Vijay Mallya, who is wanted in India for defaulting on loans worth Rs 9,000 crore, will now be produced before the Westminster Magistrates’ Court in London.
Mallya, who has been declared a willful absconder in India, is likely to be extradited and a team from the Central Bureau of Investigation (CBI) will visit the United Kingdom soon.
Mallya has repeatedly refused to appear before courts and investigators in India since he secretly fled to Britain last March, after defaulting on loan payments to state-owned banks and allegedly misusing the funds.
His financial dealings are being investigated by the CBI and federal Enforcement Directorate.
Liquor baron and former Kingfisher boss Vijay Mallya was granted bail shortly being arrested by Scotland Yard in London on Tuesday, a little over a year since he left India after defaulting on loans worth more than Rs 9,000 crore.
Mallya tweeted soon after being granted bail:
Usual Indian media hype. Extradition hearing in Court started today as expected.
— Vijay Mallya (@TheVijayMallya) April 18, 2017
The UK government had two options before it — deportation and extradition. But since Mallya legally entered the UK with a valid passport, deportation was ruled out.
The Central Bureau of Investigation has been investigating a case against Mallya and the companies he controlled over allegations of money laundering since early last year and had secured a non-bailable warrant against the absconding businessman in a case related to money laundering and wilful default of loans.
Despite numerous summons from the Indian government, Mallya failed to appear in court. In September last year, Mallya had wanted to come to India but was incapacitated as his passport had been revoked.
However, the Enforcement Directorate in October had said that Mallya had no intentions of coming back to India and that his passport was revoked due to his conduct.
a Scotland Yard statement reads:
Officers from the Metropolitan Police’s Extradition Unit have this morning arrested a man on an extraction warrant. Vijay Mallya, 61, was arrested on behalf of the Indian authorities in relation to accusations of fraud.
— Metropolitan Police (@metpoliceuk) April 18, 2017