(Image source from: Breakingnewslive.net)
Vijay Mallya Gets Arrested In UK In Money Laundering Case:- Liquor baron, Vijay Mallya (61) has been arrested in London, in case of money laundering. The arrest is Mallya’s second time this year. Mallya is out on bail after his arrest in April following India’s extradition request.
Mallya who has been staying in the UK for over a year now, is accused of defaulting on loans worth thousands of crores in India. On March 2 last year, he slipped out of the country, 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.
(Image Source: NTV Telugu)
In February, India made an extradition request to Britain to send back Vijay Mallaya to face trial. The Indian agencies followed up their request with a 2,000-page dossier as evidence against Mr Mallya.
Mallya, last month, submitted his response to India’s request in a large box which had four reports. The extradition case will be taken up in December. After India canceled his passport, Mallya is in Britain on an “indefinite leave to remain” visa or on permanent residence. The fugitive faces at least half a dozen arrest warrants back in India.
Vijay Mallya, known for his lavish lifestyle, 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. He has dismissed the charges against him and targeted the media and politicians on twitter.
The Central Bureau of Investigation and the Enforcement Directorate, which handles financial crimes, are investigating the cases against him. Earlier this year, Mallya was sacked from the board of United Breweries. The United Breweries was at the core of his business empire. He made Kingfisher beer a global brand and ran an airline of the same name.
The banks were ordered by the Debt Recovery Tribunal, in January, to start the process of recovering the loans he owns by seizing his properties.