Vijay Mallya arrested in London; likely to be extradited to India

Vijay Mallya arrested over accusations of fraud Scotland India Tv

Mallya, who's hiding himself in London, was reportedly taken into custody at 9:30 AM London time.

But sources close to Mallya says that it was a voluntary arrest and within hours, the court granted him bail. The Indian investigation agency (CBI) said that it's a great win for efforts to bring Mallya to Justice. "Extradition hearing in Court started today as expected".

Mallya is wanted in cases related to several economic offences, including defaulting on bank loans worth crores of rupees. Also, he will be presented in Westminster Magistrates' Court.

He was arrested earlier on Tuesday by the Metropolitan Police's extradition unit on behalf of authorities in India, where he is wanted in connection with money-laundering and high-value bank demands.

After being granted bail, Mallya took to Twitter to respond to his arrest. Mallya has since offered to negotiate with the banks for a one-time settlement of dues and sought the Supreme Court's intervention.

Mallya, declared a wilful defaulter, left the country on March 3 and is said to be in the UK. India cancelled his passport and initiated the extradition process.

The UK authorities had also, on 21 February, conveyed to their Indian counterparts that the secretary of state had certified their extradition request. In February 2017, it reportedly requested the United Kingdom to hasten the extradition process of 16 Indian nationals, including Mallya.

"I find really amusing thing in the extradition process because ultimately the criminal fugitive Vijay Mallya will be tried in India and then the evidence collected by the investigator should be accessed on the basis of Indian law but why on the basis of foreign law".

The financial allegations relate to Mallya's now defunct Kingfisher Airlines.

Despite multiple injunctions, Mallya failed to appear before investigators.

Mallya made his fortune selling beer and subsequently invested in aviation and sporting arenas including Formula One racing and Indian Premier League cricket.

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