Wednesday, 24 October, 2018

Facing extradition warrant, Vijay Mallya gets bail after arrest in London

India Tv- Vijay Mallya's last tweet before his arrest Facing extradition warrant, Vijay Mallya gets bail after arrest in London
Nellie Chapman | 19 April, 2017, 00:55

Indian TV channels said Mallya had already been granted bail, with ET Now citing an unnamed Mallya lawyer.

Mallya has responded to the arrest via his personal Twitter account by explaining his extradition hearing started "as expected".

To recover the loans defaulted by Mallya, banks went on to auction his lavish bungalows and costly villas, but their efforts went in vein as the bidding received poor response from buyers. Mallya appeared before the Westminster's Magistrates Court in London for his bail.

Mallya, 61, was arrested on behalf of the Indian authorities in relation to accusations of fraud and will be presented in Westminster Magistrates Court later on Tuesday, the statement added.

Indian authorities said Mallya faces financial irregularity charges there in connection with his failed Kingfisher Airlines.

On a day when businessman Vijay Mallya was arrested by the Scotland Yard in London and momentarily released on bail, Prime Minister Narendra Modi criticised those have "looted the poor and middle classes". In the year 2016, a court in Hyderabad has issued a non-bailable warrant for Mallya's arrest. It said the government was holding talks with United Kingdom authorities to get him deported.

"Vijay Mallya will be brought back to India, due process of law will be followed", he said.

Mr. Mallya, who along with his companies owed more than Rs.9,000 crore to a consortium of banks, had flown out of the country in March past year on a diplomatic passport.

Meanwhile, after three unsuccessful attempts, banks have finally managed to sell off Vijay Mallya's iconic villa in Goa.

India subsequently lodged a formal request for Mallya's extradition under the Extradition Treaty between India and the UK.

He was once hailed as India's version of British tycoon Richard Branson for his investments in a brewing and liquor company, an airline, a Formula One team and an Indian Premier League cricket club.