Facebook's use of so-called standard contractual clauses (SCCs) to transfer personal data from Europe to the US. Outside court, Mr Schrems said he was pleased with the referral to the CJEU.

03 October 2017
WWE hints at Shield reunion
The music interrupts before the bell as RAW Women's Champion Alexa Bliss comes out to watch the match from ringside. Next week, there will be a special edition of MizTV with the Miz's special guests being Sheamus and Cesaro.

03 October 2017
SC concludes hearing in Imran Khan's disqualification case
Sheikh continued that it has not been clarified that whether Imran Khan paid 79,000 pounds for Bani Gala property or Jemima. During last week's hearing, the apex court sounded dissatisfied with Bukhari's arguments.

03 October 2017
Watch Miley Cyrus and Adam Sandler's attractive rendition of 'No Freedom'
She also performed her own solo tribute, singing old song The Climb for the first time in around six years. #TheClimb. She later took to Twitter to share an image of their duet, and wrote in the caption, "No Love without Freedom.

03 October 2017
Mendy Guardiola wind-up inspired Man City players to Chelsea win
He's so young, he have a lot of [space?] to improve, in the last pass, the last assist, to be more clear in the last action. It will depend on the success that you have.

03 October 2017
Ford Creates "Team Edison" To Focus Solely On Pure Electric Cars
The new team also has a new boss - Ted Cannis, who took the new role of global director of electrification. Marakby said Team Edison "will look holistically at the electric vehicle market".