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Vijay Mallya arrested in money laundering case in London

03 October 2017

Fugitive businessman Vijay Mallya was on Tuesday arrested in London for a money laundering case.

Britain's Serious Fraud Office (SFO), in coordination with the Indian agencies Central Bureau of Investigation (CBI) and Enforcement Directorate (ED), is probing the money laundering case against Mallya.

Mallya is wanted in India for his Kingfisher Airlines defaulting on loans worth almost Rs 9,000 crore.

In April this year, Mallya was arrested by the Scotland Yard but was granted bail soon after. The arrest comes in connection with a money laundering case, DD news reported. In a June hearing at London court, in a major setback to India, the court expressed surprise that New Delhi has not provided evidence to Mallya yet, who is battling a slew of cases in India over his default case involving Rs. 9,000 crore worth loans to a clutch of public sector banks.

The total loan sanctioned and disbursed by IDBI to KFA was Rs 860.92 crore. He was, however, released on conditional bail immediately after he provided a bail bond of 650,000 pounds. He fled to London in March past year.

Several police departments to welcome questions Wednesday at Coffee with a Cop
The Augusta Police in conjunction with Dunkin Donuts and the Coffee with a Cop program will hold a gathering from 8 to 10 a.m. The WIU Coffee with a Cop Event is co-sponsored by University Housing and Dining Services, who will provide the coffee.

However, the CBI had submitted extradition request in respect of Mallya regarding the case under the Indian Penal Code (IPC), 1860 and Prevention of Corruption Act, 1988 for his extradition from the United Kingdom. Vijay Mallya to appear in local court at 6.30 PM.

In November past year, Prime Minister Narendra Modi personally explained to visiting British PM Theresa May why it was important that Mallya be returned to India.

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

Explaining the systematic way in which Mallya duped the banks, the official said he used to pay back some part of the loan to the banks to gain their confidence to get more funds from them.

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

Vijay Mallya arrested in money laundering case in London