Vijay Mallya, Who Fled India In 2016, Arrested In London By Scotland Yard

lcafanboy

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Vijay Mallya, Who Fled India In 2016, Arrested In London By Scotland Yard
Reported by Sunetra Choudhury, Edited by Indroneil B Biswas | Updated: Apr 18, 2017 16:52 IST

Story Highlights
  • Vijay Mallya arrested by Scotland Yard
  • He will be produced in a metropolitan court in London today
  • Business tycoon is accused of defaulting 9,000 crores in loans
New Delhi: Vijay Mallya, accused of defaulting on loans worth crores, was arrested in London today in what the CBI counted as a major win in attempts to bring the business tycoon to India to face trial. Mr Mallya, 61, is wanted for loan fraud and is also facing charges of money-laundering.

"Vijay Mallya was arrested on behalf of the Indian authorities in relation to accusations of fraud. He was arrested after attending a central London police station..." Scotland Yard said in a statement.


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He will be produced in a metropolitan court as the first step in what could be a long legal battle to prove New Delhi's case for extradition.

India had requested the UK in February to extradite the flamboyant entrepreneur, who left India a year ago amid attempts by a group of banks to recover around Rs 9,000 crore in loans to his collapsed Kingfisher Airlines.


The arrest comes weeks after Finance Minister Arun Jaitley's visit to the UK, where he is believed to have raised that a certain "fugitive" was overstaying in London. British Prime Minister Theresa May had dropped in on a meeting between Mr Jaitley and his UK counterpart when the subject was raised, the Press Trust of India quoted sources as saying.

Earlier, when New Delhi cancelled Mr Mallya's passport and asked the UK government to deport him, British officials said he could legally stay on in London as he had a UK visa.

But last month, the UK told India that its request had been certifiedby the Secretary of State.

Mr Mallya has been charged with cheating and conspiracy by the CBI that filed a 1,000-page chargesheet against him for defaulting on a 900 crore loan taken from the IDBI bank in 2009. The CBI probe found that 250 crore of this - given to buy aircraft parts - was diverted abroad.

Amid multiple attempts to extradite him, Mr Mallya was seen at events in the UK linked to his formula one team Sahara Force India.

In a series of tweets recently, he accused the government of holding him guilty "without a trial".
http://m.ndtv.com/india-news/vijay-mallya-arrested-by-scotland-yard-in-london-1682826
 

Mikesingh

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He's been released on 'bail'. This case will take the better part of a year before he is sent back to India.
 

Nicky G

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He's been released on 'bail'. This case will take the better part of a year before he is sent back to India.
Still better than when he was roaming around freely in India during UPA. Now he is a fugitive with a good chance of being extradited back.
 

Ancient Indian

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The usual jumla by modi govt.

India has many times demanded extradition, but the UK has always shown the middle finger. It will be no diff. this time. Modi govt will do drama, indian right wing will have orgasm but in the end mallya will NOT be extradited.
Yes, we shouldn't fall for evil Modi tricks.

He just doing it for his fans consumption. No one falling for this jumla, man.
 

mayfair

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UK is a haven for the scum of scums of the human race. All crooks, thieves, plunderers, rapists, pedophiles, find sanctuary there.
 

pmaitra

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The usual jumla by modi govt.

India has many times demanded extradition, but the UK has always shown the middle finger. It will be no diff. this time. Modi govt will do drama, indian right wing will have orgasm but in the end mallya will NOT be extradited.
Give it time. At least he has been arrested, which means GoI is trying to do the right things.

In the event he is not extradited, I would rather blame UK, because they have already denied extradition of a paedophile guy.
 

prohumanity

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Vijay Mallya is a crook and fraudster...agreed....But what about those politicians and bankers who helped him to get hundreds of billions of rupees loans.
Congress govt. created such monsters by opening the loan spigots. Bankers ,politicians with crooked businessmen looted India;s banks by siphoning company's money into personal assets mainly from 2009 to 2015. Now, these crazy loans have become non performing assets.
BJP govt. is atleast trying to prevent such careless lending and reforming bankruptcy laws along with real estate laws(RERA) and Banking regulation act amendments. Its a good start for corruptionless India down the road.
 

Krusty

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Slightly tangent but Vijay Mallya has suddenly decided to change the name of 'force India' formula 1 racing team.

He bought the racing team which was previously Spykar( and Jordan F1 before that) and renamed it to 'Force India' in 2008.

"The fact the country of India and me are not the best partners is something that has been going on for a few years now," said Mallya. "This is nothing new."
Anyone has any guesses? Are there any legal knots?
 

Hindustani78

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http://www.deccanherald.com/content/650065/mallya-victim-flamboyance-arrogance-gopinath.html
Press Trust of India, Mumbai, Dec 25 2017, 19:31 IST

According to GR Gopinath, Vijay Mallya is not a target of any political conspiracy, but rather his own arrogance. PTI File photo.


Kingfisher Airlines (KFA) founder Vijay Mallya is a "victim of flamboyance and arrogance rather than any political conspiracy", Air Deccan chairman G R Gopinath has said.

Gopinath, who is credited with making flying affordable through the no-frills airline, also said that the prevalent regulations "forced" KFA to acquire his company.

He sold Air Deccan to KFA for a total consideration of Rs 1,000 crore in 2007, during the heydays of the aviation sector.

"I think he (Mallya) has become more a victim of flamboyance and arrogance than of any political conspiracy," Gopinath told PTI over the weekend.

The near-bankrupt Kingfisher Airlines has been grounded since 2012 and owes banks over Rs 9,000 crore, far less than bigger defaults in sectors like metals and infrastructure.

A regular at global partying circles, Mallya, whose interests include Formula-1 and an annual swimwear calendar, moved to London amid growing attention from the Indian law enforcement agencies and courts. He has now become the poster-boy of defaults.

The liquor baron was "not wise" about his activities during the days of default, Gopinath said, referring to him as a "political football", who borrowed money when the Congress-led UPA government was in power.

Without naming political parties, he pointed out that one party was disgruntled that Mallya was allowed to leave the country, while the other blamed the former for not taking adequate action against him for defaulting.

He also acknowledged that Mallya is a "poster boy for loan defaults", and hence, "both parties politically find him too close for comfort".

Politicians from both parties have "been seen" socialising with Mallya, and have been witness to his overindulgent habits including Formula one races, and IPL matches, yet they accuse each other, Gopinath pointed out.

Reiterating that Mallya is not a victim of any political conspiracy, Gopinath once again said he has become a "hot potato" for all, which has led him to be "politically abandoned".

Gopinath was critical of the fact that Mallya fled the country and hinted that he should have paid back his dues using the wealth from his other companies.

"I think he should have acted sooner by mobilising funds from his other liquor companies and rescued Kingfisher Airlines. But it was too late," he said, adding that if competitor Spicejet could be saved, Kingfisher could have also been saved.

While speaking about the factors leading to KFA's indebtedness, Gopinath conceded that the money required for the acquisition of Air Deccan could have been one of the factors, but underscored that Mallya was forced to buy the low-cost airline to make it eligible to fly overseas.

"A domestic airline would not be allowed to fly overseas unless it has completed five years of local operations, which discriminated (against) Mallya. It was to favour Jet. Since he was competing against Jet Airways at that time and wanted to fly international, he bought Air Deccan to overcome the five-year rule," Gopinath said.

He (Mallya) asked the government to relax FDI in aviation, which at that time barred foreign airlines investing in Indian carriers. Jet opposed it and the government did not allow. "But when his airline (KFA) was grounded, hastily this policy was changed and the government permitted Indian carriers to get up to 49 percent equity from overseas airlines," Gopinath said.

Gopinath also said that the luxury airline business model introduced by Mallya was "not fit" for the Indian market. In his latest innings in the aviation sector, Gopinath's Air Deccan started flights under the UDAAN scheme which aims to improve connectivity between smaller towns and larger cities.
 

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