The noose has finally tightened around Vijay Mallya who is wanted in India for defaulting on loans worth Rs 9,000 crore, has been arrested under the Prevention of Money Laundering Act in London. However, the London Courts, 30 minutes after arresting him, have accepted his bail plea.
Mallya has repeatedly refused to appear before courts and investigators in India since he secretly fled to Britain in March, 2016, after defaulting on loan payments to state-owned banks and allegedly misusing the funds by routing them to tax heavens.
Mallya was also arrested by the London police in April this year but was granted bail the same day. India had given a formal extradition request for Mallya as per the Extradition Treaty between India and the UK through a note verbale on February 8.
According to reports, the liquor baron was arrested after the Enforcement Directorate filed a fresh affidavit in a London court in the ongoing money laundering case against Mallya.
The CBI and ED had recently uncovered that Mallya had diverted a major chunk of Rs 6,027 crore loan, taken from a consortium of 17 banks led by SBI, to several countries including US, UK, France and Ireland. The two agencies are now planning to file chargesheets and present it as evidence in the Westminster Magistrates’ Court to expedite his extradition.
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