Vijay Mallya King of Good Times is seriouly under trouble as UK authorities arrested him under pressure from Government of India under the bank fraud allegations.
Time is changing and Modi administration is getting tougher with Vijay once a famed business tycoon and liquor baron from India is now bracketed with the goons of bank frauds.
— NDTV (@ndtv) April 18, 2017
In the morning around 9.30 am London time (3 pm IST) Mr Mallya was arrested today by British Scotland Yard and a statement said that,
“Officers from the metropolitan police’s extradition unit have this morning arrested a man on an extraction warrant. Vijay Mallya, 61, was arrested on behalf of Indian authorities in relation to accusations of fraud.”
“Usual Indian media hype. Extradition hearing in Court started today as expected,” Mr Mallya tweeted a while back.
— Sabyasachi Banerjee (@MrAmbiDexter) April 18, 2017
India made an official request to UK for returning Mr Mallya defaulted on the loan payments and alleged misusing of funds amounting to 9000 CR of different Banks and institutions.
Last month, the British Secretary of State certified the extradition request. Mr Mallya is in Britain on an “indefinite leave to remain” visa or on permanent residence.
Mr Mallya, a liquor baron known for a lavish lifestyle like a King, has repeatedly refused to appear before any courts and investigators in India. Also he has made it clear himself and dismissing the charges against him.
Cases against him are being investigated by the CBI and the ED two prime law enforcing agencies, which handles financial crimes.
Earlier this year, Mr Mallya was sacked from the board of United Breweries, the Apex firm through which once he used to control his business empire globally.
In January this year, the Debt Recovery Tribunal ordered a State Bank of India-led consortium of banks to start the process of recovering the loans that Mr Mallya owes them by attaching his properties. His Villa is already auctioned and got sold to an actor Businessman for 73 Cr.