Vijay Mallya arrested in London, gets bail; usual Indian media hype, he says

Embattled Indian tycoon Vijay Mallya, who has been declared a proclaimed offender, was arrested in London by Scotland Yard on India's request for his extradition on fraud charges.

Vijay Mallya, the boss of the now defunct Kingfisher Airlines, was arrested today by Scotland Yard in London upon India's request to extradite the 'international businessman' from Britain. He was released on bail few hours after arrest.

"Officers from the Metropolitan Police's Extradition Unit have this morning, Tuesday 18 April arrested a man on an extraction warrant," Scotland Yard said in a statement. They said he was arrested on behalf of the Indian authorities in relation to accusations of fraud.

The 61-year-old liquor baron was arrested at about 9.30 am London local time after he appeared at a central London police station and was taken to Westminster's Magistrates' Court in London where he was granted bail. He will appear again on May 17.

Soon after getting bail the flamboyant businessman, who once called himself 'The King of Good Times', sent out a defiant tweet.

Usual Indian media hype. Extradition hearing in Court started today as expected.

; Vijay Mallya (@TheVijayMallya) April 18, 2017

British authorities have informed the Central Bureau of Investigation (CBI) about Mallya's arrest.Sources said Enforcement Directorate officials will go to London soon.

Mallya, whose extradition India has been seeking since he fled to the United Kingdom in March last year, is wanted in various cases of foreign exchange violation and debt recovery. India has handed over a formal request to the British High Commission for his extradition.

WILL MALLYA BE DEPORTED?

Sources said Mallya will be deported as per UK's Mutual Legal Assistance Treaty (MLAT) to India. Once he is brought back, the embattled Indian tycoon will face proceedings under Prevention of Money Laundering Act (PMLA).

"Mallya will be brought back to India. The government is working towards it continuously, no one will be spared," Minister of State for Finance Santosh Gangwar told India Today.

Mallya left India on March 2, 2016 for London, days after a consortium of 17 banks moved the Debt Recovery Tribunal to hear a July 2013 petition to recover dues of Rs 9,081 crore, including interest, that was loaned to his now defunct Kingfisher Airlines.

Mallya has since offered to negotiate with the banks for a one-time settlement of dues and sought the Supreme Court's intervention.

Banks had previously shot down Mallya's offer of Rs 6,868 crore in April 2016 to settle the dues.

Last week, a Delhi court had issued an open-ended non-bailable warrant (NBW) against the liquor baron in case of alleged violation of the Foreign Exchange Regulation Act (FERA).

The extradition process from the UK involves a number of steps including a decision by the judge whether to issue a warrant of arrest.

In case of a warrant, the person is arrested and brought before the court for preliminary hearing followed by an extradition hearing before a final decision is taken by the secretary of state.

The wanted person has a right to appeal to the higher courts against any decision all the way up to the Supreme Court.

MALLYA CASE: TIMELINE

August 9, 2014: CBI starts preliminary enquiry into the Rs 800 crore bad loan given by IDBI Bank to Kingfisher Airlines ignoring company's negative credit ratings.

July 29, 2015: IDBI Bank lodges complaint against Mallya accusing him of cheating and conspiracy to misuse bank's funds in connivance with public servants.

October 10, 2015: CBI conducts raids at Mallya's office.

December 10, 2015: CBI questions Mallya.

February 27, 2016: SBI-led consortium of banks moves debt recovery tribunal to attach Mallya's passport.

March 2, 2016: Mallya flees India.

June 6, 2016: CBI forms SIT to investigate case; Rakesh Asthana appointed to lead the team

June 14, 2016: The Enforcement Directorate (ED) attaches Mallya's assets worth Rs 1,411 crore

July 27, 2016: SBI lodges an FIR against Mallya following pressure from the SIT.

August 29, 2016: The bank consortium urges the Supreme Court to act against Vijay Mallya for failing to turn up in court despite a contempt notice issued against him.

September 3, 2016: The ED attaches Rs 6,630 crore worth of properties belonging to Mallya.

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