Published: Wed, April 19, 2017
Markets | By Erika Turner

Vijay mallya arrested in london, gets bail

Vijay mallya arrested in london, gets bail

The businessman Vijay Mallya has been arrested by Scotland yard in London.

"Officers from the Metropolitan Police's Extradition Unit this morning arrested a man on an extradition warrant".

A brief statement on Mallya's Twitter account said: "Usual Indian media hype".

November 10, 2016: Designated court orders seizure of domestic assets of Mallya and entities controlled by him.

In January 2017, a CBI court had again issued a non-bailable warrant against Vijay Mallya for IDBI bank loan default case.

Mallya appeared before Westminster magistrates court and was bailed to return for an extradition hearing at a later date.

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The 61-year-old liquor baron was arrested was taken to Westminster's Magistrates' Court in London at about 9.30 am London local time and was taken to Westminster's Magistrates' Court in London.

The founder of the now-defunct Kingfisher Airlines owes over 9000 crores to various banks and has been charged with cheating and conspiracy by the CBI. While some of the lawyers did request the news anchors to curb their exuberance as Mallya was likely to get bail, speculation had already begun on his extradition to India.

In September 2016, the Indian government revoked Mallya's passport on grounds of misconduct and refusal to answer charges of "wilful default". Reportedly, India had made it very clear to British High commission that they wanted Mallya if London wanted to continue good trading relations with India.

Until his next hearing on May 17, Mallya must follow Britain's extradition rules, which include a requirement that he remain at the address provided to the court.

An India-based spokesman for Mallya's UB Group did not offer an immediate comment, said Reuters.

Mallya took over the chairmanship of his father's massive Kingfisher beer company back in 1983 and eventually bought stakes in his own F1 team and cricket franchise.

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